Skip to content

Recurring Deposits

Tenure

Individual, Minor & Senior Citizen

Interest

Compounded Quarterly

Loan Facility

Available Against Deposit

KYC Waiver

Existing SB A/c Holders

Key Features & Benefits

Open for any Person, Individual, Minor, or Senior Citizen.

Interest compounded on quarterly basis; paid at maturity.

Premature payment available (certain terms & conditions apply).

KYC not required if you already hold a Savings Account with the Bank.

Passbook must be produced when depositing instalments or obtaining payment.

Deposit fixed monthly instalments during the fixed period.

Nomination facility available for all account holders.

Loan facility against the Recurring Deposit is available.

Instalments must be deposited on or before the 10th of every month.

Guardian can open Minor's RD. On turning major, withdrawal with valid age proof & own signature.

Small Steps, Big Savings

Monthly instalments — compounded quarterly

How It Works

Open Account

Submit documents & choose your monthly instalment amount and tenure.

Deposit Monthly

Pay your instalment on or before the 10th of each month via branch or standing instruction.

Receive Maturity

At maturity, receive your principal + quarterly compounded interest in full.

Rules & Regulations

  • Depositor has to fulfil KYC norms as per RBI directives.
  • Guardian can open Minor's Recurring A/c. When the minor turns major, after providing valid age proof, he/she can withdraw the amount with his/her own signature.
  • Every depositor must deposit their instalments on or before the 10th of every month.
  • If a depositor fails to deposit more than 2 instalments and does not deposit the due amount within 10 days after notice, the Bank may close the account and pay the balance with interest at Savings Interest Rate.
  • If two or more instalments are paid late, the maturity date will be extended accordingly. The maturity amount is payable after 30 days of the last instalment deposit date.
  • If a customer wishes to close a deposit account (with more than 6 months period) after 12 months, interest will be calculated at the rate applicable on the date of account opening minus 1% penalty.
  • If a customer deposits more instalments than required for the prescribed period, interest will not be applicable on extra instalments deposited.
  • Customers must produce their passbook at the time of depositing instalments and obtaining payment.
  • If the customer holds a Savings or Current A/c with the Bank, they may submit a written application to transfer RD instalments via standing instruction.
  • The Bank reserves all rights of appropriation, set-off, lien, and may change the rules and regulations for the scheme.
Account Details

Quarterly

Interest Compounding

On or Before 10th of every month

Instalment Due Date

Auto-Transfer Option

If you hold a Savings or Current A/c with our Bank, submit a written application to automatically transfer your monthly RD instalment via Standing Instruction.

Documents Required

Photo Identity Proof

  • Passport
  • Aadhaar Card
  • Driving Licence
  • PAN Card
  • Voter ID Card
  • Government Approved College / University I-Card
  • Government / Semi-Government / Department I-Card

Address Proof

  • Electricity Bill (not more than 2 months old)
  • Telephone Bill (not more than 2 months old)
  • Municipal Tax Bill
  • Aadhaar Card
  • Driving Licence
  • Bank Statement
  • Bank or Credit Society's Passbook
  • Receipt of LIC policy or Premium paid
  • Salary Slip with address
  • Other proof acceptable by Bank

Other Requirements

  • 3 Passport Size Photographs
  • PAN Card or Declaration on Form 60/61
  • Birth Certificate (for Minor Account)

Late Instalment Penalty

Missing more than 2 instalments may result in account closure. Premature closure after 12 months attracts a 1% interest rate penalty.