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) and the total amount is repaid with interest at the end of the particular period.

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    The below are the rates are applicable with effective from 01/08/2021

    PeriodFor 1 YearFor 2 Years
    Recurring Deposit Scheme7.5%8.00%

    Features of SMSO Recurring Deposits

    • Minimum amount that can be deposited is Rs. 100/- at regular intervals.
    • Interest calculated on Cumulative basis.
    • Providing the loan facility. The loan can be availed upto 80% of the amount standing in the credit of the account holder.
    • Interest for loan is +1% of the Deposit Interest.
    • For monthly subscription of Rs. 100/-
    • The maturity amount for 1 year : 1200 + 46 = Rs.1246 /-
    • 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.

    Opening Form – Click to Download

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