- Call Deposit Receipt (CDR)
Call Deposit Receipt (CDR) is a non-negotiable instrument issued on behalf of customers for guaranteed payments to beneficiary such as Government/Semi-Government/Private Organization & Individuals.
It is a form of non-profitable guarantee certificate issued to Government & Semi-Government Institutions, Corporations and Semi-Autonomous Bodies as a security deposit in favor of any tender.
The beneficiary can at any time deposit and or redeems the CDR in their account for legal tender from the issuers account. Summit Bank facilitates all customers to avail this service without having an account with the bank.*
Call Deposit receipt is a commitment of payment upon presentation of CDR instrument. Features are given below:
- It’s kind of Deposit. This deposit does not generate any income or profit to the Depositors / Customers / Beneficiaries.
- Call Deposit Receipt is issued in the name of Beneficiary;
- Receipt is payable/ encashable to beneficiary on proper discharge through collection/ clearing/ internal transfer;*
- Issuance Charges is Rs 40/- plus applicable service Tax per instrument;*
- It’s a kind of Non-negotiable Instrument / Draft;
- Facility available for TGCCB account holders only;*
*Terms & Conditions Apply