What is Recurring Deposit?
Types of RD Account In India
Regular Recurring Deposit Account
This RD scheme is available in most of the Indian Banks and NBFCs. One can open an account if he/she has attained 18 years of age. To open an account, you have to choose a recurring amount and a tenure. Interest is calculated either on a simple or compound basis. No additional money can be deposited during the ongoing tenure; the lump sum can be withdrawn at the end of the tenure. The minimum deposit amount and the offered tenures vary from bank to bank.
RD Account For Minors
Senior Citizens Recurring Deposit Account:
Tax Saving Recurring Deposit Account:
Who Provide Service of Recurring Deposit
How to Apply for Recurring Deposit
Requirements for Recurring Deposit
Benefit of RD
- It is safe to compare to other investments
- You get flexible tenure up to 10 years
- There is no limit for the maximum deposit
- Senior citizen gets additional interest rates.
- Return on RD is assured
- RD can be easily renewed
- There is no effect on RD rates or return of market fluctuation