The advantage in opening a Recurring Deposit Account that the depositor would be able to save certain sums in fixed monthly instalments so that he / she would be able to meet an anticipated liability / obligation after the end of a specified period.
WHO CAN OPEN AN ACCOUNT :
MINIMUM DEPOSIT : Rs. 50/-
INTEREST :
PASS BOOK : The Bank will issue a Pass Book showing the name, address ,instalment amount,the period for which the deposit is accepted, maturity date and maturity amount.
LOAN AGAINST DEPOSIT : 90% Loan against deposit amount (accrued value) is available.
GENERAL : The Bank reserves the right to alter, amend, rescind the rules from time to time.
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- Any person or persons approved by the Bank.
- Co-operative Societies, Registered Trust, Institutions and Associations.
- By two or more persons in their joint names.
- By a natural guardian i.e. father or mother approved by the bank on behalf of a minor.
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