Cumulative Deposit

  • Recurring deposit scheme which enables the depositor to build up a sizeable capital in a regular systematic way
  • The account can be opened with a minimum monthly remittance of Rs.100 /- or multiples thereof. The remittances may also be in odd sums
  • Account can be opened for a minimum period of 6 months and in multiples of 3 months.

Features

The maximum period for which term deposits are accepted is 10 years.

In case of minors, accounts can be opened:

  • In the single name of the minor under guardianship, the deposit being repayable to him/her.
  • In the single name of the minor under guardianship, the deposit being repayable to the guardian.
  • In the name of the minor, jointly with the guardian, the deposit being repayable to them jointly /former or survivor /either or survivor

Exceptions

  • Deposits accepted under Court orders.
  • Deposits in the names of minors for protection of minor's interest.