Moneys invested in this type of deposit (Quarterly/Monthly Income Certificate) provide fixed monthly income by way of interest to the depositor for a specified period leaving the deposit amount intact. The Quarterly/ monthly interest will be credited to the savings or current account and monthly interest may be credited in recurring deposit account of the depositor according to the instructions.
KYC ( Know Your Customer) for opening account is applicable for these accounts also hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s.
Types of Accounts :
The accounts may be opened in the names of :
Individual — Single Accounts
Two or more individuals — Joint Accounts
- Sole Proprietory Concerns
- Partnership Firms
- Illiterate Persons
- Blind Persons
- Limited Companies
- Associations, Clubs, Societies, etc.
- Joint Hindu Families (accounts of non-trading nature only)
- Government and Quasi-Government Bodies
- Religious Institutions
- Educational Institutions (including Universities)
- Charitable Institutions
Amount to be Invested:
Minimum amount that may be accepted for the scheme shall be Rs.10,000/-in Metro and Urban Branches and Rs.5000/- at Rural and Semi urban Branches for senior citizens the minimum amount will be Rs 5000/-
Minimum Amount criteria will not be applicable to Subsidy kept under GOVT Sponsored Schemes, Margin Money, earnest money and court attached/ordered deposits.