Pusad Urban Bank
 
Recurring Accounts
 
Minimum Amount
Minimum Rs. 50/- in lump sum and in multiples thereof. to be deposited on monthly basis for the period of minimum 1 year and maximum up to 84 months. 

Pre mature Payment
In case of payment before the date of maturity 1% is deducted from the applicable rate of interest for the actual period for which deposit is kept with the bank.
The loan facilities are available on fixed deposit in case of needs of depositors.

THE NOMINATION FACILITIY IS AVAILABLE 


Recurring account should be opened by any company / individual person / trust or firm. For opening a recurring account printed form of account opening should be signed by account holder. Rules of deposit should follow in recurring deposit account also.
  • After account opening the pass book of account will be provided by the bank at no cost.
  • Recurring deposit account opened by:- 
    Recurring account can be opened individually or jointly (two or more persons).
    In case of minors, his / her guardian.
    Partnership firm or company. 
    In case of minors account should be open by farther or in case of death of father, mother can open the account on behalf of minor person. At the time of account opening date of birth of minor should be written on affidavit. As soon as the account holder attains majority as per the law the power of his / her guardian to operate the account shall end.
  • If the installment of recurring deposit is not deposited at the ending day of the month, interest will be calculated one paisa per month for one rupee on the installment amount. Uncompleted month will be counted as full month at the time of interest calculation.
  • If current account and saving account is running in same branch and depositor gives his / her written application to the branch then branch should transfer the installment amount from the above account regularly, bank does not take any commission in this practice. But there may be the case that the saving account or current account may not have any balance then the above facility will be aborted and interest should be applicable as per rule 3.
  • In general case all the installment deposited by the borrower the bank will pay the matured amount after 30 days from the date of last installment. As per mention in index, if the customer do not come to take the matured amount of their account then no any extra interest will be given by the bank further.
  • If the recurring account customer does not pay his / her regular installment for regular three month in time, then bank has the authority to close his / her account. Interest will be paid as per rule
  • If the recurring account holder asks for the money before maturity interest will be paid as per the rules
  • If a recurring account holder wants loan against his account then bank will provide 80% amount of his deposited amount as a loan to him. However the bank solely reserves the right to grant / reject the loan plea. The applicable loan interest will be 2% more than the rate of interest applicable for the recurring account.
  • If recurring account holder close his / her account before six month then bank will change Rs.100.00 as an account closing charge.
  • Recurring Account will not be transferred to any other person name. The account can be shifted form one branch to another branch.
  • In case of the death of account holder, the amount will be paid to his / her nominees or the legal claimant, as per rule
 
 
 
       
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