NEWS
Registration No: SE 1524 | RBI Licence No: UBD.GUJ.1215P | IFSC Code: IBKL0443MNB |

Recurring Deposit

 

  • Recurring Deposit is a monthly Fix Savings Scheme. Customer can Open Recurring A/c with minimum of Rs.50/- per month and in count of Rs. 50/- thereafter i.e. Rs.150/-, Rs.200/-, Rs. 250/- etc.
  • Customers can open Recurring A/c for 1,2 or 3 years. Interest rates are applicable to Recurring deposits are 1 year 8.00% upto one year, 9.00% between 1 year and 3 year and 9.25% between 3 to 5 year.
  • Guardian can open Minor’s Recurring A/c. When minor turn major then after providing valid age proof he/she can withdraw the amount with his/her signature.
  • We offer nomination facility for all deposit accounts.
  • We are member of Deposit Insurance and Credit Guarantee Scheme in which customers deposit are insured up to Rs. 1 Lac.

Rules & Regulation for Recurring Deposit

  • Customer can Open Recurring A/c with minimum of Rs.100/- per month and in count of Rs. 50/- thereafter i.e. Rs.150/-, Rs.200/-, Rs. 250/- etc.
  • Guardian can open Minor’s Recurring A/c. When minor turn major then after providing valid age proof he/she can withdraw the amount with his/her signature.
  • Every Depositor must have to deposit their installments till 10th date of every month.
  • If Depositors failed to deposit more than 2 installments then if he/she don’t deposit the due amount within 10 days after notice then Bank will close such account and pay the amount with interest where interest rate will be Savings Interest Rate.
  • If two or more Installments are paid late then the maturity date will be extend to that period.
  • The maturity amount is payable after 30 days of last installment of deposit.
  • If customer want to close the 12 months period deposit account before its mature period then the interest will be applicable as per Savings Interest Rate.
  • If customer want to close the more than 12 months period deposit account after 12 months then it is observed that what was previous rate for 12 months when the customer open Recurring deposit account then 1% penalty will be deduct from that Interest Rate and then Interest will be calculate on the amount.
  • If Customer Deposit more installment than required for prescribe period then Interest will not be applicable on extra installment he/she deposit.
  • In the event of Death of the Depositor, the nominee should complete all procedures and receive the balance amount within two months.
  • Customers have to produce Passbook at the time of installment and maturity
  • If customer having Savings or Current a/c in the Bank then by the written application Bank will transfer Recurring Deposit Installment from that account.
  • The Board of Directors of the Bank having all rights to change the rules and regulation for the scheme as per RBI directive.

Requirements TO Recurring Deposit

  • Valid Photo I.D. & Address Proof
  • (A) Any one of proof (Photo I.D.) 
    1.Passport, 
    2.Driving License,
    3. Voter ID Card, 
    4. Government Approved College/university I.Card,
    5. Government/Semi government/Department I.Card
  • (B) Address Proof(Any One) 
    1. Electricity Bill (not more than 2 months old) 
    2. BSNL Landline Telephone Bill (not more than 2 months old), 
    3. Municipal Tax Bill 
    4. GSPC Gas Bill 
    5. Latest LIC Premium receipt
  • Other proof acceptable by Bank.
  • Passport Size Photograph – 2 Copies
  • Pan Card
  • Birth Certificate for minor account