KYC ( Know Your Customer) Norms for opening account are applicable for these accounts also hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s. Longer the period for which monthly deposits are agreed to be made higher is the rate of interest subject to rules.
The deposits in this type of account earn compound interest on quarterly basis. Recurring Deposit is a special type of deposit account which enables a depositor particularly in fixed income group to save by paying into the account an agreed fixed sum of money monthly over a stipulated period.
