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Eligibility to Apply Recurring Deposit Account

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 also opt to keep your recurring deposit as collateral for a loan, upon which you can get up to 80 or 90 percent of the deposited amount’s value.

 

You can apply for an RD in person at any bank branch, or even apply through online banking, wherein you can submit your documents online. 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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