RECURRING DEPOSIT(RECURRING DEPOSIT SCHEME)

Small savings Flexi Recurring Deposit is a special type of deposit account which enables a depositor to save by paying into the account an agreed minimum sum of money monthly per month over a stipulated period.

This Scheme is open to all categories viz. Individual and Non- individual entities.

• A Recurring Deposit account shall be accepted for periods in multiples of three months, minimum tenure of 12 months to a maximum tenure of 120 months
• The minimum core deposit amount should be Rs. 100/-
• It is mandatory for the depositor to deposit the core deposit amount every month.
• Form 15G/H Should be Submitted in the month of april of every financial year without fail. If deposit interest earned Rs 40,000 for General Public & 50,000 for Senior Citizen or else TDS will be Deducted.
• Copy of PAN Card & Aadhar Card should be Submitted by the depositors.

Installments may be remitted by Standing instructions by transferring the ‘Core deposit’ amount each month from the current/ savings accounts in the same branch or from another branch to their Recurring Deposit accounts free of charge.The balance in the account should be sufficient to make the transfer, or else the standing instructions will be treated as cancelled.

The Deposits in this type of account earn compound interest on quarterly basis.

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