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Eligibility to Apply Recurring Deposit Account

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Eligibility to Apply Recurring Deposit Account

An RD or a recurring deposit offers a unique approach to making money on your savings regularly. A recurring deposit ensures you a low-risk investment, without having to worry about your funds being safe. All you need to do is invest a certain amount on a monthly basis till the pre-determined term ends. Upon maturity of the term, you will receive your invested amount, along with interest earned on it.

The primary features of an RD account include the following:

  • An RD inculcates better saving habits, as money is often deducted automatically at the due date;

  • The minimum amount required to be deposited can be decided by you, based on your financial standing at the time;

  • The maximum tenure for a recurring deposit is ten years, whereas the minimum is capped at six months;

  • The rate of interest varies from bank to bank, which allows for you to make an informed decision, with respect to the highest interest rate offered;


You can apply for an RD in person at any bank branch, or even apply through online banking, yes mobile, yes whatsapp & yes robot. As for eligibility regarding an RD, it can be opened by:

  • Resident Indians;            

  • Non-Resident Indians (NRIs);    

  • Hindu Undivided Families;

  • Minors (subject to the permission of the guardian/parents);

  • Sole proprietorships, partnerships, corporations, trusts, societies, clubs, etc. ;

All you need to do is ensure all your documentation is in order. Following which once the formalities are out of the way, you’re on a one-track path to save more, and in the process, make money on your savings!

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