Recurring Deposit
A Recurring Deposit (RD) is a type of fixed deposit that allows you to invest a fixed amount of money every month for a predetermined period of time. This account is designed for individuals who want to build savings systematically through regular monthly contributions. Recurring deposits are a popular choice for those who want to accumulate wealth over time while earning interest on their deposits.
With a Recurring Deposit, you can set aside a fixed sum of money each month, which is then invested at a fixed interest rate for a specific tenure, typically ranging from 6 months to 10 years. At the end of the tenure, you can withdraw the total sum along with the interest earned.
Overview
Eligibility Requirements
Rates & Others
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Minimum Rs.50/- per month (in multiples of Rs.50/-).
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No ceiling on maximum amount.
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Deposit can be opened for period ranging from 1 year to 10 years.
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Standing instruction facility will enable automatic transfer of installment amount from your savings account.
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Earn Interest at Cumulative Fixed Deposit rates, compounding quarterly.
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Premature closure is allowed at any point of time with a penalty.
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Loan facility is available for Recurring deposit against the amount present in your deposit account.
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TDS applicable as per the extant IT guidelines.
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Nomination facility available.