THE UTKAL CO-OP, BANK, BHUBANESWAR RECURRING DEPOSIT ACCOUNT RULES

• Deposit Recurring Deposits will be received in multiples of Rs. 100/- with a minimum monthly deposit of Rs. 100/- and the number of installments would be 12, 24, 36, 48, 60, 72 and 84.
• Every depositor shall pay the deposit amount for any month on or before the last working day of that month failing which penal interest at the rate of 1% will be charged on the arrears of deposit.
• All deposits by a depositor should be accompanied by paying-in-slips which will be supplied free of charge Every paying-in-slip should bear the account number Standing instructions from the depositor for transfer of monthly installments from his Savings Bank will be accepted and such transfer will be affected by the Bank, free of charge. In cases where the depositor fails to maintain sufficient balance in his/her account to effect such transfers, the standing instructions will be treated as cancelled and the installment will be deemed to have fallen in arrears.
• If the depositor wish as to close his/her Recurring Deposit Account and withdraw the deposit before the expiry of the period agreed upon, interest would be allowed on the deposits already made as per Rule. In the event the account is closed within three months from the date of its opening a charge of interest. Would be made for incidental expenses.
• The period agreed upon when opening a Recurring Deposit account cannot be altered subsequently.
• Monthly installments will be accepted at one branch of the Bank for remittance at per for credit of the Recurring Deposit Account at another branch of the Bank.
• If before the expiry of the period for which the Recurring Deposit account is opened the depositor dies the account will be closed and the amount would be paid to his /her legal representative.
• The Bank reserves to itself the right to refuse of close any account without assigning any reason therefor.
• The Bank reserves to itself the right to delete, add or alter these rules at any time without giving a specific and separate notice to every account hulder and an announcement of the change in the rules pasted on the notice board in the Bank of given in the press will be considered as sufficient notice.

Premature Repayment

the payment of a Recurring Deposit is demanded / required to be made. Before maturity, interest will be calculated at the following rates on the actual amount deposited on simple interest basis on monthly products.

• Interest shall be charged less 1% as interest applicable for the specific Duration.

IMPORTANT

• Constituents are requested to note that all moneys remitted to the Bank should either be sent by registered post or handed over to the Cash Department, as no individual(s) outside the Cash Department have authority to receive Cash.
• All cheques, drafts and other valuable instruments sent by a customer by post must be transmitted only by means of Registered Post, failing which, the Bank will be absulved of all liability arising from any fraud in respect of such instruments lost or stulen in transit.