Purpose:

This scheme is very ideal for salaried and regular income people. It is similar to other term deposit opened for a fixed period with monthly installments.

Who can open the Account :

  1. A person in his individual capacity.
  2. More than one person in their joint names
  3. A minor jointly with a major
  4. Charitable and educational institutions (if they do not conduct business of commercial nature)
  5. HUF
  6. Blind Persons
  7. Illiterate persons
  8. Private Traders , Merchants , Agents , Professionals Partnerships Firms , Companies Clubs , Societies & Corporates.

Documents required for opening of RD Accounts:

(a) For identifications Proof(any one of the following)

  1. Passport
  2. UID / Aadhar Card
  3. Driving License
  4. Voter ID Card
  5. Pan Card
  6. / Defence ID card
  7. ID Card issued by Reputed employer

(b) For address Proofs (any one of the following).

  1. Electricity Bill
  2. UID / Aadhar Card
  3. Telephone Bill
  4. Bank account statement
  5. Letter from a reputed employer
  6. Letter from any recognized public authority /local body
  7. Income tax / wealth tax Assessment order

( c) Proof of Date of Birth ( Applicable for Senior Citizens & Minor only)

  1. For Senior Citizens( any one of the following)
    • Passport
    • Voter ID Card
    • Driving License
    • PAN Card
    • PPO in case of Pensioner

     

  2. For Minors
    • Birth Certificate issued by Gram Panchayat /NAC(Notified Area Committee) / Municipal Corporation

d) One recent passport size photographs of account holders (The above requirements are waived if the customer is already an account holder of the Bank)

Amount of Deposit.

Monthly installment of a fixed sum of Rs 100/- or multiples of Rs.100/-*

Period of Deposit:

Min. 12 months Max 84 months with quarterly intervals like 12,15,18,21,24 months etc.

Interest :

Interest rate will be as per the prevailing rate.

TDS

TDS is applicable on interest earned.

Nomination Facility:

Nomination facility is available

Pass Book:

Special type of pass books are supplied to customers. Installment can be paid on any day before the last day of the month. After completion of formalities and depositing the desired amount in the bank, customer will be issued a passbook with all particulars filled in such as Deposit Account Number, Name, amount of installment, Period, Due date of deposit, Interest Rate & Maturity Value etc.

Premature Payment

Payment before maturity will be available as per the prevailing rules.

Penal Interest

If the installment is not paid in the same month, penal interest is to be charged.

Standing Instructions

Standing Instructions can be accepted to transfer the amount of monthly installments from SB account or current deposit account

Payment on Maturity

On maturity, Payment can be made in cash to the customer up to Rupees Twenty thousand. If the amount is more than Rupees Twenty thousand it will be credited to the account of customer.