Moneys invested in this type of deposit (Quarterly/Monthly Income Certificate) provide fixed monthly income by way of interest to the depositor for a specified period leaving the deposit amount intact. The Quarterly/ monthly interest will be credited to the savings or current account and monthly interest may be credited in recurring deposit account of the depositor according to the instructions.
KYC ( Know Your Customer) for opening account is applicable for these accounts also hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s
Types of Accounts
The accounts may be opened in the names of:
(i) Individual — Single Accounts
(ii) Two or more individuals — Joint Accounts
(iii) Sole Proprietory Concerns
(iv) Partnership Firms
(v) Illiterate Persons
(vi) Blind Persons
(vii) Minors
(viii) Limited Companies
(ix) Associations, Clubs, Societies, etc.
(x) Trusts
(xi) Joint Hindu Families (accounts of non-trading nature only)
(xii) Municipalities
(xiii) Government and Quasi-Government Bodies
(xiv) Panchayats
(xv) Religious Institutions
(xvi) Educational Institutions (including Universities)
(xvii) Charitable Institutions
Amount to be Invested
Minimum amount that may be accepted for the scheme shall be Rs.10,000/-in Metro and Urban Branches and Rs.5000/- at Rural and Semi urban Branches for senior citizens the minimum amount  will be Rs 5000/-
Minimum Amount criteria will not be applicable to
Subsidy kept under GOVT Sponsored Schemes, Margin Money, earnest money and court attached/ordered deposits

Payment of Interest ( Monthly/Quaterly ) Subject to applicable TDS
Depositor may receive interest every month at monthly discounted value.

A depositor may receive interest every quarter at actuals in which case the deposits will, for all practical purposes, be treated as deposits under the Bank's Fixed Deposit Scheme with an endorsement to the effect that the interest will be paid every quarter.

Maximum period for acceptance of deposit would be ten years.