Today I am going to talk about the recurring deposite. Many people do not know about recurring deposits, what is a recurring deposit and how it works. People are very upset that if we knew. Then we also know, so now you do not have to be upset because inside this article I am going to talk about this. So if you also want to know, then read this article carefully till end. I’ll tell you step by step in full detail about the RD so that you also understand.
What Is Recurring Deposit?
So let’s first know. What is a RD?
A recurring deposit is a saving from which we get a fixed amount of money at the bank or post office at a fixed interest rate.
You can open this recurring deposit account anywhere. But it would be better to open it in the post office. Because the post office gets a higher interest rate than the banks.
Earlier, we used to get interested in the recurring deposit at the rate of 7.30 percent, which is now 7.20 percent.
Online RD account opening facility.
You can open an online RD account by logging in with your Internet banking username and password. Usually online RD can only be opened between 8 am and 8 pm.
The name and mode of operation and branch of the newly generated RD account will be like the savings account from which money will go to the RD account.
On submitting a request for opening a recurring deposit account. You will ask for how much amount you want to put in the account. Some banks may allow RD installments to be deposit offline. However, the first installment is required to be submitted online.
How to open a recurring deposit account?
If you have the facility of net banking, then you can open an online account in it or you can open it by going to the bank.
So I have told you step by step about the RD in full detail so that if you understand then I hope that you have understood what is RD and how it works?
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