Recurring Deposit(RD)

Members can open RD account, that can be opened by Individuals and Non-individuals(Co-operative Societies). These deposits will be in equal monthly instalments. The number of monthly instalment may be from minimum of 12 months. Each monthly instalment will be Rs. 50/- or an exact multiple of Rs. 50/-. The depositor shall at the time of opening the account stipulate both the amount of the monthly instalment and the total number of instalments to be payable by him and shall not subsequently alter or vary them.

Benifits:

The loan not exceeding 75%of the amount deposited may be allowed to depositor subject to condition and interest on such loan at the rate will be charged half yearly at the rate not less than 2% above the fixed deposit rate for the similar period for which the Recurring Deposit is opened.

Who can open the Account :

Members can open RD. who can be an individual, jointly with another individual, by a minor by guardian, firms, partnership, Associations, Societies, Companies, Trusts and the corporate bodies. In case of minor/s accounts their date of birth and age should be furnished at the time of opening of the account.

Introduction :

This account should be introduced by a person well-known to the Bank.

Rate of Interest and its application:

The interest rate for recurring Deposits is similar to Fixed Deposit for the certain period.

Nomination :

The account holder/s may nominate a person to receive the amount at credit of the account in the event of the demise of the accounts holder/s.

Bank's Right to Alter the Rules :

The Bank has got the right to alter the rules in this behalf and the account holder is bound by such alterations in the rules.