A Reinvestment Deposit Plan basically allows you to reinvest the interest earned on your deposit. Reinvestment plan, which works like a fixed deposit (FD), the only difference between the two, is that in a reinvestment plan, instead of Interest being paid out at a regular frequency during the period of deposit, it is paid out only at the time of maturity.
- Any person or persons approved by the Bank.
- Co-operative Societies, Registered Trust, Institutions and Associations.
- By two or more persons in their joint names.
- By a natural guardian i.e., father or mother approved by the bank on behalf of a minor.
- Interest will be paid on the deposits at the rates in force as per the Reserve Bank’s directive from time to time.
- Interest amount will be paid at the time of maturity.
FIXED DEPOSIT RECEIPT:
The Bank will issue a receipt in favour of the depositor/s showing the amount deposited, the period for which the deposit is accepted, maturity date and maturity amount.
In case of loss of original Fixed Deposit Receipt the depositors would have to intimate the bank immediately. On an application satisfying the prescribed rules the certificate indicating the particulars of the deposit will be issued to the depositor. The Bank will charge Duplicate Receipt Charges at such rates as in force from time to time.
The Bank reserves the right to alter, amend, and rescind the rules from time to time.
* for more details contact our nearest branch.