Account can be opened by an individual, HUF, Co-operative society with a minimum amount of Rs.100/- Per Month no maximum limit. Account can be opened for 1 year to 7 years.Interest will be paid to the depositor @ 7% for 1 years , 7.25% for 2years & 7.50% for 3 years & above upto 7 Years. For Senior Citizens rate of interest will be 0.50% more than the Normal ROI.
Requirement for opening Recurring account:-
Completion of Know Your Customer formalities
(i)ID Proof: Any one required:
Passport, PAN card, Election Card, Driving Licence, Aadhar card etc. Where the photo has been affixed and self attested by the applicant.
(ii)Address proof:- Any one required
Ration Card, Electricity Bill, Telephone Bill, Credit card statement, Salary Slip with address, Bank account statement with address, address authenticated by the employer etc. where address has been given.
In case of HUF constitution of HUF
4. TDS at prevalent rate is deducted at source if Form 15G/15H not submitted. If PAN No. Is not provided then TDS will be deducted @20% wef June 2015.