MONTHLY RECURRING SCHEME:
Recurring Deposits are a special kind of Term Deposits offered by us which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits. It is similar to making FDs of a certain amount in monthly installments, for example Rs 1000 every month. This deposit matures on a specific date in the future along with all the deposits made every month. Thus, Recurring Deposit schemes allow customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time.
The Recurring Deposit can be funded by Standing instructions which are the instructions by the customer to the bank to withdraw a certain sum of money from his Savings/ Current account and credit to the Recurring Deposit every month.
Recurring deposit rules:
Recurring Deposits are a special kind of Term Deposits offered by us which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits. It is similar to making FDs of a certain amount in monthly installments, for example Rs 1000 every month. This deposit matures on a specific date in the future along with all the deposits made every month. Thus, Recurring Deposit schemes allow customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time.
The Recurring Deposit can be funded by Standing instructions which are the instructions by the customer to the bank to withdraw a certain sum of money from his Savings/ Current account and credit to the Recurring Deposit every month.
Recurring deposit rules:
- Recurring Deposit amount is to be opened by depositing minimum Rs. 50/-
- Minimum period of one year and maximum of five years.
- Rate of interest will change from time to time as per the decision of M.C. of the society.
- Advance up-to 80% on deposited amount will be granted to the depositor. Rate of interest on loan will be 2% more than contract rate.
- After maturity of account, deposited amount with interest will be transferred to party's SB/CA account.
- Saving rate of interest will be paid in case of pre-matured account only. A written request letter to close of account before maturity should be obtained.
- Penalty charges of Rs.2/- per installment is not paid on or before 10th day of the month.
- In case of loss or replacement of pass book a duplicate pass book shall be issued on written request letter from the depositor and sum of Rs. 10/- be debited to the concerned party's account and remarks also should put to that effect on the ledger and pass book.
- The depositor may giving standing instructions to the society to transfer, from his saving/current account, the monthly installment of R D account, provided sufficient credit balance in the saving/current account is maintained.
- No interest will be paid beyond the maturity period of the account.
- In case of advance against R D, minimum 15 days will be charged in case of account is closed earlier.
- The society reserves the right to modify, after, re seined to add to the forgoing rules at any time without prior notice to the depositors.