DEPOSIT SCHEMES
DIFFERENT TYPES OF ACCOUNTS
Saving Accounts
Deposit Accounts
Social Security Schemes
Recurring Deposit Account
In Fixed Deposit, the amount is deposited in full at a time and simple interest is calculated which is added quarterly to the saving account. While in Recurring Deposit, the money is deposited in fixed installments and compound interest is calculated quarterly, also in case in long term deposits.
A Recurring Deposit A/c can be opened with a certain initial deposit wherein a Depositor needs to deposit money by way of monthly installments over stipulated period. The period may be 2, 24, 36, 48, 60 month etc. On the expiry of the period, the accumulated amount along with interest is paid in lump sum. All individuals, jointly with others minors, blind/illiterate person etc. can open the A/c. Rate of interest on Recurring Deposits for various period will be the rate applicable on term deposit for that period. The intending customer should fill in A/c opening form with complete particulars such as parentage, occupation, address etc. Two passport size photographs are required to be affixed along with furnishing of residence proof such as copies of ration card, Voter card, Passport, Telephone/Electricity bill etc. and PAN or Form No.60. The account is required to be introduce properly by the existing A/c holder of the bank of any person know to the bank. For the opening of the account in the bank the KYC submission by the customer is mandatory. On the expiry of the stipulated period, accumulated amount is paid to the customer.
