{"id":11804,"date":"2022-05-26T10:57:14","date_gmt":"2022-05-26T05:27:14","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=11804"},"modified":"2022-11-10T14:26:18","modified_gmt":"2022-11-10T08:56:18","slug":"recurring-deposits","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/recurring-deposits\/","title":{"rendered":"Here\u2019s All You Need to Know about Recurring Deposits"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69ead6f9d337d\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69ead6f9d337d\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/recurring-deposits\/#Significant_Features_of_RD\" title=\"Significant Features of RD\">Significant Features of RD<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/recurring-deposits\/#Recurring_Deposit_Calculator\" title=\"Recurring Deposit Calculator\">Recurring Deposit Calculator<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/recurring-deposits\/#Benefits_of_Investing_in_Recurring_Deposit\" title=\"Benefits of Investing in Recurring Deposit\">Benefits of Investing in Recurring Deposit<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/recurring-deposits\/#Recurring_Deposit_Interest_Rate_-_Overview\" title=\"Recurring Deposit Interest Rate &#8211; Overview\">Recurring Deposit Interest Rate &#8211; Overview<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/recurring-deposits\/#Are_fixed_deposit_accounts_better_than_recurring_deposit_schemes\" title=\"Are fixed deposit accounts better than recurring deposit schemes?\">Are fixed deposit accounts better than recurring deposit schemes?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/recurring-deposits\/#Are_RDs_eligible_for_tax_deduction_under_section_80C\" title=\"Are RDs eligible for tax deduction under section 80C?\">Are RDs eligible for tax deduction under section 80C?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/recurring-deposits\/#Is_it_more_profitable_to_invest_in_SIPs_than_recurring_deposit_schemes\" title=\"Is it more profitable to invest in SIPs than recurring deposit schemes?\">Is it more profitable to invest in SIPs than recurring deposit schemes?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kuvera.in\/blog\/recurring-deposits\/#Can_school_kids_open_an_RD_account\" title=\"Can school kids open an RD account?\">Can school kids open an RD account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/kuvera.in\/blog\/recurring-deposits\/#How_to_open_an_RD_account\" title=\"How to open an RD account?\">How to open an RD account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/kuvera.in\/blog\/recurring-deposits\/#Interested_in_how_we_think_about_the_markets\" title=\"Interested in how we think about the markets?\">Interested in how we think about the markets?<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>Recurring deposits are unique term deposits that allow individuals to deposit regular amounts monthly and acquire the benefits on maturity. Unlike <a href=\"https:\/\/app.kuvera.in\/explore\/fixed-deposit\/c\/all\">fixed deposit accounts<\/a> that require a lump sum deposit, RD accounts instil financial discipline.<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">These accounts help make uniform savings that earn decent interest. Individuals can avail of RD facility across all Indian banks with terms ranging from 6 months to 10 years. However, the interest rate for the entire term remains constant irrespective of the term depositors choose.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\"><img loading=\"lazy\" class=\"size-large wp-image-13417 aligncenter\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-1024x334.jpg\" sizes=\"(max-width: 640px) 100vw, 640px\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-1024x334.jpg 1024w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-300x98.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-768x250.jpg 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022.jpg 1080w\" alt=\"Online Fixed Deposits on Kuvera\" width=\"640\" height=\"209\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Significant_Features_of_RD\"><\/span>Significant Features of RD<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Some salient features of RD accounts are as follows:<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The minimum amount to invest varies across different banks. Typically, individuals can begin investing in RD schemes with as little as Rs. 1,000.\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Compared to savings accounts, recurring deposit interest rates are higher and close to fixed deposit accounts.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Individuals can make deposits for a minimum of 6 months to 10 years with no provision for premature <\/span><span style=\"font-weight: 400;\">withdrawals. However, some banks may allow early closure of the RD account, but it is conditional.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Some banks accept standing instructions to credit one&#8217;s RD account periodically from their savings or current account. However, there are certain limitations, depending on the bank&#8217;s RD policies.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Like any other investment option, recurring deposit accounts attract taxes; their returns are subject to a 10% TDS deduction.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Recurring_Deposit_Calculator\"><\/span>Recurring Deposit Calculator<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p>Generally, interest on recurring deposits is compounded every quarter. Potential investors may find it challenging to incorporate all the variables involved in determining the return on investment in RD schemes. To eliminate the hassle of calculating returns manually, investors can utilise an <a href=\"https:\/\/kuvera.in\/calculators\/rd-calculator\">RD calculator<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">This easy-to-use online tool<\/span> <span style=\"font-weight: 400;\">helps investors plan their future finances with precision.\u00a0<\/span><\/p>\n<p>A typical recurring deposit formula for calculating the maturity amount is given as follows:<\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"blockquote\">\n<pre class=\"blockquote\"><b>Maturity amount<\/b><span style=\"font-weight: 400;\"> = R [(1+i)^n-1]\/ [1-(1+i)^(-1\/3)]<\/span><\/pre>\n<pre class=\"blockquote\"><span style=\"font-weight: 400;\">Where,<\/span><span style=\"font-weight: 400;\">R = monthly instalment\u00a0<\/span><span style=\"font-weight: 400;\">n = number of quarters (4 in one year)<\/span><span style=\"font-weight: 400;\">\u00a0i = interest rate\/400<\/span><\/pre>\n<\/blockquote>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Ms. Purbi wishes to invest in an RD scheme for two years with Rs as a working professional. 10,000 monthly. The table below calculates her maturity amount after two years, assuming a 5% interest rate.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">Monthly investment (R)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Rs. 10,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Number of quarters (n)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Interest rate (i)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Matured amount (after 2 years)\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Rs. 2,52,853<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_of_Investing_in_Recurring_Deposit\"><\/span>Benefits of Investing in Recurring Deposit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">RD schemes are ideal for individuals looking to save and invest without any risks involved. There are numerous benefits of investing in RD accounts. They include the following:<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">RD accounts can act as collateral for loans. As a result, potential investors can procure loan amounts of up to 80-90% of the deposit amount.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Investors can prematurely withdraw their invested amount subject to payment of a penalty.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">RD schemes have flexible investment options for both minors and senior citizens. Minors can open these accounts under the guardianship of their parents. Senior citizens can avail higher interest rates (generally 0.5% more) for RD accounts.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Recurring_Deposit_Interest_Rate_-_Overview\"><\/span>Recurring Deposit Interest Rate &#8211; Overview<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/kuvera.in\/blog\/recurring-deposit-interest-rates-2022\/\">RD Interest Rate<\/a> ranging from 2.50% &#8211; 8.50% by opening an RD account. The Minimum tenure for a fixed deposit ranges from 6 Months to 10 years.<\/span><\/p>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td><b>Particulars<\/b><\/td>\n<td><b>Details<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Interest Rate Range<\/span><\/td>\n<td><span style=\"font-weight: 400;\">from 2.50% to 8.50%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minimum Deposit Amount<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Starts from Rs. 10 (for post office RD)<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tenure of the Investment<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6 months to 10 years<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Interest Compound Frequency<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Quarterly<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Partial and Midterm Withdrawal<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Not Allowed<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Premature Closure<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Allowed with penalty<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><strong>Final Word<\/strong><\/p>\n<p>Recurring deposits are a convenient and straightforward approach to begin investing. For risk-averse individuals, an RD scheme is a fairly decent option, which can help them fulfil their investment objectives.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Frequently Asked Questions<\/strong><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"Are_fixed_deposit_accounts_better_than_recurring_deposit_schemes\"><\/span>Are fixed deposit accounts better than recurring deposit schemes?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>Fixed deposit accounts involve investing a lump sum amount for a certain period. Compared to RD interest rates in banks, <a href=\"https:\/\/app.kuvera.in\/explore\/fixed-deposit\/c\/all\">fixed deposit interest rates<\/a> can yield relatively high returns. Unlike FDs, RD accounts allow investors to invest small amounts every month. Thus, it all depends on how investors wish to support it.<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"Are_RDs_eligible_for_tax_deduction_under_section_80C\"><\/span>Are RDs eligible for tax deduction under section 80C?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Unlike tax-saving fixed deposits, national savings certificates, or ELSS, RDs are not eligible for a tax deduction.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"Is_it_more_profitable_to_invest_in_SIPs_than_recurring_deposit_schemes\"><\/span>Is it more profitable to invest in SIPs than recurring deposit schemes?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It depends on the investor&#8217;s period of investment. Experts believe that the RD scheme is a better option for an investment span of 12-18 months than<a href=\"https:\/\/kuvera.in\/blog\/10-reasons-why-sip-is-the-best-way-to-invest\/\"> SIP Investments<\/a>. That said, it also depends on the type of fund.<a href=\"https:\/\/kuvera.in\/explore\/mf\/c\/all\/debt\"> Debt funds<\/a>, for example, may yield a similar return to RD. However, for investments spanning more than 24 months, an equity-oriented mutual fund has the potential to be a far better option as it might yield a much higher return.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"Can_school_kids_open_an_RD_account\"><\/span>Can school kids open an RD account?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Banks enable minors to open and operate recurring deposit accounts under the guardianship of their parents. It helps them learn and understand finances. Moreover, it also encourages them to start saving early.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"How_to_open_an_RD_account\"><\/span>How to open an RD account?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>Individuals should approach any bank in India and submit the duly signed account opening form and the first deposit amount. The bank will provide a passbook for the same. If the individual does not have a savings account in that bank, they should submit personal documents. Investors can choose a bank that provides the best RD interest rates.<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Interested_in_how_we_think_about_the_markets\"><\/span>Interested in how we think about the markets?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Read more: <a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><\/p>\n<p>Watch\/hear on YouTube:<\/p>\n<p><iframe loading=\"lazy\" title=\"Kuvera Insights\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/videoseries?list=PLDSzQdT9nLmCysU31bg4Ngh7WY2p3UiiI\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"https:\/\/app.kuvera.in\/\"><strong>kuvera.in<\/strong><\/a> to discover <a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a> and <strong><a href=\"https:\/\/app.kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a><\/strong> and <a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><\/p>\n<p>#MutualFundSahiHai #KuveraSabseSahiHai!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recurring deposits are unique term deposits that allow individuals to deposit regular amounts monthly and acquire the benefits on maturity. Unlike fixed deposit accounts that require a lump sum deposit, RD accounts instil financial discipline. &nbsp; These accounts help make uniform savings that earn decent interest. Individuals can avail of RD facility across all Indian [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/recurring-deposits\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":11805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[99,833],"tags":[52,96,834,835,641,836],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Recurring Deposit: Features &amp; Benefits of Opening RD Account<\/title>\n<meta name=\"description\" content=\"A Recurring Deposit account enable the individuals to deposit fixed amount for every month for a defined time period for a fixed interest rate.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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