Hi friends welcome to our website, here you can find all the information regarding Recurring deposit and all the feature and benefits of Recurring Deposit.
Table of contents:
- Definition of Recurring Deposit?
- Where you can invest in Recurring deposit?
- How many Types of Recurring Deposit schemes available?
- Documents required for open a Recurring Deposit?
- Features and benefits Of Recurring Deposit?
- Conclusion
Definition of Recurring deposit ?
Recurring deposit is a investment plan offered by different Banks and NBFC. It is a best option for investing your money continuously repeatedly monthly basis of frequency for a best tenure of time. It will save your money slowly and gradually repeatedly increase your investment continuously. Also You can get Higher rate of interest like Fixed Deposit.
Where you can invest in Recurring deposit?
More than two places where you can invest on Recurring deposit, mainly Bank's and NBFC, Now a days many other online applications provide you options for Recurring deposit, but always you should do a background check before opening any Recurring Deposit in any places.
Main place and secure way to open a Recurring Deposit account is Bank's. Where you can get intrest rate from (minimum 2.5% to maximum 8.50% ) it's depends on how many years ( tenure ) you are investing.
Second place Is any NBFC (Non banking finance Company) it is also a safe place for open a Recurring Deposit account. here is the pro method for you. Here you can get highest intrest rate on your Recurring Deposit ( minimum 4.00% to Maximum 9.50% ) it's depends on how many years ( tenure ) you are investing.
Many people have a confusion there is a risk factors for investing in any NBFC but it's a very big myth. NBFC is equal secure place like Banks to invest in RD.
All the Recurring Deposit schemes are regulated by Reserve Bank of India ( RBI ).
How many Types of Recurring Deposit schemes available?
Friends mainly there are 5 types of Recurring Deposit schemes available for deposit which are offering different benifits and flexibility tenure option where you can invest a small amount of money monthly basis for a fixed time period and get return a big amounts of money at the time of maturity.
Here is these list of different schemes of Recurring Deposit lists.
- Regular Recurring Deposit.
This is the common and mostly used Recurring Deposit scheme for most of the investors, most Indian bank's and NBFC provides fantastic Intrest rate and easy process for investing and easy withdrawal option and auto refund on maturity option for all the investors. Which attracts investors to invest money easily in regular Recurring Deposit schemes.
Your age should be minimum 18 yrs old and less than 60 yrs old. For invest in Regular Recurring Deposit schemes.
- Senior Citizens Recurring deposit.
Senior Citizens fixed deposit is more beneficial than normal recurring deposit, here all the banks and NBFC providing more intrest rate than others. Also easy process for investing and easy withdrawal option and auto refund on maturity option for all the senior citizen investors. Which attracts senior Citizens investors to invest money easily in senior Citizens Recurring Deposit schemes.
Investors age should be more than 60 yrs old. For invest in senior Citizens recurring Deposit schemes.
Typically, you should anticipate getting an extra 0.50% to 0.75% in interest over ordinary rates through these RD types.
- Recurring deposit for Minors
You can invest money through recurring deposit for any child of your family. This is so easy way to invest your money for your child future.
parents can also leverage these types of recurring deposits to invest in their children’s future, particularly in terms of education. Furthermore, you’ll be pleased to learn that the interest on these RD accounts may be just as excellent, if not better, than those on other accounts.
- NRE recurring deposit
Non Resident Indian ( NRI ) can invest in non Resident external NRE recurring deposit scheme. You can earn more intrest rate and save money monthly on income made both within and outside India.
It’s an excellent method to put your money to work for you even if you are not in the country. There is no issue for currency exchange and transfer charges whenever you need to do a financial transaction in India. Also easily you can get back your money with no issues.
- Tax Saving Recurring deposit
Tax Saving Recurring deposit is best scheme for investing money and get more return with save tax, in all the recurring. Where you can get rebate on tax on your savings and get flexible intrest on fixed deposit.
Documents required for open a Recurring Deposit?
You can invest in a Recurring Deposit with a very minimum documentation, recent times you can invest through online also from any Bank or NBFC company website.
For Offline process you should visit any Bank or NBFC company branch and there you can invest on Recurring deposit. Documents required.
KYC Documents for both online and offline process:
- Adhaar card
- Pan Card
- Bank Passbook/ Cancelled Cheque
- Passport Size Photo
Other Information for both online and offline process:
- Your Mobile number
- Your Email address
- Your Nominee details
Recurring deposit application form ( Bank/ NBFC will provide you) for offline only.
Any other document may be required it will vary for all.
You can make payment any prefered method they have available for receiving payment.
Features and benefits Of Recurring Deposit?
Some best features of Fixed Deposit i have shared here. It will help for to understand more about fixed deposit and its features.
- Flexible Tenure:
In Recurring Deposit Plan you have a free option for choose tenure, from 1 year ( 12 nos of tenure ) to 10 years ( 120 nos of tenure ) which will help you to invest for a long period of time and able to get high return.
- High intrest rate:
You can get highest return on investment from any other investments plans in market. More tenure you invest you will get more return. Recurring deposit is most safe investment plan, you will get fixed interest rate for all time, company performance and current situation will not affect in your interest, you will get intrest rate which you selected time of Recurring deposit. Bank and NBFC both providing you good internet on Recurring deposit, but NBFC provides more Intrest than banks.
- Tax Benefit:
If you are investing in Recurring deposit plan any short term and long term Recurring deposit both cases you can claim tax Benefit by citing it as an investment. If you don't want to deduct tax, if your income not coming under income tax return slab, you can submit 15G form if your age under 60 , If you are investing for senior citizens, you should submit 15H from for Stop deduction of tax.
- Guaranteed return on fixed deposit:
Recurring Deposit offers fixed return and guaranteed return. So there is zero risk for get back your investment. Recurring deposit will not depend on any market conditions its intrest amount will not increase or decrease. These are fixed. So if you want a stable return, invest on Recurring deposit.
- Flexible Tenure selection option:
In Recurring Deposit schemes you have a very easy options to choose a very minimum time period to a maximum time period tenure for your Recurring deposit. More tenure of time you will invest your interest amount will be increased so on. Also who want to invest for a short time period, also there are options available for him. So choose best tenure option in time of your Recurring deposit.
- Higher Interest in Recurring Deposit for senior citizens:
Senior citizens will find more Intrest rate than others it will be best option for senior citizens to invest in Recurring deposit. If you want to invest in Recurring deposit, then you should open Recurring deposit account if you have any senior citizens members in your home.
- More Intrest on renewal:
If you have already invested in any Recurring deposit or if you want to invest in Recurring deposit, then you have a option to refund on maturity or renewal on maturity. If you want to invest your money in Recurring deposit after maturity, then you should auto renew your Recurring deposit before maturity, then you will get more Intrest than normal deposit interest rate, it will be more beneficial for long term Recurring deposit.
- Affordable minimum deposit option:
If you are a beginner and want to invest in Recurring deposit will a small ticket amount, then you can do it also. You can invest in Recurring deposit with a very minimum amount. This will help you to invest minimum investment for your future.
- Pre mature withdrawal:
If you want to withdraw your Recurring deposit amount before maturity date, then you can easily withdraw your Recurring deposit. Very easily. It will be more beneficial when any urgent issues arrises, or any financial needs arrises.
Conclusion
Friends Recurring deposit plan is best place to invest your money with zero risk. If you want to invest your money for future with good Intrest rate with zero risk, then Recurring deposit is the best option to invest. Now is the time to invest. If any issues arising regarding Recurring deposit, then feel free to contact Us. Please comment, we will definitely resolve your issue. Thanks for support us.
? defination, features and benefits of Recurring Deposit?){kind=link}
0 Comments