Recurring Deposit (RD) is one of the popular investment plans in India which offers flexibility in investment, tenure, and many other benefits. In RD accounts the depositor must deposit money at regular intervals, this account can be either opened at banks or post offices, as it is maintained by the government organizations it offers good security for the depositor.
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Key Points
- The mode of investment is monthly.
- Only banks and post offices offer this scheme
- The tenure range varies from 6 months to 10 years
- The minimum amount of investment in the RD account starts from Rs 100
- All Indian residents can invest in RD Schemes
- NRI's can also open RD via NRE accounts only in banks but not in Post-office.
- When the individual does not have a lump sum amount for investment, then Recurring Deposit is a great option.
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Where to open recurring deposit accounts?
- Banks or Post office
- The minimum amount of investment is Rs 100 in banks and Rs 10 in the post office
- Tenure minimum 6 months or Maximum 10 years
What are the documents required for the RD account?
- PAN/Aadhaar cards
- Residential Proof
- Identity proof
