A Recurring Deposit (RD) is a popular investment option that offers fixed returns with low risk.
Banks and NBFCs provide this scheme, allowing investors to save a fixed amount every month. It helps in achieving financial goals effectively.
Benefits of Opening an RD Account
Fixed Returns: RD offers a stable interest rate, ensuring safe and predictable earnings.
Encourages Savings: It helps in developing a habit of regular saving, making it easier to meet short-term and long-term financial goals.
Lump Sum on Maturity: After the selected tenure, the investor receives the principal amount along with the accumulated interest.
Best for Salaried Individuals: RD is ideal for people with a fixed salary who want to systematically grow their savings.
How to Open an RD Account Online?
If you prefer opening an RD account online, follow these simple steps:
- Login to your bank’s net banking portal or mobile app.
- Select the ‘e-RD Account’ option from the dashboard.
- Enter Details: Choose the funding account, select tenure, and monthly deposit amount. Verify the interest rate and add a nominee.
- Confirm Maturity Amount and accept the terms and conditions.
- Receive Confirmation: A verification message will be sent, and the RD receipt will be emailed to you.
- Automatic Deductions: The selected amount will be debited from your account every month.
How to Open an RD Account Offline?
For those who prefer offline banking, an RD account can be opened by visiting the nearest bank branch:
- Fill out the RD application form.
- Submit necessary documents (listed below).
- Deposit the first installment and complete the formalities.
Documents Required for RD Account
Filled application form
Passport-size photograph
Identity & address proof
KYC documents (PAN card, Aadhaar card, etc.)
With these simple steps, you can start saving with a Recurring Deposit and secure your financial future!
