Recurring Deposit

Terms and Conditions:

1. Interest on Premature Withdrawals:
   • Before Maturity: If withdrawals are made before the maturity date, the interest payable on the amount withdrawn from a recurring deposit account will be equivalent to the interest rate of a savings account.
2. Recurring Deposits Maturing After 12 Months:
   • Withdrawals Before 12 Months: If withdrawals are made before 12 months, no interest will be payable on the amount withdrawn.
   • Withdrawals After 12 Months but Before Maturity: If withdrawals are made after 12 months but before the maturity date, the interest payable on the amount withdrawn will be equivalent to the interest rate of a savings account.
3. Premature Withdrawal Charges: A stationary charge of Rs. 100 will be deducted from the member's account for any premature withdrawal.
4. Deposit Amounts:
   • Monthly Deposits: Start with a minimum amount of Rs. 100.
   • Quarterly and Half-Yearly Deposits: The minimum deposit amount is Rs. 1,000.
   • Multiples: Deposits can be increased in multiples of Rs. 100.
5. Loan Against Recurring Deposits: Members can avail a maximum of 70% loan against their recurring deposit investment. Loan applications can be made as follows:
   • Monthly Deposits: Available after six installments.
   • Quarterly Deposits: Available after four installments.
   • Half-Yearly Deposits: Available after two installments.
6. Interest Payment: Interest on recurring deposits will be paid quarterly.
7. Renewal of Deposits: Recurring deposits will be automatically renewed at maturity unless specified otherwise by the member. Renewal will be at the prevailing interest rates.
8. Tax Implications: Interest earned on recurring deposits may be subject to tax as per applicable laws. Members should consult a tax advisor for details.
9. Nomination Facility: Members may appoint a nominee for their recurring deposit accounts to ensure a smooth transfer in the event of the account holder's death.
10. Early Closure: Early closure of recurring deposits may attract penalties as per the society's policy, in addition to the interest adjustments mentioned.
11. Contact Information: For queries related to recurring deposits, members may contact our customer service department at +91 9640942443, +91 8142851404, or jayalakshmicooperativebankltd@gmail.com.
12. Changes in Terms: The terms and conditions related to recurring deposits are subject to change at the discretion of JAYALAKSHMI MUTUALLY AIDED COOPERATIVE THRIFT AND CREDIT SOCIETY LTD. Members will be notified of any changes in writing.
13. Governing Law: The terms and conditions of the recurring deposit account are governed by the laws of India. Any disputes arising from these terms will be subject to the jurisdiction of the courts in Visakhapatnam.