Purpose

This scheme is very ideal for salaried and regular income people. It is similar to other term deposit opened for a fixed period with monthly installments.

Who can open the Account :

1. A person in his individual capacity.
2. More than one person in their joint names
3. A minor jointly with a major
4. A minor over the age of 10 years who can read and write and operate the account personally.(Maturity value should not exceed Rs.50000/- and with maximum monthly installment restricted to Rs.500/-
5. Charitable and educational institutions (if they do not conduct business of commercial nature)
6. HUF
7. Blind Persons
8. Illiterate persons
9. Private Traders , Merchants , Agents , Professionals Partnerships Firms , Companies Clubs , Societies & Corporates.

Documents required for opening of RDS Accounts:

(a) For identifications Proof(any one of the following)

1. Passport
2. UID / Adhar Card
3. Driving License
4. Voter ID Card
5. Pan Card
6. Govt. / Defense ID card
7. ID Card issued by Reputed employer

(b) For address Proofs (any one of the following).

1. Electricity Bill
2. UID / Adhar Card
3. Telephone Bill
4. Salary Slip
5. Bank account statement
6. Letter from a reputed employer
7. Letter from any recognized public authority /local body
8. Income tax / wealth tax Assessment order

( c) Proof of Date of Birth ( Applicable for Senior Citizens & Minor only)

1. For Senior Citizens( any one of the following)
   • Passport
   • Voter ID Card
   • Driving License
   • PAN Card
   • Service Discharge Certificate
   • PPO in case of Pensioner
2. For Minors
• Birth Certificate issued by Gram Panchayat /NAC(Notified Area Committee) / Municipal Corporation

d)Two recent passport size photographs of account holders (The above requirements are waived if the customer is already an account holder of the Bank)

Amount of Deposit.

Monthly installment of a fixed sum of Rs 100/- or multiples of Rs.50/-*

* Will need not be in multiples of Rs.50/- in Cent Lakhpati/Cent Millionaire RDS installments

Period of Deposit:

Min. 6 months Max 120 months with quarterly intervals like 12,15,18,21,24 months etc.

Interest :

Interest rate will be as per prevailing term deposit card rate. It will be calculated on daily basis and will be credited every half year in June / December.

Category	Additional interest
Senior citizen	0.5%
Staff /ex staff /widow-widower of staff	1.0%
Ex staff cum Senior citizen	1.5%

TDS

TDS is  applicable on interest earned.

Nomination Facility:

Nomination facility is available

Pass Book:

Special type of pass books are supplied to customers. Installment can be paid on any day before the last day of the month. After completion of formalities and depositing the desired amount in the bank, customer will be issued  a passbook with all particulars filled in such as CIF Number, Deposit Account Number, Name, amount of installment, Period, Due date of deposit, Interest Rate & Maturity Value etc.

Premature Payment

Payment before maturity will be available as per the prevailing rules.

Penal Interest

If the installment is not paid in the same month, penal interest is to be charged @ Rs.2.00 per month per Rs.100 in case deposit period is over 60 months and @ Rs. 1.50 per month per Rs.100 in case deposit period  is up to 60 months.

Standing Instructions

Standing Instructions can be accepted to transfer the amount of monthly installments from HSS account or current deposit account free of charges.

Payment on Maturity

On maturity, Payment can be made in cash to the customer up to Rupees Twenty thousand . If the amount is more than Rupees Twenty thousand either it is credited to the account of customer or Demand Draft is issued.

Renewal

The proceeds of overdue RDS account can be reinvested any of the Term Deposit. Rate of interest in such cases shall be the rate applicable to the period for which proceed remained with the bank or present prevailing rate of interest whichever is less.

Loan/Advance against Deposit

Loan and Advance facility is available under the scheme up to 90% of the deposit amount and accrued interest. ROI is charged @ ROI on deposit+1%

Our other schemes

- Cent Swashakti RDS Scheme
- Cent Lakhpati Scheme
- Cent Millionaire Scheme

Deposit Account Opening Form

For Individual (Click This Link For Detailed Instructions)
Click Here To Download

KYC Information

Click Here To Download

Part I

Customer Information Form
Click Here To Download

Part II

Deposit Account Opening Form
Click Here To Download

FREQUENTLY ASKED QUESTIONS - RECURRING DEPOSIT

The features of Recurring Deposit are:

• Higher rate of interest, equal to fixed deposit rates.
• Loan facility against your Recurring Deposit.
• Minimum amount of Rs.100/- per month, deposits thereafter in multiples of Rs.50/-
• Minimum deposit period is 6 months, and thereafter in multiples of 3 months and maximum 120 months
• Nomination facility.
• Transfer funds to your Recurring Deposit account in seconds through Internet Banking,
• Track your investments with us through your online Recurring Deposit account, process your recurring payments through our recurring billing.

Q. What is the minimum deposit amount required for opening a recurring Deposit account?

You can open a Recurring Deposit account with a minimum deposit of Rs.100/-  per month.

Q. What is the multiple in which I can open a Recurring Deposit account?

You can open a Recurring Deposit account for a minimum deposit of Rs.100/-  per month and thereafter in multiples of Rs.50/-

Q. What is the range of tenure for which I can open RD a/c?

You can open RD A/c for minimum period for 6 months and thereafter in multiples of 3 months up to a maximum period of 10 years.

Q. What are the interest rates offered by Bank on RD a/c?

Same as Fixed Deposit.

Q. Is TDS applicable on Recurring Deposits?

Yes. TDS is applicable on interest amount

Q. How do I approach Bank to open a Recurring Deposit?

You can approach us in one of these ways:

• You can just walk into any of the branches nearest to you.
• You can also open RD account Online through internet banking.

Q. Will I get receipt for my Recurring Deposit?

No, you will not get receipt of your RD.  However, special RD passbook will be provided.

Q. Can I redeem my RD before original term?

In the event of RD being closed before completing the original term of the deposit, interest will be paid at the rate applicable on date of deposit for the period for which the deposit has remained with the Bank. In case of premature withdrawal the deposit may be subject to penal rate of interest as prescribed by the Bank on the date of deposit.

Q. Whether nomination facility is  available on RD?

Nomination facility is available for individuals.

Q. Can I change the nominee for my RD?

Yes, You can change the nominee of the deposit account by making a declaration in the specified  form.

Q. What are the other similar schemes available like RDS?

1. Cent Lakhpati Scheme –
- For different maturity periods (1 year to 10 years) the monthly instalment will vary to get maturity value of over Rs. One lakh according  to prevailing interest rate.
- Maturity Period/ Rate of Interest wise amount of Monthly Instalment is available on our Bank’s website.

2. Cent Millionaire Deposit Scheme -
 Under this unique scheme targeted maturity value is over Rs 1000000/- ( Rs. Ten lakh) over a period of 10 years by depositing a certain amount according to prevailing interest rate on monthly basis.
ROI – Prevailing on date of opening of the account.
MV- Rs.10,00,000/- Plus,
TDS – Applicable on Interest earned.

3. Cent Swashakti Flexi RDS Scheme –
Unique Recurring Deposit Scheme with flexibility in monthly instalment.