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The scheme offers greatest flexibility in deciding deposit amount to suit your circumstances. You decide a core amount to be deposited per month but you are allowed to deposit extra amount in any month / months to the tune of 25 times (in multiples of the core amount decided by you. This extra amount starts earning interest at the same higher rate for which account has been opened.
Who can open the account? :
I Individuals in single or joint names,
II HUF
III Account can be opened in the name of minor also.
Minimum Installment amount: Rs. 10/- p.m. (thereafter in multiples of Rs. 10/-).
Maximum Installment amount: No limits specified for the core amount. However, 25 times of the core amount can be deposited in any month (in multiples of the core amount). For example, if you have decided Rs. 5,000/- per month, you can deposit 5,000/- or 10,000/- or 15,000/- and so on.
Minimum Period for which account can be opened: 12 months
Maximum Period for which account can be opened: 60 months
Period of deposit should be in quarters e.g. 12, 15, 18, 21, 24 months and so on…
Standing Instructions Charges: NIL
Before Maturity Payment:
1. No interest is payable if account is closed before 7 days.
2. 2% penalty is to be levied on applicable rate of interest.
Requirements:
1. . If you don’t already have Customer ID at VSV Bank, then KYC documentation is required. (Photo ID, Address Proof, Photo, PAN Card, Occupation, Source of Income).
2. If you are an existing customer, only account opening form would be required to be filled in.
Other features
1. Passbook is issued. No system generated account statements are given.
2. There is no auto renewal in this scheme after maturity. Maturity amount will be credited in the SB/CA Account of the depositor in absence of any other instructions.
3. Loan also is allowed against the deposit.
Please contact us to open a Recurring Deposit Account today.
