Recurring Deposit – TTC Co-operative Bank Limited

Recurring Account

Monthly savings scheme designed for disciplined wealth creation

Recurring Deposit is a monthly Fix Savings Scheme. Customer can open Recurring A/c with minimum of Rs.100/- per month and in count of Rs. 100/- thereafter i.e. Rs.100/-, Rs.200/-, Rs. 300/- etc.
Customers can open Recurring account for 12, 24 and 36 Months.
We offer nomination facility for all deposit accounts.
We are member of Deposit Insurance and Credit Guarantee Scheme in which customer deposits are insured up to Rs. 5 Lac.

Important guidelines and regulations you should know

Depositor has to fulfill KYC norms as per RBI directive.
Guardian can open Minor’s Recurring A/c. When minor turn major there after providing valid age proof he/she can withdraw the amount with his/her signature.
Every Depositor must have to deposit their installments till date of opening a/c or last installment date of every month.
If Depositors failed to deposit Installment on regular basis, penalty will be levied.
The maturity amount is payable after 30 days of last installments deposited.
If Customer want to close the 12 months period deposit account before its mature period then the interest will be applicable as per Savings Interest Rate.
If Customer Deposit more installments than required for prescribe period then Interest will not be applicable on extra installment he/she deposited.
If customer having Savings or Current a/c in the Bank then by the written application Bank will transfer Recurring Deposit installments from that account as standing instruction.
The Bank is having rights of appropriation, set off, lien and change the rules and regulations for the scheme.
1% penalty will be levied on present interest rates.

Documents and information needed to open your recurring deposit

(A) Any one of proof (Photo I.D.)

(B) Address proof (Any One)