Under a Recurring Deposit account (RD account), a specific amount is invested in bank on monthly basis for a fixed rate of return. The deposit has a fixed tenure, at the end of which the principal sum as well as the interest earned during that period is returned to the investor. Recurring Bank Account provides the element of compulsion to save at high rates of interest applicable to Term Deposits along with liquidity to access those savings any time.
The advantage in opening a Recurring Deposit Account that the Depositor would be able to save certain sums in fixed monthly Installments so that he / she would be able to meet an anticipated liability / obligation after the end of a specified period.
Recurring Deposit Account can be opened by
Any person or persons approved by the Bank.
By two or more persons in their joint names.
A guardian on behalf of minor in the minor's name
Checklist
Customer Information File (CIF) form (for new accounts)
Account opening form, duly signed by the account holders
Photograph of account holders
Photo identity such as photocopy of PAN Card, addhar, Voters ID, Driving License, etc...
Proof of residence in the form of photocopy of Ration Card, Electricity / Telephone bill, etc..
If the address in addhar, Voters ID, Driving License, etc... (ID Proofs) is same as the residence address, the separate residence address proof is not required.
Basic Features
Once the deposit matures you will be returned the interest earned during that period is returned to the investor.
Recurring Bank Account provides the element of compulsion to save at high rates of interest applicable to Term Deposits along with liquidity to access those savings any time.
Installments to be paid in monthly installments
Other Services
8 a.m. to 8 p.m. personalised banking
Fund remittance facility such as issue of Demand Draft, Pay Orders.
Any Branch Banking through Core Banking Solution
Lockers at Competitive Price
