Recurring deposits help regular income earners to build up their savings with steady monthly deposits or payments over a certain period of time. Customers can earn a substantial amount of money after maturity of their recurring deposits with attractive interests.
Features of a Punjab & Sind Bank Recurring Deposit
Punjab & Sind Bank customers can open a regular recurring deposit account and enjoy a variety of benefits and significant returns on their investments.
- The minimum deposit amount required for a Punjab & Sind Bank Recurring Deposit account is a very affordable sum of Rs. 10/- per month. The bank does not have a cap on the maximum amount required.
- Customers can choose deposit tenures ranging from a period of six months to maximum of 10 years.
Eligibility
- Any individual can open a Punjab & Sind Bank Recurring Deposit as a single or joint account holder.
- A minor over the age of 10 is also eligible to open a RD account jointly with a guardian operating the account. If the account is maintained by a guardian then a specimen signature of the minor verified by the guardian is required.
- Recurring deposit accounts can be opened by firms, corporate, associations, societies, Government institutions, religious and charitable institutions.
Documents required
Proof of Identity / Address
- Applicant’s Passport copy
- Voter’s ID card
- Aadhar Card
- Driving License
- PAN Card
- Electricity Bill
- Telephone Bill
- Last three months’ bank account statements
- Latest passport size photo
Interest rate offered on Punjab & Sind Bank’s Recurring Deposit
Punjab & Sind Bank offers recurring deposits at interest rates ranging from 4% to 8% depending on the tenure of the deposit. The interest rates also vary based on the deposit amount which can extend up to Rs 5 Crores and above. The interest rate is generally paid with the principal at the time of maturity and is compounded every quarter for a recurring deposit.
