Term of Recurring Deposit

The Recurring Deposit can be made for a  period of 12,24,36,48 and 60 months. Monthly Deposit can be accepted 

for minimum of Rs 100/- and maximum of Rs 5000/- .

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Rate of Interest 

i)  From 12 Months  up to 24 Months         - @ 6% p.a.

ii) From 36 Months up to 60 Months          - @ 7% p.a.

 

Premature Withdrawal

i)  Minimum 7 days prior notice is required

ii) Rate of interest on premature withdrawal

    

    - Within 3 months                                                  - No Interest

    - Exceeding 3 months and up to 24 Months       - @ 4% p.a.

    -Exceeding 24 Months                                          - @ 6% p.a.

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Operation of Deposit Account

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One Recurring Account is permitted per shareholder, at a particular time.

 

Deposit will be accepted in single name or in joint names (two only). But the first depositor must be a shareholder at the time of the deposit and continue to  be a shareholder for the whole term of the deposit.

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The Recurring Deposit shall be accepted in cash and through his/her Savings Account.

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The deposit shall be for a minimum period of twelve months or multiple there of subject to maximum period of sixty months.

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The deposits will not earn any interest from the date from which the first depositor losses the right of membership as per extant rules of the society.

 

Depositor(s) furnishing LT I on the Application Form must submit two copies of recent passport size self photograph.

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Nomination facility

There will be facility for the depositor to furnish nomination/s. In case of minor nominee, the date of birth of such nominee should be furnished in the application form. The claim of nominee for payment of due amount will arise only on the expiry of the single depositor or both the joint depositors.

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