SMSO Recurring Deposits

Recurring deposit account can be opened by those who want to save regularly for a certain period of time and earn a higher interest rate.

In Recurring Deposit Account Minimum amount Rs. 100/- and multiplies of Rs. 100 /- is accepted every month for a specified period (1 year to 2 years) and the total amount is repaid with interest at the end of the particular period.

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Features of SMSO Recurring Deposits
  • Minimum amount that can be deposited is Rs. 100/- at regular intervals.
  • The period of deposit is minimum 1 year and maximum 2 years.
  • Existing Rate of Interest is 7.00% for one year and 7.50% for 2 years.
  • Interest calculated on Cumulative basis.
  • Providing the loan facility. The loan can be availed upto 75% of the amount standing in the credit of the account holder.
  • Interest for loan is +2% of the Deposit Interest.
  • For monthly subscription of Rs. 100/-
    • The maturity amount for 1 year : 1200 + 46 = Rs.1246 /-
    • The maturity amount for 2 years : 2400 + 184 = Rs.2584 /-
  • Pre-closure allowed at any point of time, Interest for the subscribed amount will be given.
Documents required for Recurring Deposits
  • Proof of Identity – Voter ID, Aadhar Card, PAN Card (Any one).
  • Proof of Address – Voter ID, Aadhar Card, Ration Card, Telephone bill, property tax bill, lease deed (Any one).
  • Two Passport size photographs.
  • Rupees One hundred for Membership Enrolment.
  • Rupees One hundred for opening Savings Deposit Account.
  • Deposit account can be opened in the name of minors and should be operated by a Guardian who should be member of SMSO.
Documents required for Recurring Deposits
  • Proof of Identity – Voter ID, Aadhar Card, PAN Card (Any one).
  • Proof of Address – Voter ID, Aadhar Card, Ration Card, Telephone bill, property tax bill, lease deed (Any one).
  • Two Passport size photographs.
  • Rupees One hundred for Membership Enrolment.
  • Rupees One hundred for opening Savings Deposit Account.
  • Deposit account can be opened in the name of minors and should be operated by a Guardian who should be member of SMSO.
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