Recurring Deposits definition

Recurring Deposits means a form of deposit, which stipulates remittance of regular installments for a pre-fixed period at pre-fixed intervals by the customer. It forms part of term deposits.
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Recurring Deposits means a form of deposit, which stipulates remittance of regular installments for a pre-fixed period at pre-fixed intervals by the customer. It forms part of term deposits. Period of recurring deposit can vary from 6 months to maximum period of 10 years. A recurring deposit will be due for payment on maturity date or one month after the date of payment of last scheduled installment, whichever is later.
Sample 1Sample 2
Recurring Deposits means a form of deposit, which stipulates remittance of regular installments for a pre-fixed period at pre-fixed intervals by the customer. It forms part of term deposits. Period of recurring deposit can vary from 12 months to maximum period of 10 years,
Sample 1

Examples of Recurring Deposits in a sentence

  • Interest on deposits placed under Monthly Income Plan, Non-Cumulative Option and Annual Income Plan shall be paid on fixed dates as given below:Monthly Income Plan (MIP)Last day of each monthNon-cumulative– Quarterly optionJune 30, September 30, December 31 and March 31Non-cumulative – Half-yearly optionSeptember 30 and March 31Annual Income PlanMarch 31Cumulative Interest Option & Recurring Deposits Plan: Interest will be compounded annually and accrued every year after deducting tax, wherever applicable.

  • The interest on Recurring Deposits will be calculated by the Bank in accordance with the policy of the Bank and as per Law or Regulation.

  • However, at a Customer level, the total Insurance cover cannot exceed 10 Lakhs.• The Insurance Cover will be available only for Fixed Deposits / Recurring Deposits that are booked for a tenor between 2years 1 day and 3 years and by resident individual/s.• The Insurance cover will be available for New FDs / RDs or for renewals being done during the period 3rd July 2020 and 31st March 2021.

  • It is important to note that the Finance Act 2015 has expanded the definition of Term deposits to include Recurring Deposits as well and modified the interest exemption limit of Rs. 10,000/- per Branch to read as Rs.10,000/- per “Bank” wef 01/06/15.

  • Grace Period of 5 days to pay instalments will be available to Customers, after 3 non payments, Recurring Deposits will be closed and proceeds credited to Saving Account.

  • Interest on deposits placed under MonthlyIncome Plan, Non-Cumulative Option and Annual Income Plan shall be paid on fixed dates as given below:Monthly Income Plan (MIP)Last day of each monthNon-cumulative– Quarterly optionJune 30, September 30, December 31 and March 31Non-cumulative – Half-yearly optionSeptember 30 and March 31Annual Income PlanMarch 31Cumulative Interest Option & Recurring Deposits Plan: Interest will be compounded annually and accrued every year after deducting tax, wherever applicable.

  • Deposits received from public in the form of Fixed Deposits, Recurring Deposits etc.

  • Another reason for banks paying higher interest on fixed deposits is that the administrative cost in the maintenance of these accounts is very small as compared to savings bank accounts where several transactions take place in cash, transfer or clearing, thus increasing the administrative cost.(ii) Recurring deposits or Cumulative Deposits:In Recurring Deposits accounts, a certain amount of savings are required to be compulsorily deposited at specified intervals for a specific period.

  • Unit – IVPopular Investment Media – Bank deposits –Saving deposits, Fixed deposits, Recurring Deposits, Instruments of post office ,Savings certificates, Public Provident Fund , Company deposits – Life Insurance Schemes – Endowment policy, Whole Life Policy, Term Life Policy, Money Back Policy, Joint Life Policy, Children’s Insurance Policy, Group Policy, Unit Linked Insurance Plans – Income tax benefits with respect to payment of premiums.

  • I agree to the lock-in period of one month on Recurring Deposits (Domestic) and in case of premature closure within a month, no interest shall be paid out tome.

Related to Recurring Deposits

  • Time Deposits means time deposits, certificates of deposit or similar arrangements with any bank or trust company, including the Trustee or an affiliate thereof, which is a member of the Federal Deposit Insurance Corporation.

  • Available Amounts means, with respect to any Distribution Date, the sum of Available Interest and Available Principal for such Distribution Date.

  • Share Premium Account means the share premium account established in accordance with these Articles and the Companies Act.

  • Client Accounts means accounts of Clients (i) that are Controlled by an Access Person and (ii) in which no Access Person has a substantial proportionate economic interest; provided that, the Client pays a management, advisory or any other similar arms-length fee to the Access Person and the beneficiary of the Client Account is not an Immediate Family member of an Access Person.

  • Client Account means the unique personalized account of the Client consisting of all Completed Transactions, Open Positions and Orders on the Platform, the Balance of the Client money and deposit/withdrawal transactions of the Client money. It is understood that the Company may use the term Trading Account or Account on its Website or communications, which shall mean your Client Account.

  • Delinquent Account means an account with charges for electric services that remain unpaid at least 5 days after the due date.

  • Billing Account is the checking account from which all Service fees will be automatically debited.

  • Current Account means a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount and will also include other deposit accounts which are neither Savings Deposit nor Term Deposit.

  • Reserve Account Deposit Cash or Eligible Investments having a value of at least $2,802,496.17.

  • Initial Reserve Account Deposit means $3,000,000.

  • Disbursement Accounts has the meaning ascribed to it in Annex C.

  • Operating Accounts shall have the meaning ascribed to it in Section 4.03.A.

  • Interim Accounts means the unaudited consolidated quarterly financial statements of the Issuer for the quarterly period ending on each 31 March, 30 June, 30 September and 31 December in each year, prepared in accordance with GAAP.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Management Accounts means unaudited accounts which shall incorporate a profit and loss statement, cash flow statement and balance sheet.

  • Funding Accounts has the meaning assigned to such term in Section 4.01(h).

  • Reserve Accounts means the Tax Account, the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Leasing Reserve Account, the Excess Cash Flow Account, the Operating Expense Account, the Ground Rent Account and any other escrow account established by this Agreement or the other Loan Documents (but specifically excluding the Cash Management Account, the Restricted Account and the Debt Service Account).

  • Initial Reserve Account Deposit Amount means an amount equal to $12,240,151.27.

  • Running Account Bill means a bill for the payment of "On Account" money to the Contractor during the progress of work on the basis of work done and the supply of non-perishable materials to be incorporated in the work.

  • Collection Accounts As defined in Section 3.10(a).

  • Reserve Account Required Amount means, with respect to any Payment Date, an amount equal to 0.25% of the Adjusted Pool Balance as of the Cutoff Date; provided, however, that in no event shall the Reserve Account Required Amount on any Payment Date be more than the aggregate Outstanding Amount of the Notes on such Payment Date (after giving effect to the allocation of principal payments on such Payment Date).

  • Interest Account means the Account within the Debt Service Fund so designated and established by Article V hereof.

  • Revenue Account means the Revenue Account established pursuant to the Resolution. “Revenues” means the Pledged Receipts and Recoveries of Principal.

  • Targeted Accumulation Reserve Subaccount Deposit means, with respect to any Distribution Date during the Accumulation Reserve Funding Period, an amount equal to (i) [0.5]% of the Outstanding Dollar Principal Amount of the Class A( - ) Notes as of the close of business on the last day of the related Due Period or (ii) any other amount designated by the Calculation Agent on behalf of the Issuer.]

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.