RECURRING DEPOSIT SCHEME (RDS)

Purpose

This scheme is very ideal for salaried and regular income people. It is similar to other term deposit opened for a fixed period with monthly installments.

Who can open the Account :

A person in his individual capacity.
More than one person in their joint names
A minor jointly with a major
A minor over the age of 10 years who can read and write and operate the account personally.(Maturity value should not exceed Rs.50000/- and with maximum monthly installment restricted to Rs.500/-
Charitable and educational institutions (if they do not conduct business of commercial nature)
HUF
Blind Persons
Illiterate persons
Private Traders , Merchants , Agents , Professionals Partnerships Firms , Companies Clubs , Societies & Corporates.

Documents required for opening of RDS Accounts:

(a) For identifications Proof(any one of the following)

Passport
UID / Adhar Card
Driving License
Voter ID Card
Pan Card
Govt. / Defense ID card
ID Card issued by Reputed employer

(b) For address Proofs (any one of the following).

Electricity Bill
UID / Adhar Card
Telephone Bill
Salary Slip
Bank account statement
Letter from a reputed employer
Letter from any recognized public authority /local body
Income tax / wealth tax Assessment order

( c) Proof of Date of Birth ( Applicable for Senior Citizens & Minor only)

For Senior Citizens( any one of the following)
- Passport
- Voter ID Card
- Driving License
- PAN Card
- Service Discharge Certificate
- PPO in case of Pensioner
For Minors
- Birth Certificate issued by Gram Panchayat /NAC(Notified Area Committee) / Municipal Corporation

d)Two recent passport size photographs of account holders (The above requirements are waived if the customer is already an account holder of the Bank)

Amount of Deposit.

Monthly installment of a fixed sum of Rs 100/- or multiples of Rs.50/-*

* Will need not be in multiples of Rs.50/- in Cent Lakhpati/Cent Millionaire RDS installments

Period of Deposit:

Min. 6 months Max 120 months with quarterly intervals like 12,15,18,21,24 months etc.

Interest :

Interest rate will be as per prevailing term deposit card rate. It will be calculated on daily basis and will be credited every half year in June / December.

Category	Additional interest
Senior citizen	0.5%
Staff /ex staff /widow-widower of staff	1.0%
Ex staff cum Senior citizen	1.5%

TDS

TDS is applicable on interest earned.

Nomination Facility:

Nomination facility is available

Pass Book:

Special type of pass books are supplied to customers. Installment can be paid on any day before the last day of the month. After completion of formalities and depositing the desired amount in the bank, customer will be issued a passbook with all particulars filled in such as CIF Number, Deposit Account Number, Name, amount of installment, Period, Due date of deposit, Interest Rate & Maturity Value etc.

Premature Payment

Payment before maturity will be available as per the prevailing rules.

Penal Interest

If the installment is not paid in the same month, penal interest is to be charged @ Rs.2.00 per month per Rs.100 in case deposit period is over 60 months and @ Rs. 1.50 per month per Rs.100 in case deposit period is up to 60 months.

Standing Instructions

Standing Instructions can be accepted to transfer the amount of monthly installments from HSS account or current deposit account free of charges.

Payment on Maturity

On maturity, Payment can be made in cash to the customer up to Rupees Twenty thousand . If the amount is more than Rupees Twenty thousand either it is credited to the account of customer or Demand Draft is issued.

Renewal

The proceeds of overdue RDS account can be reinvested any of the Term Deposit. Rate of interest in such cases shall be the rate applicable to the period for which proceed remained with the bank or present prevailing rate of interest whichever is less.