THE BUNDI URBAN CO.OP. BANK LTD.

Recurring Deposit

Recurring Deposit is a special kind of Term Deposit offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits

What do we provide

Recurring Deposit schemes allow customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time. Minimum Period of RD is 6 months and maximum is 10 years.

This deposit matures on a specific date in the future along with all the deposits made every month.
It is similar to making FDs of a certain amount in monthly installments, for example ₹ 1000 every month.

Features of Recurring Deposit

The main features of Recurring Deposit account are as follows:

The minimum period of deposit starts at six months and the maximum period of deposit is ten years.
Recurring Deposit schemes aim to inculcate a regular habit of saving among the public.
The Recurring Deposit can be funded periodically through Standing Instructions which are the instructions given by the customer to the bank to credit the Recurring Deposit account every month from his/her Savings or Current account.
Minimum amount that can be deposited varies from bank to bank. It can be an amount as small as Rs.10.
The rate of interest is equal to that offered for a Fixed Deposit and is hence higher than any other Savings scheme.