Daily Recurring Deposit
Have you been planning to own the latest gadgets or doing a lot of fun things for months, but find it difficult to save for it regularly? It's time you tried Daily Recurring Deposit - A fun and flexible way of saving online to fulfill your wishes. A Daily Recurring Deposit offers you convenience and complete flexibility, where lump sums can be invested as and when available. You can deposit any amount at any point in the tenure, with no requirement to make deposits every month.
Saving money habit will improve the quality of life and will help you to feel better and to sleep better, One will be happier knowing he/she has some money aside for unexpected expenses and look forward to achieving some of their dreams.
This product is similar to a Recurring Deposit but instead of a single fixed installment every month, you can decide to vary your installment amount and even the number of monthly, within the Annual sum defined.
Below are the individuals and groups eligible for a Daily Recurring Deposit:
- The depositor has to fulfill KYC norms as per RBI directive.
- Guardian can open Minor's Recurring A/c. When minor turn major thereafter providing valid age proof he/she can withdraw the amount with his/her signature.
- Every Depositor must have to deposit their installments till the date of opening a/c or last installment date of every month.
- If Depositors failed to deposit more than 2 installments then if he/she don't deposit the due amount within 10 days after notice then Bank will close such account and pay the amount with interest where interest rate will be Savings Interest Rate.
- If two or more installments are paid late then the maturity date will be extended to that period.
- The maturity amount is payable after 30 days of last installments deposited.
- If a customer wants to close the 12 months period deposit account before its mature period then the interest will be applicable as per Savings Interest Rate.
- If a customer wants to close account which is the more than 12 months period deposit account after 12 months then it is observed that what was the previous rate for 12 months when the customer opened Recurring deposit account then 1% penalty will be deducted from that Interest Rate and then Interest will be calculated on the amount.
- If Customer Deposit more installments than required for a prescribed period then Interest will not be applicable on extra installment he/she deposited.
- Customers have to produce Passbook at the time of depositing installment and payment.
- If customer having Savings or Current a/c in the Bank then by the written application Bank will transfer Recurring Deposit installments from that account as standing instruction.
- The Bank is having rights of appropriation, set off, lien and change the rules and regulation for the scheme.
Requirements Documents :
- Valid Photo I.D. & Address Proof of proprietor / partners /directors
- Any one of proof for all partners/ directors or proprietor (Photo Id).
- Address Proof(Any One)
- Passport Size Photograph - 2 Copies
- Pan Card
- Birth Certificate for minor a/c.
- Senior Citizens have to produce age proof to avail extra Interest Rate benefit