Recurring deposit is a special kind of term deposit offered by banks which help people with regular incomes to deposit a fixed amount every month into their recurring deposit account and earn interest at the rate applicable to fixed deposits.
The recurring deposit can be funded by standing instructions which are the instructions by the customer to the bank to withdraw a certain sum of money from his savings/current account and credit to the recurring deposit account.
Features
- An Investment as small as Rs.100 (and in multiples of Rs.100 thereafter) or as large as per your wish.
- A minimum tenure of 12 months (and in multiples of 3 months thereafter) up to a maximum tenure of 5 years.
- For a much smaller investment per month, get interest rates equal to that of regular Fixed Deposits.
