Basic Recurring Deposit Account

  • Deposits can be made between 1 year to 10 years
  • Deposits can be opened for monthly installments in sums of Rs. 10 or in multiples of Rs. 10
  • Simple interest is eligible, depending upon the period of deposit
  • Nomination facility is available
  • Premature Closing is allowed, subject to penalty if any
  • Loans can be obtained against the deposit amount
  • Every depositor shall pay the monthly installment for any month within 30 days from the date of that installment, failing which interest will be charged on the installments in arrears at the appropriate rate ruling from time to time
  • Depositors are at liberty to pay the deposit in advance for any number of installments
  • The fraction of month shall be treated as full month for the purpose of calculating penal interest
  • Standing instruction is accepted for transferring the monthly installments from the customer’s Savings Bank / Current account
  • If a depositor is habitually late in depositing the installment or if the deposit is in arrears for a period exceeding three months, the bank may at its discretion close the account. On such closure, the deposit shall be entitled to the amount already deposited with interest at the rate applicable to the period for which the deposit remained with the bank less 1% penalty