Tell me I want to know more about the scheme:

1.The monthly installment shall be in multiples of Rs.5/-

2.The period for which the deposit can run will be 12, 15, 18, 21 months and so on and up to 120 months in multiples of 3 months. Maturity date will be calculated from the date of initial deposit.

3. Interest at compounding rate shall be payable and the rate of interest Payable on the deposit is subject to the directives that may be issued by Reserve Bank of India from time to time. 

4 If a deposit is closed (either for default or at the depositor's desire) before the expiry of the agreed period interest payable by the bank shall be calculated as per the directives issued by Reserve Bank of India from time to time.

5. Penalty at 6 paisa for everyRs.5/­-per months for deposits of five years and  less and 10 paisa for every Rs.6/- per month for deposits of every 6 year shall be payable by the depositor on the arrears in case of default in the payment of the monthly installment fraction of month being treated as a full month for the purpose of calculating such penalty.

6. Loans may be advanced to depo­sitors at the quantum and at a rate of ,interest as per Reserve Bank of India dire­ctives issued from time to time, interest on such loans being payable quarterly.

7. Nomination facility is available .to the accounts standing in a single name or  jointly as the case may be.

8. The maturity value of a recurring deposit shall be paid only after 30 days' one month after the last installment has been paid or on the expiry of the period for which the  deposit was accepted whichever is later, irrespective of Whe­ther the last installment is paid with penalty for default in subsequent month(s).

9. The bank reserves the right to alter to add, or to modify any of these rules at any time without notice

10.NO TDS for Monthly Savings Account

I have opened Monthly Savings have you?