Recuring Account
The Recurring Deposit product offers an opportunity to save money by making regular monthly deposits of a fixed amount over a specific period of time.
In order to promote regular monthly savings among the general public, the bank provides the option of Recurring Deposits. This product is specifically designed for customers who wish to save a small portion of their income every month.
Features:
- You can open the account with an amount of your choice.
- Any individual can open a Recurring Deposit Account.
- Minors are also eligible to open a Recurring Deposit Account.
- Choose your desired amount to receive upon maturity by selecting the installment amount.
- Failure to deposit installments on time will result in a penalty.
- A joint account can have a maximum of three account holders.
- Every depositor is required to make deposits until the account opening date or the last installment date of each month.
- If a customer deposits more installments than required for the specified period, no interest will be applicable to the extra amount deposited.
