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Posted by MAIN DISTRIBUTION on August 16, 2024 at 8:26pm 0 Comments 0 Likes
Money is essential to help us accomplish our goals and keep us secure during emergencies. We must spend it responsibly and save for the future. Since most services require lots of expense, we should remain prepared with the funds and start saving from the present moment. Financial planning can save you from unexpected circumstances.
Banks offer many opportunities for investment in different financial products like a recurring deposit. You can regularly invest every month and save money over a specified deposit tenure. Choose the suitable investment amount and term. RD schemes help you save money for the rainy days.
How to open the account?
You can open the RD account online or by visiting the bank’s branch. Log in to the net banking or mobile banking account and select the Accounts tab. Click on the Transact option and Open Recurring Deposit. Select the account and branch details, provide the investment amount, choose the deposit duration, and select RD Maturity Instructions for the mode of remittance.
Provide the nominee details and click on Continue to verify them. Confirm the payment and download the deposit advice. You can also collect the form from the bank branch and fill in the required details before submitting it to them.
Features of the account
You have many goals to fulfil. An RD account can help you save money by offering you fixed or compounding interest, depending on the deposit type. Banks offer special schemes for senior citizens and minors. The total amount (i.e., the capital invested and the interest accumulated) is disbursed to you after the maturity period completes.
Minimum investment
You can invest as low as Rs. 1,000 or as high as Rs. 1.99 lakh per month. The minimum lock-in period for the investment is one month. You will receive only the principal amount and not the interest if you decide to close the account before the lock-in period.
Interest payment
The Tax Deduction at Source or TDS will get deducted when the interest payable or reinvested on the recurring deposit per customer across all branches exceeds Rs. 40,000 in a financial year. The interest is calculated from the instalment’s payment date and is always higher than the interest earned through a savings account.
Instalment payment
The instalment amount cannot get altered later. Partial payment of instalments is not allowed. You can calculate the approximate interest you will receive on the account using the RD interest calculator. Enter the deposit amount, tenure, and interest rate to get the maturity amount and interest at the end of the term.
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