A Recurring Deposit or cumulative deposit account is a
variation of Savings Bank account. It is an account intended to develop habits
of savings on regular basis by the depositor with limited means. In this account
type the depositor commits to deposit a fixed amount for a fixed period of time (for example Rs 100 every
month for 12 months) and gets a lump-sum amount at the end of such period. The
depositor does not get any interest in the intervening period. The terms i.e.
fixed amount, interval and fixed time period that is decided at the time of opening the deposit can not
|Eligibility||All types of customers.|
|Minimum Amount||Amount: Rs 10 and in multiples of Rs 5 thereof.|
|Maturity Period||12, 24, 36, 48,60,72,84,96,108 and 120 months|
|Payment of Installment||The installment of any calendar
month shall be paid on or before the last working day of that month Standing
instructions are accepted for transfer of monthly installment
from the depositor's SB or Current Account The depositor can pay any number of
installments in advance.