Recurring Deposit
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.
- No TDS is applicable.
- Withdrawals on maturity or one month after
deposit of last installment, whichever is later.
- No TDS applicable
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.
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.
Suggested time norms for activity:
- Guidelines for time norms are issued by I &
A D, HO
- Dos & Dont’s: Available under Terms&
conditions/Documents required.
- Customers obligation: Completion of KYC
norms and submission of complete information as required.
- Grievance Resolution/Compensation: Grievance
Resolution/Compensation policy available on website.
Premature closure of RD Account:
In case of premature cancellation of deposits, 1% penalty will be levied as
per bank’s guidelines.
Irregular/Discontinued RD Account:
Non-deposit of pending installments till maturity date, interest will be
paid on daily products basis compounded half yearly. Depositing of pending
installments before the maturity date, penalty will be charged @ Rs.1.50 for
Rs.100/- p.m.
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राज सहकार व्यक्तिगत दुर्घटना बीमा योजना एवं
सहकार जीवन सुरक्षा बीमा योजना माह मार्च 2018 तक की प्रगति