Central Co-Operative Bank Of Jodhpur

Recurring Deposit Account:
Do not wait for handsome amounts to book Fixed Deposits in Banks. With our Recurring Deposit product, you can plan investing monthly savings on higher rates.

Features:

Recurring Deposit is a special type of deposit account, which enables a depositor particularly in fixed income group to save by paying into the account an agreed fixed sum of money monthly over a stipulated period. The deposits in this type of account earn compound interest on quarterly basis. Longer the period for which monthly deposits are agreed to be made higher is the rate of interest subject to rules.
KYC ( Know Your Customer) Norms for opening account are applicable for these accounts also hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s
Eligibility: Only individuals are eligible to open accounts under the scheme. Thus, the Recurring Deposit Accounts can be opened in the names of Individual — Single Accounts, Two or more individuals — Joint Accounts, Illiterate Persons, Blind Persons, Minors
Recurring Deposits will be in equal monthly instalments. The core monthly instalment should be minimum Rs. 100/-. There is no maximum limit.
Installments of any calendar month should be paid on or before last working day of that calendar month and if it is not so paid penalty will be charged on the installments in arrears as per applicable rates.

< Other Terms and Conditions:

In the case of Joint Accounts, only the first named Depositor will be eligible for deduction under Section 194A of the Income Tax Act.
TDS norms will apply as per extant rules
*Terms & Conditions apply. For further details, Please contact your Nearest Branch

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