Recurring deposits are a type of banking investment very similar to cash certificates. One of the main differences is the deposit terms, which tend to be monthly instead of quarterly. A recurring deposit account may not be as flexible as a cash certificate deposit in terms of lending against the money.
NAME OF SCHEME |
SPB GENERAL RECURRING DEPOSIT ACCOUNT |
TYPE OF DEPOSIT |
SPB GENERAL RECURRING DEPOSIT ACCOUNT |
|
FOR MIN.12 MONTHS AND MAX 120 MONTHS |
MIN REQUIREMENT |
Rs.100/- |
MINIMUM BAL IN A/C |
MULTIPLES OF Rs.100/- |
KYC COMPLIANCE |
IN FULL |
BASIC FEATURES/FACILITIES |
|
|
NOMINATION FACILITY (INDIVIDUALS ONLY) |
|
PENALTY OF RS. 1.50 FOR RS. 100 PER MONTH FOR LATE PAYMENT |
NAME OF SCHEME |
SPB KANYA RECURRING DEPOSIT ACCOUNT |
|
(GIRLS UPTO AGE OF 12 YRS WITH GUARDIAN) |
TYPE OF DEPOSIT |
RECURRING DEPOSIT ACCOUNT |
|
FOR MIN.12 MONTHS AND MAX 120 MONTHS |
MIN REQUIREMENT |
Rs.500/- |
MINIMUM BAL IN A/C |
MULTIPLES OF Rs.500/- |
KYC COMPLIANCE |
IN FULL |
BASIC FEATURES/FACILITIES |
|
|
NOMINATION FACILITY (INDIVIDUALS ONLY) |
|
OPERATION IN THE ACCOUNT ALLOWED ALONGWITH GUARDIAN |
|
CONVERSION OF MINOR A/C TO MAJOR ON ATTAINING MAJORITY |
|
PENALTY OF Rs.100/- FOR CLOSURE OF A/C WITHIN ONE YEAR |
|
IF THE RD A/C IS OPENED FOR 5 YRS & ABOVE, PRIORITY FOR |
|
LOAN FACILITY FOR EDUCATION LOAN /MARRIAGE PURPOSE LOAN @50% |
|
REBATE IN LOAN PROCESSING CHARGES |