Shiva Sahakari Bank Niyamita’s Recurring Deposit Accounts help you build wealth systematically with assured maturity amounts and flexible installment options.
Depositors may avail a lA Recurring Deposit (RD) account may be opened for a minimum period of 12 months and a maximum period of 120 months.oan up to 80% of the deposit amount
More than one RD account can be opened in the same person’s name.
More than one person jointly, payable to either or any one or more of them, or on survivorship basis.
A natural guardian (father or mother) on behalf of a minor; the date of birth must be declared at the time of opening the account.
A guardian appointed by Court on behalf of a minor.
A Co-operative Society, through persons authorized by its Board of Directors.
The RD account can be opened on any day of the month.
Every subsequent installment is due by the last day of each calendar month.
Depositors must pay the monthly installment before the end of the month.
Standing instructions for monthly transfers from Savings or Current Accounts to the RD account are accepted free of charge and will be executed by the Bank until maturity.
Monthly installments will be entered and acknowledged by a Bank officer.
If all monthly installments are paid promptly, the maturity value will be payable 30 days after the last installment.
Payment will be made to the depositor or nominee as per the declaration submitted at the time of opening.
