1. Opening of Account
One or more than one account can be opened by a person/s with proper introduction subject to ‘policy on bank deposits’ as notified by the Bank in the bank’s web-site . The following can open accounts:
a.An individual in his/her name
b.More than one person in their joint names payable to all of them jointly or anyone or more of them or Survivor/s.
c.A HUF, a partnership firm, proprietary concern, Charitable institution/Trust, a company or Association etc.
d.Who may open a Recurring Deposit Account:
A recurring Deposit may be opened by a person in his or her name (ii) more than one person payable to jointly or to either or any one or more of them or Survivor or Survivors (iii) by a natural guardian, i.e.father or mother on behalf of a minor in which case the date of birth should be declared at the time of opening of account or by a guardian appointed by Court and (iv) a Co-operative Society through the persons authorized by its Board of Directors.
e.Terms of deposits:
The account can be opened on any day in a month. But every subsequent instalment is due for payment by the last day of every calendar month.
2. Rate of Interest
a.The deposit will earn interest at the rate fixed by the bank from time to time depending upon the period of the deposit.
b.Interest compounded quarterly shall be payable on maturity date along with the principal amount (aggregate of installments) paid by the depositor.
3. Amount of Deposit
Minimum deposit of monthly installment of Rs.50/- or exact multiples of Rs.50/- Such amount of monthly installment should not subsequently be altered by the depositor.
4. Period of Deposit
Minimum period of deposit is 12 months and in steps of 3 months.
5. Payment of monthly instalments:
Every Depositor shall pay the monthly deposit amount before the end of the month. Standing instructions from the Depositor for transfer of monthly instalments from his/her savings Bank or Current accounts till the deposit matures will be accepted by the Bank and such transfers will be effected by the Bank, free of the charge.
In case of delay in payment of any instalment a penalty will be charged on the time of Maturity
6. Payment of Monthly Installment
Monthly Installment shall be paid on or before the last working day of the month in which the installment is due. If installments are in arrears, a penal interest at the rate fixed by the bank shall be charged. Fraction of a month shall be treated as a full month for the purpose of calculating such penal interest on belated monthly installments.
7. Pass Book:
Each Depositor will be supplied with a pass book of such deposit in which the payment made in each month will be entered and acknowledged by the officer of the Bank.
8. Repayment on maturity:
Recurring deposit is repayable 30 days after the last instalment is due and paid or after the expiry of the period for which the deposit is accepted, whichever is later.
The deposit can be encashed after giving a proper receipt by the depositor (as per the printed format of a receipt on the last page of the Pass Book).
9. Loan on Recurring Deposits:
The Bank may grant loans on the security of Recurring deposit accounts upto 75%of the amount of deposit including interest occurred on the loan account. Interest will be levied at 2% higher than the rate of interest paid on the deposit.
10. Renewal
Matured RD accounts cannot be renewed as another RD but can be transferred to Fixed Deposit or DJJD from the maturity date of C.D, so that the matured amount does not lose interest.
11. The Bank reserves to itself the right to alter/add/delete to these rules at any time. For this purpose, the Bank shall not be required to give a separate notice to each account holder. All announcements of any change in the rules, displayed on the Bank’s web-site shall be deemed to be sufficient notice to all account holders.
Note:
Your Term Deposit upto Rs.1,00,000.00 is insured under Deposit Insurance & Credit Guarantee Corporation and we have paid Insurance Premium upto date.
