Scheme features & terms
Recurring deposits are collected for various periods ranging from 1 to 5 years, in weekly or monthly instalments, in multiples of Rs 10/-.
Members are enrolled in recurring deposits on the basis of prescribed applications. They will be issued passbooks with separate folios in the Recurring Deposits ledger.
Instalments are collected from enrolled members by the deposit collecting staff visiting them, who issue receipts after entering the remittances in the members' passbooks.
After the balance in the deposit account reaches 50% or more, the depositor can be allowed an advance of up to double the balance, with the total deposit as security besides the personal surety of the depositor.
When advances are allowed, entries are made in the passbook and ledger folio of the depositor. The period of advance shall not exceed the maturity period of the deposit and advances are collected in instalments.
Advance instalments are collected along with the deposit instalments.
On maturity, the balance in the deposit account will be paid to the depositor after adjusting any advance, on surrender of the passbook.