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Posted by Rahul kumar on July 13, 2024 at 7:15am 0 Comments 0 Likes
Recurring deposit is the most preferred investment choice in India, among the low-risk investment tools with moderate and assured returns. In the selection of investment number and tenure, it comes with an option of versatility for clients accompanied by several other advantages.
This investment tool provided by multiple banks and NBFCs helps channel monthly savings for long or short-term corpus formation, available in flexible tenure options ranging from six months to 10 years.
Investors may therefore select a minimum sum for guaranteed wealth generation to be invested every month over the period.
If you do not have a lump sum to fulfil short-term targets, the intention is well served by depositing a small share of your income into the RD account each month.
With various financial institutions such as banks, NBFCs or even post offices, you can choose to open your RD account. Although the minimum amount of investment may vary from one institution to another as per your budget, you can typically start with a considerably small amount.
The features of RD are:
Together with many other institutions, almost all banks in the country offer investment options for recurring deposits. The recurring deposit interest rates, therefore, extremely competitive.
The interest rates may vary between 5 per cent and 8 per cent, depending on the prevalent market trends at the time of account formation. However, for most banks, the average recurring deposit rates hover about 6 per cent to 7 per cent.
You can use the interest rate calculator while doing internet banking or using digital banking app for understanding your investments on the go.
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