DAILY DEPOSIT

In a recurring deposit, you make fixed monthly deposits into your account for a specific period. The amount of each monthly deposit is predetermined and can vary depending on the terms set by the cooperative credit society.

We offer fixed interest rates on recurring deposits. The interest rate is determined by the society's board of directors and management and may be influenced by factors such as market conditions, competition, and regulatory requirements.

The tenure of a recurring deposit is fixed and predetermined. It can range from one year to several years, depending on the society's policies. The duration of the recurring deposit is generally chosen by the depositor at the time of opening the account.

At the end of the tenure, the total amount deposited, along with the accrued interest, is paid out to the depositor. The maturity amount is calculated based on the monthly deposits and the interest rate applicable during the tenure. It's important to note that the interest earned on recurring deposits is typically lower than that on fixed deposits.

In case you miss a monthly deposit, we may charge a penalty or reduce the interest rate applicable for that period. It's crucial to understand the society's policies regarding missed payments and penalties before opening a recurring deposit account.

Generally, recurring deposits do not allow premature closure. The deposited amount can only be withdrawn at the end of the tenure. However, we may have provisions for partial withdrawals or early closure in exceptional circumstances, subject to certain conditions and penalties.

Similar to fixed deposits, recurring deposit accounts also offer a nomination facility. You can nominate a person who will receive the maturity amount in case of your demise, ensuring the smooth transfer of funds.