Recurring Deposit

• Period of deposit Minimum – 12 months, Maximum – 120 months
• Available at all branches
• Minimum deposit amount is Rs. 100/- per month (thereafter in multiples of Rs. 10/-)
• Penalty is charged on delayed payment of instalments.
• In case six consecutive instalments are not received, the account shall prematurely be closed, and balance paid to the account holder.
• Customer while opening RD or anytime during the period of deposits should give maturity instructions as detailed below:
  • Credit Proceeds to Savings Bank / Current Account
  • Issue IOI
  • Issue STDR