Recuring Deposits

Brief features of the product

• Individual (singly or jointly) with others.
• Minor who have attained the age of 10 years and above in his/her own name on giving proof of age.
• Minors below the age of 10 years under guardianship of Natural/legal guardian.
• Proprietorship/Partnership Firm, Commercial Organization, Company / Corporate Body.
• Hindu Undivided Family
• Association, Club, Society, Trust or Religious/Charitable Educational Institutions,
• Municipality or Panchayat, Government or Quasi-Government body.
• Illiterate and blind persons can also open accounts.
• 100/- and in multiples thereof

Terms & Conditions

• Period of RD - 6 months to 120 months in multiple of 3 months
• Premature withdrawal is allowed.
• Withdrawals on maturity or one month after deposit of last installment, whichever is later.
• Generally loans/overdrafts against deposits are allowed.
• Interest on overdue deposit is paid as per prevalent policy of the bank from time to time.
• Interest on bank deposits is exempt from income tax up to a limit specified by Income Tax authorities from time to time.
• Presently, if the total interest on term deposits, per depositor, per financial year exceeds Rs 10,000/-, the same is subject to Tax Deduction at Source (TDS) at the rates stipulated by the Income Tax Authorities.
• The eligible depositor may furnish declaration in Form No.15 H/15G preferably at the commencement of the Financial Year for receiving interest on deposits without deduction of tax.
• The Bank will issue TDS Certificate for the tax deducted.

Documents required

• The Bank requires a satisfactory introduction of the person/s opening the account by a person acceptable to the Bank.
• The Bank is required to obtain two recent photographs of the person/s opening the account, as per RBI directives.
• The Bank is required to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number or alternatively obtain declaration in Form No.60 or 61 as per the Income Tax Act (vide Section 139A) from the person/s opening the account. For further details, Please contact our nearest Branch.