{"id":119340,"date":"2023-10-21T14:25:17","date_gmt":"2023-10-21T08:55:17","guid":{"rendered":"https:\/\/legalwindow.in\/?p=119340"},"modified":"2023-10-31T17:18:25","modified_gmt":"2023-10-31T11:48:25","slug":"what-is-a-recurring-deposit","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/what-is-a-recurring-deposit\/","title":{"rendered":"What is RD? &#8211; Know About the Features and Benefits"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-119367 size-full\" title=\"What is RD? - Know About the Features and Benefits\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/What-is-RD-Know-About-the-Features-and-Benefits-1.png\" alt=\"What is RD? - Know About the Features and Benefits\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/What-is-RD-Know-About-the-Features-and-Benefits-1.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/What-is-RD-Know-About-the-Features-and-Benefits-1-600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/What-is-RD-Know-About-the-Features-and-Benefits-1-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/What-is-RD-Know-About-the-Features-and-Benefits-1-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/What-is-RD-Know-About-the-Features-and-Benefits-1-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">A recurring deposit is a type of term deposit that is very popular among investors as a reliable savings or low-risk investment plan. This system offered by banks and financial institutions allows depositors to invest a fixed amount of money on time. In this article, we will discuss- What is recurring deposit.<\/span><\/p>\n<p><b>Table of Contents\u00a0<\/b><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<ul>\n<li><a href=\"#what\"><span style=\"font-weight: 400;\">W<\/span><span style=\"font-weight: 400;\">hat<\/span><span style=\"font-weight: 400;\"> is a Recurring Deposit?<\/span><\/a><\/li>\n<li><a href=\"#benefits\"><span style=\"font-weight: 400;\">Benefits of Recurring Deposits<\/span><\/a><\/li>\n<li><a href=\"#advantages\"><span style=\"font-weight: 400;\">Advantages and Disadvantages of Recurring Deposit Account<\/span><\/a><\/li>\n<li><a href=\"#eligibility\"><span style=\"font-weight: 400;\">Eligibility Criteria for Opening an RD Account<\/span><\/a><\/li>\n<li><a href=\"#types\"><span style=\"font-weight: 400;\">Types of Recurring Deposit Accounts<\/span><\/a><\/li>\n<li><a href=\"#how\"><span style=\"font-weight: 400;\">How to Open a Recurring Deposit Account Online?<\/span><\/a><\/li>\n<li><a href=\"#apply\"><span style=\"font-weight: 400;\">How to Apply for a Recurring Deposit Account Offline?<\/span><\/a><\/li>\n<li><a href=\"#wrapping\"><span style=\"font-weight: 400;\">Wrapping Up<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"what\"><b>What is a Recurring Deposit?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Recurring Deposits, or RDs for short, are a special kind of term deposit that Indian banks provide. It&#8217;s an investment platform that lets users make consistent deposits and get respectable returns. Because of the interest component and regular deposit requirement, it frequently offers users and individuals freedom and simplicity of investing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A recurring deposit is essentially a kind of term deposit where the client invests a specific amount of money for a predetermined amount of time at regular intervals rather than locking in a big sum all at once, as with a fixed deposit (FD). The whole sum is invested in the Recurring Deposit at the end of this period, and the consumer receives interest. The reason regular deposits are named that is clients make monthly, recurrent investments. A Recurring Deposit can be opened with any Indian central bank.<\/span><\/p>\n<h2 id=\"benefits\"><b>Benefits of Recurring Deposits<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The <\/span>benefits of recurring deposits<span style=\"font-weight: 400;\"> in India are-<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Low Minimum Deposit<\/b><span style=\"font-weight: 400;\">: Most banks in India offer RD with low minimum deposit requirements for better accessibility.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Credit facility<\/b><span style=\"font-weight: 400;\">: RD can also be used as collateral to avail loans from the bank. This feature provides liquidity to investors in times of financial distress.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Systematic savings<\/b><span style=\"font-weight: 400;\">: RDs encourage disciplined savings by allowing individuals to deposit a fixed amount regularly. This helps inculcate the habit of saving and ensures a consistent flow of funds towards investment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Flexibility<\/b><span style=\"font-weight: 400;\">: RDs offer flexibility in terms of deposit amount and duration.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Guaranteed Returns<\/b><span style=\"font-weight: 400;\">: RDs provide guaranteed returns as the interest rate is fixed at the time the account is opened. This offers investors stability and predictability.<\/span><\/li>\n<\/ul>\n<h2 id=\"advantages\"><b>Advantages and Disadvantages of Recurring Deposit Account<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Some <\/span>advantages and disadvantages of RD account <span style=\"font-weight: 400;\">can be seen below-<\/span><\/p>\n<p><b>Advantages<\/b><span style=\"font-weight: 400;\">&#8211;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">RD accounts are fixed return instruments. This means you get a fixed and guaranteed return on your investment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Opening a recurring deposit is easy. You can easily open it online using your bank account.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">RD account helps you cultivate a disciplined investment habit. Since you have to invest regularly, the amount will be automatically deducted from your account.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">One of the biggest advantages of recurring deposits is that you can close the account early.<\/span><\/li>\n<\/ul>\n<p><b>Disadvantages-<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Restricted flexibility: Partial withdrawals are not possible with recurring deposits, so you cannot take out portion of your investment and leave the rest to accrue interest.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Penalty Fees: You may be obliged to pay a penalty fee that will drastically lower your earnings if you fail to make the required payment or deposit the required amount into your RD account.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reduced returns: Along with <\/span>RD account interest rate<span style=\"font-weight: 400;\">, there are other investment options with variable returns that could outperform RD yields.<\/span><\/li>\n<\/ul>\n<h2 id=\"eligibility\"><b>Eligibility Criteria for Opening an RD Account<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The eligibility to open an RD account is-<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Indian resident<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Seniors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Minors under the supervision of parents\/guardians<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Non-Resident Indians<\/span><\/li>\n<\/ul>\n<h2 id=\"types\"><b>Types of Recurring Deposit Accounts<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The four different types of recurring deposit accounts are:<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Regular deposit Account<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The regular RD account is intended for Indian residents who are above 18 years of age and have a fixed amount to invest. Regular Recurring Deposit allows account holders to deposit a fixed amount once a month for a fixed period to earn fixed interest on the deposited amount on maturity.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>RD account for Minors<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">RD Current Account is for Indian residents above 18 years of age and with a consistent amount to invest. Regular RD account allows account holders to deposit a fixed amount once a month for a fixed maturity period to earn fixed interest on the deposited amount at maturity.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>RD account for Senior Citizens<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Banks offer special RD accounts for people over 60 years of age. Seniors can earn higher interest on their RD accounts than ordinary depositors according to the bank&#8217;s terms and conditions.\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>NRE\/NRO RD Account<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Non-Resident Indians (NRIs) can open NRE i.e. Non-Resident External account and NRO i.e. <\/span><span style=\"font-weight: 400;\">Non-Resident Ordinary account<\/span><span style=\"font-weight: 400;\">. NRIs can then invest in RD using an NRE or NRO deposit account. The most significant advantage of NRIs for depositing money in an RD account is that the account does not have to pay any taxes in India.<\/span><\/p>\n<p><b>Also read<\/b><span style=\"font-weight: 400;\">&#8211; <\/span><a href=\"https:\/\/legalwindow.in\/difference-between-nre-nro-account\/\"><span style=\"font-weight: 400;\">NRE vs NRO: Which one should you choose?<\/span><\/a><\/p>\n<h2 id=\"how\"><b>How to Open a Recurring Deposit Account Online?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Below are the steps a user needs to follow to open a RD account account online:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Log in to the bank&#8217;s mobile application.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Find the option to open a RD account , for example under &#8220;investments&#8221; or &#8220;savings&#8221;.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enter the desired deposit amount and select the desired duration and type of RD account <\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enter the date when the monthly deposit will be made.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Click &#8220;Continue&#8221; or &#8220;Submit&#8221; to complete the process.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Currently, Paytm Payments Bank Limited (PPBL) does not offer the facility to open a RD account online.<\/span><\/li>\n<\/ul>\n<h2 id=\"apply\"><b>How to Apply for a Recurring Deposit Account Offline?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The following are the choices for initiating an offline r.d:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Go to the bank in your area.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Speak with a bank officer, fill out the RD account Application Form, and include information about the type of Recurring Deposit Account you want to start, its duration, and the <\/span>RD maximum amount<span style=\"font-weight: 400;\"> you want to deposit each month, and any nominations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Forward the application together with the deposit payment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You can request a recurring deposit account from a bank clerk.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It is not currently possible to open a recurring deposit account in person at a bank branch with Paytm Payments Bank Limited (PPBL).<\/span><\/li>\n<\/ul>\n<h2><a href=\"https:\/\/legalwindow.in\/rbi-compliance\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-110305\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Get-your-RBI-Compliances-starting-from-15000-1-1.png\" alt=\"Get your RBI Compliances\" width=\"1000\" height=\"200\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-RBI-Compliances-starting-from-15000-1-1.png 1000w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-RBI-Compliances-starting-from-15000-1-1-600x120.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-RBI-Compliances-starting-from-15000-1-1-300x60.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-RBI-Compliances-starting-from-15000-1-1-768x154.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/h2>\n<h2 id=\"wrapping\"><b>Wrapping Up<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">RD account are perfect for learner investors since they foster the development of a steady investing habit. RD can also be used to lay aside money for short-lived objectives like weekend getaways or <a href=\"https:\/\/www.rbi.org.in\/commonperson\/English\/Scripts\/Notification.aspx?Id=847\" target=\"_blank\" rel=\"noopener\">insurance premiums<\/a>. Despite the low returns, RD is cultivating a practice of thrift.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you want hassle-free higher <\/span>RD account interest rate<span style=\"font-weight: 400;\"> income over a predetermined length of time, a recurring deposit is the perfect answer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In case of any query regarding life insurance tax benefits, a team of expert advisors from <\/span><a href=\"https:\/\/legalwindow.in\/\"><span style=\"font-weight: 400;\">Legal Window<\/span><\/a><span style=\"font-weight: 400;\"> is here to assist you at every step. Feel free to reach us at <\/span><a href=\"mailto:admin@legalwindow.in\"><span style=\"font-weight: 400;\">admin@legalwindow.in<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; A recurring deposit is a type of term deposit that is very popular among investors as a reliable savings or low-risk investment plan. This system offered by&hellip;<\/p>\n","protected":false},"author":3,"featured_media":119368,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-119340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-company"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is a Recurring Deposit&#187; Legal Window<\/title>\n<meta name=\"description\" content=\"A Recurring-Deposit is a type of term deposit that is very popular among investors as a reliable savings or low-risk investment plan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalwindow.in\/blog\/what-is-a-recurring-deposit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a Recurring Deposit&#187; Legal Window\" \/>\n<meta property=\"og:description\" content=\"A Recurring-Deposit is a type of term deposit that is very popular among investors as a reliable savings or low-risk investment plan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legalwindow.in\/blog\/what-is-a-recurring-deposit\/\" \/>\n<meta property=\"og:site_name\" content=\"Legal Window\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/legalwindow.in\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-21T08:55:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-31T11:48:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/What-is-RD-Know-About-the-Features-and-Benefits-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Team LegalWindow\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Team LegalWindow\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/what-is-a-recurring-deposit\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/what-is-a-recurring-deposit\\\/\"},\"author\":{\"name\":\"Team LegalWindow\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#\\\/schema\\\/person\\\/0410024aeb1f0e4fd1a3652f90defabf\"},\"headline\":\"What is RD? 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