Sanawad Bank

Recurring Deposit account may be opened by any person, individual, a minor senior citizen.

Deposit by way of fixed monthly installment is made in account during the fixed period.
Interest is compounded on quarterly basic and payment thereof is made on date maturity.
Nomination facility available.
Premature payment available (certain terms & condition apply)
Loan facility against the Deposit available.
KYC not required, if already having Saving Account with the Bank.

Rules & regulations for Recurring Deposit Scheme :

Depositor has to fulfill KYC norms as per RBI directives.
Guardian can open Minor's Recurring A/c. When minor turns major, thereafter providing valid age proof, with his/her own signature.
Every Depositor must have to deposit their installments till last day of every month.
If Depositor fails to deposit installments and if he/she does mot deposit the due amount can close such account and pay the amount with the Bank with interest, where interest rate will be Savings.
The maturity amount is payable after 30 days of last installment deposit date.
If customers deposit wants to close the 12 months period deposit account before its maturity date then the Saving Interest Rate.
If customers want to close the more than 12 months period deposit account after
If customers deposits more installments than required for prescribed period, then Interest will not be applicable deposited.
Customer has to produce Passbook at the time of depositing installment and obtaining payment.
If customers having SB or Current a/c in the Bank then by the written application, Bank will transfer amount form that account as standing instruction.
The Bank having all rights of appropriations, set off, lien and change the rules and regulations for the scheme.

Requirements to open Recurring Deposit Account :

Valid photo I.D

Address Proof

Recurring Deposite