Recurring Deposit – Nagarik Samabay Bank Ltd

Recuring Deposit

Opening Recuring Deposit Account :

Recuring deposit account may be opened by a person in his / her own name OR
Jointly with other persons payable to any one or more of them or the survivor or survivors (Specific instructions in this regards to be given in writing at the time of opening the account)
By a natural guardian or a guardian appointed by a complete court, for a minor. In both the cases the guardian must declare the date of the minor & the date when the minor will attain majority.
Recurring Deposit Account will not be opened in the name of a blind person or in the name of firm, Company, Company, Corporation, Association, Club, Society etc.
Person intending to open an account must sign an application form nad give his/her speciman signature (or thum imperession in case illiterate person with pass port size attested photo) for record in presence of an official of the Bank and declare thet he/she has agreed to abide by the rules of conduct of the recurring Deposit account.
Period of Deposit: Minimum 7 days year and maximum 10 years
Premature Withdrawal: Allowed with penalty of 1% in applicable interest rate for the tenure of deposit as on the date of placement of deposit.
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.
Every depositor will be provided with a Passbook free of charge.The Passbook must be presented at the Bank at the time of each deposit and surrebdered at the time of payment on maturity.
If the Passbook is spoiled or lost a dublicate will be issued against payment of Rs. 10/- only.
At the descretion of the Bank a loan not exceeding 80% of the amount deposited may be granted to depositor, subject to the condition that the loanable amount is not less than Rs. 400/- on term which can be ascertained from the Bank, on application.
A Recurring Deposit Account may at the express desire of the depositor be closed befor the expiry of the agreed period on the 10 days notice. On the deposit amount/installment, for the period during which the deposit remained with the Bank, on a compounded basis with quarterly or rests for the completed quater and at simple interest for the incomplete quarter.
In the case of discontinuance of payment of installment after a certain period and on claiming the proceeds at maturity, interest will be calculated on compounded basis at the contracted rate(withour penalty).
In the case of death of the depositor befor the expiry of the agreed period the account will be closed and the total amount deposited till the death of the depositor will be paid to his/her successor subject to the provision of clause 10 above. In the case of a joint account the account may, on application, be allowed to continue in the name of survivor(s) after the death of one oft he depositors.
A Recurring Deposit Account may be transfered from one branch of the Bank to another branch free of charge. The same Passbook with necessary charges may be used.
The Bank reserves itself the right to open or close any account without assigning any reason or to add to or alter or modify any of these rules at any time without previous notice.

Document to be Need :

Schemes :

DICGC: The Deposit Insurance System in India is subject to the Provisions of Deposit Insurance Act (enacted in 1961). Deposit Insurance and Credit Guarantee Corporation (Wholly owned subsidiary of the Reserve Bank of India) is the body that operates the deposit insurance system.

For opening a Recuring Deposit Account, please download the below listed form and submit it to your nearest branch.