- How do Recurring Deposits work?
A monthly deposit of a pre-fixed amount is made in the Recurring Deposit account. On maturity, you get back the amount you deposited, along with interest calculated at the rate applicable at the time of opening your account.
- What if I want to continue with the RD but not take the holiday?
One is allowed to cancel their holiday and Thomas Cook will not levy any penalties. Once the fund towards the holiday is transferred by the bank, cancellation policies governed by Thomas Cook will be applicable.
- What happens if I want to break the RD and wish to travel in between?
A client can break the RD and travel with Thomas Cook in between unless he pays for the whole package. In this case Thomas Cook’s Holiday Savings Account policy will not be applicable and the client will be treated as an Ad Hoc opportunity.
- Can I redeem partial amount at maturity and use the remainder to travel. Eg. At maturity I get 80K, I want to redeem 30K and use 50k for travel.
Yes you can use partial amount for travel but it will be treated as an ad-hoc booking. The original agreement for Holiday Savings Account will be considered void in this instance.
- I have opened RD for 3 people but only 2 want to travel on maturity what does our process have to say about this?
In case of 2 people traveling while 3 have booked, we will honor the same and the difference will be credited to the customer as gift card.
- Can my Recurring Deposit be opened in joint names?
Yes, you can open a Recurring Deposit in a joint name.
- Can the first applicant for a Recurring Deposit be a minor?
The first applicant can be a minor with a major guardian being a signatory.
- What if a minor/infant is to become a major/minor in 11 months post opening of the RD account. Will the rates for minors / infants be applicable?
Rates will be based on the age of an individual at the time of RD maturity.
For example: If someone is 12 years old at the time of opening an RD and is to turn 13 in 11 months the rate for a major will be considered. Same is applicable for an infant who is turning 2 years old in 11 months.
- Is there a nomination facility?
Yes, there is a nomination facility on the Recurring Deposit account
- Can I withdraw prematurely from my Recurring Deposit?
Premature withdrawals are allowed, but no partial withdrawal is permitted
- What happens in case if an RD EMI bounces?
The defaulter will be penalized as per prescribed Bank norms.
- What if certain RD installments are not paid?
There is a penalty of Rs 1.50 per Rs 1000 per month which is levied on unpaid installments. If six consecutive installments are unpaid, the Bank reserves the right to close the RD account. The interest rate applicable on such closed accounts will be as per the premature withdrawal policy of the Bank.
- Is an overdraft facility allowed?
Right now there is no overdraft facility for Recurring Deposits.
- Can partial Payments be made on Recurring Deposits?
Partial payments are not possible.
- How can I prematurely liquidate my recurring deposit?
If you wish to prematurely liquidate your Recurring Deposit. We request you to submit your Recurring Deposit advice or written instructions, duly signed by all account holders, at the branch for premature liquidation of your Recurring deposit.
Alternatively, you can liquidate your Recurring Deposits through NetBanking. This facility will be available for Recurring Deposit held under "Sole Owner (SOW)" relationship only and which are booked from Singly Owned Savings or Current Accounts.
- Is there a monthly or quarterly interest pay-out option?
No. Interest is only paid when the Recurring Deposit account is closed, and on maturity.
- Can I change the tenure and installment due date, (auto debit date) of my Recurring Deposit?
No it is not possible to change the tenure and installment due date, (auto debit date). We request you to open a new Recurring Deposit with the desired due date and tenure.
- Can I choose my installment date?
The date of your monthly RD installment will depend on the date you opened your RD account.
- Can a minor apply for the Holiday Savings Account?
Yes. Minor between the ages of 7 years to 18 years can apply. However this is subject to a major guardian being a signatory for Rd account opening. Rules vary from bank to bank; Kindly refer RD opening form for details.
- Will there be fixed departure date for the tours?
Yes. There will be fixed departure dates.