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Documentation Required to Apply Recurring Deposits RD

Documentation Required to Apply Recurring Deposits RD

A recurring deposit or an RD is one of the safest investment options, especially for risk-averse individuals. In a nutshell, the benefits of an RD are simple. You receive interest upon an investment amount, which is based on a specific frequency up until the point of maturity. Toward the end of the RD tenure, the amount you receive on maturity includes the principal amount along with interest earned.

A key benefit of a recurring deposit is that while it inculcates and encourages the habit of regular saving, it also allows you to earn money on your savings. A few important features to remember while investing in a recurring deposit include:

  1. The minimum deposit amount varies from bank to bank. That amount can even be as low as INR 10 or as high as INR 15 lacs;

  2. The tenure of investment can range from 6 months to 10 years;

  3. You can also use the deposit amount as collateral for an applied loan;

  4. With standing instructions, you can automate your deposit amount to be deducted directly from your savings or current account every month;

  5. Banks do not allow for the deposited amount to be withdrawn before the tenure ends. However, some banks may make an exception on certain terms and conditions.

 

Another important aspect to consider is appropriate documentation. For a recurring deposit, or for any banking formality for that matter, having all your documents in order helps. For an RD, a few documents you will need include:

  • Address proof;

  • Identity proof;

  • PAN card;

  • Bank statements;

  • Salary slips;

  • Recent photographs;           

  • Other income documents, if required.

 

Once approved, you are on track to saving more regularly, and more importantly, making your savings work for you!

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