Recurring Deposit Account will be accepted in equal monthly installment for Rs. 10/- or for exact multiple of Rs. 10/- ypto Rs. 1000/- for singlr installment. Recurring deposits shall be accepted for periods in multiples of three months only subject to a minimum period of 24 months. The rate of interest varies according to the period of deposit. The accumulated deposit with interest will be payable after 30 days of the date of deposit of the last installmentas per stipulation.
The depositor shall at the time of opening the account stipulate the amount and the number of the installment he/she will pay. No. subsequent change in the amount or number of installments will be accepted.
The installment for any calender month must be paid on or before the last working day of month.
Cheques will be ordinarily be accepted in payment of instalments unless the cheque is selfdrwan or drwan in favour of the depositor and payable locally.
In case of delay in payment of any installment by depositor, a penalty of Rs. 1.50 for every Rs. 100/- per month for deposit of five years, and less and Rs. 2.00/- for every Rs. 100/- per month for deposit of over five years, fraction of a month being treated as a full month for purpose of calculating such penalty.
Default in payment of installments on more than eight occasions during the whole period of an account or for four consecutive months on any occasion may make the account liable for closure with due notice. On such closure of an account, the amount deposited will be refunded as per rule.