SPECIAL CUMULATIVE DEPOSITS

Special Cumulative Deposits

Eligibility

Individual, Joint Account, Guardian on behalf of minor,

Pattern of Deposit

Minimum Rs.100/- per month (and in multiples thereof)

No ceiling on maximum amount

A fixed amount by way of monthly instalments deposited

over a stipulated period.

Period of Deposit

Minimum 12 months & Maximum 120 months (multiples of 3 months)

Interest  Rate

As applicable to term deposits of various tenures prevailing

 from time to time, Interest compounded quarterly.

Special Rate for Senior Citizen

0.50% over & above the rate applicable to general public.

TDS

Applicable.

Nomination Facility

Available

Loan  Facility

Available upto 90% of the available deposit balance

Penalty for Pre-mature Closure

•   A penalty of 1.00% will be levied for premature closure of Recurring Deposits

•   Prematurly closed Recurring Deposits will earn interest at 1.00% below the  interest rate as ruling on the date of deposit and as applicable for the period run.

•   In case six consecutive instalments are not received, the account shall prematurely be closed, and balance paid to the account holder.

·         Usually, the minimum lock-in period for an RD account is 3 months. If a premature withdrawal is made before this period, the account holder would earn zero interest and only the principal amount that was deposited would be refunded to him/her by the bank.

Application and Documents

Application in the Banks prescribed form.
Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card).
Photograph of Depositor/s (2 copies).
Proof of Identity and address as per KYC Norms.
Any other related documents as applicable to proprietor ship concern, Partnership Firm, Company, HUF etc.

Penalty for Delayed Instalments

@ Rs.1.50 for every Rs. 100/- instalment per month,

in the case of RD accounts for five years and @ of Rs. 2/- for  every Rs. 100/- instalment per month in the case of RD accounts for above five years should be collected.

Other  Facility

The Recurring Deposit can be funded periodically through Standing Instructions which are the instructions given by the customer to the bank to credit the Recurring Deposit account every month from his/her Savings or Current account.