Opening of Recurring Deposit

The bank provides an R.D. facility to help depositors save conveniently by paying a fixed amount every month.

• R.D. account can be opened by a person in his/her own name.
• Two or more persons can open in joint name with “E or S” / “A or S” / Jointly clause.
• Account can be opened on behalf of a minor by a guardian.
• Minor aged 14 years and above may open an account.
• Registered clubs, associations, educational institutions etc. can also open R.D. accounts.
• A depositor may have more than one R.D. account in single or joint names.
• Deposit period is normally in multiples of 12 months (12, 24, 36 … up to 120 months).
• Account will be opened only after completing necessary documents and KYC norms.
• Monthly installment must be paid before the last working day, otherwise penal charges apply.
• Rate of interest is the same as applicable for FDR/RITD schemes.
• Loan facility is available up to 85% of the amount credited in the R.D. account.