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A Recurring Deposit account is a type of savings account offered by banks and financial institutions that allows individuals to deposit a fixed amount of money regularly at predetermined intervals (usually monthly) for a specific tenure. At the end of the tenure, the deposited amount along with interest earned is returned to the account holder.
RD accounts can be opened by individuals, joint account holders, and even minors with the help of a guardian. Some banks might have specific eligibility criteria, so it's best to check with the respective bank.
The minimum deposit amount varies from bank to bank and can be quite low, making RDs accessible to a wide range of people. The amount can usually be as low as ₹100 or ₹500.
No, the monthly deposit amount is typically fixed when you open the RD account. You cannot change it during the tenure of the RD.
If you miss a monthly deposit, the bank might levy a penalty, and the interest earned on the RD might also be affected. Some banks might allow a grace period or offer the option to make up for the missed deposit later.