Rules & Regulation for Recurring Deposite

• Depositor has to fulfill KYC norms as per RBI directive.

• Guardian can open Minor’s Recurring A/c. When minor turn major there after providing valid age proof he/she can withdraw the amount with his/her signature.

• Every Depositor must have to deposit their instalments till date of opening a/c or last installment date of every month.

• If Depositors failed to deposit Installment on regular basis, penalty will be levied.

• The maturity amount is payable after 30 days of last instalments deposited.

• If customer want to close the 12 months period deposit account before its mature period then the interest will be applicable as per Savings Interest Rate.

• If Customer Deposit more instalments than required for prescribe period then Interest will not be applicable on extra installment he/she deposited.

• If customer having Savings or Current a/c in the Bank then by the written application Bank will transfer Recurring Deposit instalments from that account as standing instruction.

• The Bank is having rights of appropriation, set off, lien and change the rules and regulation for the scheme.

• 1% penalty will be levid on present interest rates.