Recurring deposits are a type of banking investment very similar to cash certificates. One of the main differences is the deposit terms, which tend to be monthly instead of quarterly. A recurring deposit account may not be as flexible as a cash certificate deposit in terms of lending against the money.
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NAME OF SCHEME |
SPB GENERAL RECURRING DEPOSIT ACCOUNT |
|
TYPE OF DEPOSIT |
SPB GENERAL RECURRING DEPOSIT ACCOUNT |
|
|
FOR MIN.12 MONTHS AND MAX 120 MONTHS |
|
MIN REQUIREMENT |
Rs.100/- |
|
MINIMUM BAL IN A/C |
MULTIPLES OF Rs.100/- |
|
KYC COMPLIANCE |
IN FULL |
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BASIC FEATURES/FACILITIES |
|
|
|
NOMINATION FACILITY (INDIVIDUALS ONLY) |
|
|
PENALTY OF RS. 1.50 FOR RS. 100 PER MONTH FOR LATE PAYMENT |
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