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Recurring Deposit

Recurring Deposits

  • Should produce CID both for opening account and for withdrawal. Should produce CID both for opening account and for withdrawal. If CID is not produced, a copy of recent passport size photo to be produced. Deposit frequency can be monthly or quarterly but there cannot be inter change of frequencies from monthly to quarterly and vice-versa without closing the present account.
  • Early settlement of account (Closing the accounts prematurely) is allowed but customers will have to sacrifice certain interest portions.
  • No interest shall be paid if early settlement is done less than 6 months of opening the accounts.
  • Bonus on maturity @ 2% of maturity value shall be paid if the deposits installments are paid regularly. Bonuses will not be paid if customers delay deposit installments by 3 times.
  • Deposit installment for any calendar month/quarter should be paid on or before the last working day of the month/quarter, failing which penalty @ 1% shall be imposed on the installment in arrears. The penalty shall be recovered from the total amount payable at the end of maturity period/ at the time of early settlement of accounts.
  • BDBLL reserves the right to convert the recurring deposit account into demand deposit account if the customers fail to pay three consecutive installments.
  • BDBLL staff should inform the customers at least 14 days before the maturity date.
  • Customers should close account within 30 days from the maturity date failing which the entire money shall be transferred into the demand deposit account of the customers.