Recurring Acount
ELIGIBILITY
  • Saving account is compulsory.
  • Any Resident Individual - Single Accounts.
  • Two or more individuals in Joint Accounts,(maximum 4 persons***)
  • Illiterate Persons
  • Visually Impaired Persons
  • Minors
  • Associations, Clubs, Trusts, Institutions/Agencies, Partnership firm, Private limited companies, Proprietory concerns.
FEATURES
  • Monthly installments can be for any amount starting from as low as Rs.100/- onwards.
  • An account can be opened for any period ranging from 12 months to 60 months.
  • The installment amount selected at the start of the scheme will be payable every month.
  • The number of installments once selected, cannot be altered.
  • The maturity amount will be paid at the time of maturity date.
  • Provision for nomination.
Initial deposit for opening Reccuring Account: Rs.100 onwards.
RATE OF INTEREST
Interest @ 7.50% p.a., are being calculated on monthly product basis for one year And @ 8.50% from 2-5 years and will be credited at the time of closing the Account.
PASS BOOK
Pass book will be given to every recurring bank depositor with recurring account number with his/her name and address and all transactions with date,balance and vice-versa.
DOCUMENTS REQUIRED FOR OPENING AN ACCOUNT
  • Two copies of latest color photographs.
  • Proof of residence (passport, driving license, ration card, voters card, electricity bill, aadhar card etc.)
  • Photo Identity Proof.
  • Introduction by person known and acceptable to the patsanstha.
  • Permanent Account Number (PAN) with original for verification.
  • Initial deposit in cash.