The Recurring Deposit Form is a fundamental banking document used in India to establish a systematic savings arrangement between a bank and its customers. This document is essential when customers wish to commit to regular monthly savings with a fixed interest rate for a predetermined period. The form, regulated under Indian banking laws and RBI guidelines, captures crucial information including depositor details, KYC documentation, nomination details, and operating instructions. The Recurring Deposit Form serves as both a record of account opening and a contract defining the terms of the deposit relationship, including interest rates, maturity instructions, and default provisions. It's particularly relevant for individuals seeking disciplined savings options with guaranteed returns, while ensuring compliance with Indian banking regulations and consumer protection laws.
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1. Customer Information: Basic details of the depositor including name, address, contact information, and identification details as per KYC norms
2. Deposit Scheme Details: Specific details of the recurring deposit including monthly installment amount, tenure, maturity instructions, and applicable interest rate
3. Mode of Operation: Whether single, joint, either or survivor, former or survivor, etc.
4. Payment Instructions: Details of monthly installment payment method (standing instruction, direct debit, cash, etc.)
5. Nomination Details: Nomination information as per Banking Regulation Act requirements
6. Declaration: Customer's confirmation of understanding terms and conditions, and accuracy of provided information
7. Terms and Conditions: Standard terms governing the recurring deposit account including interest calculation, premature withdrawal, default provisions
1. Minor Account Details: Additional section when account is opened on behalf of a minor, including guardian details
2. Standing Instruction: When automatic debit from existing account is requested for monthly installments
3. Tax Declaration: For customers requiring tax benefits or TDS exemption
4. Additional Services: Optional services like SMS alerts, internet banking access for deposit account
5. Third Party Mandate: When depositor wants to authorize another person to operate the account
1. Schedule A - Interest Rate Chart: Detailed breakup of applicable interest rates for different tenures
2. Schedule B - Documentation Checklist: List of required KYC documents and their specifications
3. Schedule C - Fee Schedule: Applicable charges for various services and penalties for defaults
4. Appendix 1 - Nomination Form: Standard Form DA 1 for nomination as per Banking Regulation Act
5. Appendix 2 - Terms and Conditions: Detailed terms and conditions governing the recurring deposit account
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Retail Banking
Corporate Banking
Microfinance
Digital Banking
Cooperative Banking
Rural Banking
Relevant Teams
Legal
Compliance
Retail Banking
Operations
Customer Service
Risk Management
Product Development
Documentation
Branch Operations
Digital Banking
Relevant Roles
Branch Manager
Banking Operations Manager
Relationship Manager
Compliance Officer
Legal Counsel
Customer Service Representative
Account Opening Officer
KYC Officer
Risk Manager
Product Manager - Deposits
Financial Advisor
Retail Banking Officer
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