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
• Minors
• Limited Companies
• Associations, Clubs, Societies, etc.
• Trusts
• Joint Hindu Families (accounts of non-trading nature only)
• Municipalities
• Government and Quasi-Government Bodies
• Panchayats
• 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.