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here are some most important features of Recurring Account:
- Recurring deposits are accepted in equal monthly instalments of minimum Rs 1,000 and above in multiples of Rs 500 thereafter.
- Recurring Deposit accounts can be opened for a minimum period of 12 months and in multiples of 12 months thereafter, upto a maximum of 120 months.
- The amount of installment once fixed, cannot be changed .
- Installment for any calendar month is to be paid on or before the last working day of the month. Where there is delay in payment of installment, one can regularise the account by paying the defaulted installment together with a penalty (at present it is @ PLR plus 4 % for the period of delay).Fraction of a month will be treated as full month for the purpose of calculating the penalty.
- The total amount repayable to a depositor, inclusive of interest, depends on the amount of monthly installments and the period of deposit.
What else can I help you with?
What is recurring account?
recurring means. the number goes on and on and on... e.g. 0.3 (recurring) = 0.33333333... A recurring account could refer to an account which you pay regularly - an account which recurs - such as a telephone account.
Letter format for recurring deposit installment complete so transfer this money in saving account?
Letter format for recurring deposit installment to from saving account
Is there loan available at recurring deposit account?
maybe
Can a company open a recurring deposit account?
yes
What are different types of bank accounts?
In India: Savings Account Current Account Fixed Deposits account Recurring Deposits account DEMAT Account etc.
How can I set up my PayPal account to accept recurring payments?
To set up your PayPal account to accept recurring payments, log in to your account, go to the "Settings" section, select "Payments," then click on "Manage automatic payments." From there, you can set up recurring payments by entering the necessary details such as the amount, frequency, and duration of the payments.
What if you didn't know about 7 day recurring NSF fees?
When opening a check account, the holder of the account signs a document that outlines all of the charges that can be imposed. If the 7 day recurring NSF fee was stated in the document, the account holder can not claim ignorance.
What are the various types of deposits in a private and nationalized bank?
* Savings Account/Checking Account * Current Account * Fixed/Time Deposits * Recurring Deposits
What are the options for setting up a recurring deposit in the USA?
In the USA, you can set up a recurring deposit by using a savings account, a certificate of deposit (CD), or an automated transfer from your checking account to a designated savings account. These options allow you to regularly save money over time.
What are the various types of bank accounts?
* Savings Account/Checking Account * Current Account * Fixed/Time Deposits * Recurring Deposits
What are the essential features of a standing order?
A standing order is a financial instruction that authorizes a bank to automatically transfer a specified amount of money from one account to another at regular intervals. Essential features include the predetermined amount, frequency of transfers (e.g., weekly, monthly), and the duration for which the order remains active. It typically requires the account holder to provide the recipient’s account details and may be used for recurring payments like rent or subscriptions. Additionally, standing orders can be easily modified or canceled by the account holder.
An example of recurring deposit account?
A recurring deposit account is a type of savings account that allows individuals to deposit a fixed amount of money at regular intervals, typically monthly, for a predetermined period. An example would be a bank offering a recurring deposit scheme where a customer deposits $500 every month for 12 months, resulting in a lump sum at maturity along with interest. This type of account is ideal for individuals looking to save systematically while earning interest on their deposits.
