Recurring Deposit

Who can open recurring deposit

Resident Individuals (individually or jointly)

By a natural guardian, i, e. father or mother on behalf of a minor in which case the date of birth should be declared at the time of opening of account or by a guardian appointed by Court and

A Co-operative Society through the persons authorized by its Board of Directors.

Minimum Instalment amount
Rs. 100/-
Documents required

Identity Proof and Address Proof: Passport/Aadhar card/ Driving Licence/voter ID card

PAN card

Photographs

Note : Aadhar card is mandatory to open account

Payment of monthly installments
Every Depositor shall pay the monthly deposit amount before the end of the month. Standing instructions from the Depositor for transfer of monthly installments from his/her savings Bank or Current accounts till the deposit matures will be accepted by the Bank and such transfers will be effected by the Bank, free of the charge.
Pass book
Each Depositor will be supplied with a pass book of such deposit in which the payment made in each month will be entered and acknowledged by the officer of the Bank.
Nomination
Nomination Facility is available. 
Loan on recurring deposit
The Bank may grant loans on the security of Recurring deposit accounts not exceeding 85% of the balance at credit fixed by the Bank from time to time.

Copyright © MCC Bank 2018. All Rights Reserved.