|
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 thereo
|
|
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.
|
|
 Recurring
Deposit Form |