An account to help people with regular incomes to deposit a fixed amount every month.
Who can Open the Account?
Individuals singly or jointly, and HUF.
The Minimum balance of Deposit is Rs 100 per month and thereafter in the multiples of Rs 100
PERIOD OF DEPOSIT- 6 months to 120 months in the multiple of 1 month.
Ø Deposit can be maintained for a minimum tenure of 6 months and in the multiples of 1 months subject to a maximum of 10 years.
Ø Interest on Deposits is calculated at quarterly intervals at the applicable rates as communicated to the Depositors at the time of Account opening.