Rules & Regulations for Recurring Deposit Scheme :

• Depositor has to fulfill KYC norms as per RBI directives.
• Guardian can open Minor’s Recurring A/c. When minor turns major, thereafter providing valid age proof, he/she can withdraw the amount with his/her own signature.
• Every Depositor must have to deposit their instalments till 10th date of every month.
• If Depositor fails to deposit more than 2 instalments and if he/she does not deposit the due amount within 10 days after notice, then Bank can close such account and pay the amount with the Bank with interest, where interest rate will be Savings Interest Rate.
• If two or more instalments are paid late then the maturity date will be extended accordingly.
• The maturity amount is payable after 30 days of last instalments deposit date.
• If customer deposite wants to close the 12 months period deposit account before its maturity date then the interest will be applicable as per Savings Interest Rate.
• If customers want to close the more than 12 months period deposit account after 12 months then the period,for which the deposit account remained with the bank with regular deposit of instalments will be reckoned and the interest rate applicable for that period (the rate applicable on the date of account opening)(minus 1% penalty ) will be payable.
• If Customer deposits more instalments than required for prescribed period, then Interest will not be applicable on extra installment deposited.
• Customers has to produce Passbook at the time of depositing installment and obtaining payment.
• If customer having Savings or Current a/c in the Bank then by the written application , Bank will transfer Recurring Deposit instalments from that account as standing instruction.
• The Bank having all rights of appropriation, set off, lien and change the rules and regulations for the scheme.