The advantage in opening a recurring deposit account is that the depositor would be able to save certain sum in fixed monthly installments so that he / she would be able to meet an anticipated liability / obligation after the end of a specified period.
Who can open an account :
● Any person or persons approved by the Bank.
● Co-operative societies, registered trust, institutions and associations.
● By two or more persons in their joint names.
● By a natural guardian i.e. father or mother approved by the Bank on behalf of a minor.
Minimum deposit : Rs. 50/-
● Interest will be paid on the deposits at the rate in force from time to time.
● Interest amount will be paid at the time of maturity.
( Click here to our Interest Rate Chart )
Pass book :
The bank will issue a pass book showing the name, address, installment amount, the period for which the deposit is accepted, maturity date and maturity amount.
Loan against deposit :
90% loan against deposit amount (accrued value) is available.
The bank reserves the right to alter, amend, rescind the rules from time to time.
Harbour Crest, Mazgaon T.T., Mumbai - 400 010.
+91-22 2372 3753, 2372 9969, 2637 9971, 2373 4202, 2373 4311