Recurring Account

Source : NSBGwalior    Date : 11-Jun-2019

The Scheme aims the computation of capital of your short and regular savings in a certain period of time. In this scheme in 12 months to 60 months or more can be started by deposition of Rs 50 / - per month or its multiple this can collect good money for your future. The amount under RBI guidelines and decisions of the Board of Directors, including interest, will be the return on maturity.
Monthly instalment amount and duration:-
Rs. 50 or its multiples can be deposited per month for above mentioned period. The amount should be deposited from 1st date of the month till its end. In case the regular monthly instalment is not deposited, related instalment default’s monthly interest will not be paid but the interest will be paid which will calculated according to the system in savings account depending on the amount deposited in recurring account, and the actual interest will be paid on maturity.
(4) To close recurring account: -
(A) The account can be closed of time by getting the amount refunded normally after a certain period of time. Recurring deposit amount is non-transferable.
(B) If the amount is removed before the fixed period shall be paid according to the interest amount will be paid according to the rules directed by the RBI rules and interest rate.
Loans on mortgage of amount in recurring deposit
On the mortgage of amount in the recurring deposit, under the terms and conditions of mortgage amount of the savings account, loan of 90% of the amount deposited can be availed under the condition that the loan amount should not be less than Rs.500. The interest rate on the loan will be more than 1 percent than the interest rate of deposits.