Recurring deposit is a type of deposit wherein the depositor pays an agreed fixed amount of money into his/her account every month over a stipulated period. On the expiry of the period, the installments deposited are repaid along with the interest thereon as per the agreed terms and prevailing rules.

Eligibility and Target Group:

• Individual – In his/her name
• Two or more Individuals – Joint Accounts in their names
• Minors
• Sole Proprietary Concerns
• Partnership Firms
• Limited Companies
• Illiterate Persons, Blind Persons
• Students of the age 10 years and above

Maturity Value:

The period of deposit should be in multiples of 3 months, with a minimum period of 6 months and a maximum of 120 months.

Rate of Interest:

The rates of interest applicable to Recurring Deposits are as per guidelines issued by the Bank from time to time. The interest is computed quarterly on the basis of monthly products with the help of Interest Tables.

Loan Against Recurring Deposit:

Loan facility is available against pledge of RD, observing the prescribed procedure for such loans.

DCB Bulandshahr Current Accounts are active accounts opened by such sections of the public like Traders, Businessmen, and Corporate Bodies, etc. who like to operate their accounts continuously due to many receipts and payments of money in connection with their business. In these accounts, there is no restriction on the number of withdrawals and deposits.

Types of Accounts:

Current Accounts may be opened in the names of:

• Individual Accounts in the name of a single person.
• Joint Accounts of two or more individuals.
• Sole-Proprietor Concern.
• Partnership Firms.
• Joint Hindu Family or Hindu Undivided Family.
• Associations, Clubs, Societies.
• Trusts/ Other Trust Accounts like Provident Fund A/cs.
• Private and Public Limited Companies and other undertakings registered under Companies Act, 1956.
• Executors and Administrators.
• Other Banks.
• State Financial Corporations.
• Government/ Quasi Government Departments/ Boards/ Bodies etc.

Document Checklist:

• For Co-op. Society/ Regd. Certified copies of Resolution to open an account & to operate account.
• Income Tax Exemption Certificate/ Trust Deed.
• Two photographs of each authorised Signatory/ Rubber Stamp of Society/ Trust.
• Account opening form, duly signed by the Proprietor/ Partners/ Directors.
• Two Photographs of the Proprietor/ Partners/ Directors.
• Letter of Proprietary.
• Letter of Partnership.
• Copy of Partnership Deed/ Memorandum/ Articles of Association & Company Registration Certificate (Pvt./ Public Ltd. Co.).
• Resolution to open an account authorizing Signatories to operate account (in case of Public/ Pvt. Ltd. Co./ Trust/ Co-op. Soc.).
• Introduction from existing Current Account holder of the Bank.
• Copy of PAN Card/ TIN/ Return.
• Proof of Residence/ Address Proof (Xerox copy of original to be submitted).

Facility of A/C:

• Cheque books will be issued.
• Standing instructions for payments/ deposit accounts transfer are accepted.
• Number of operations are unlimited.
• Passbook is available.

Minimum Balance:

The minimum balance required to be maintained in a Current Account is as follows: