E finserv is a professional financial service company who provides expert opinion on different investment plans including Recurring Deposit. E finserv offers an advise on financial investments like RD account. E finserv educates people regarding interest rates, terms and conditions and other necessary details of Recurring Deposit account. We provide comparison details of RD account in different banks. Recurring Deposit schemes aim to inculcate a regular habit of saving among the public. The rate of interest is higher than other savings scheme. A recurring deposit is a type of term deposit offered by several banks and financial institutions. This is a type of investment that helps an individual with regular income. Specific amount should be deposited into recurring deposit account at regular intervals to earn interest. It aims at saving a fixed amount of money every month. The amount to be deposited may vary from a few thousands to lakhs, depending on the investor. This amount should be deposited with a bank or financial institution for a specific time period, to earn higher rates of interest. Once an RD account is created, the interest rate doesn’t change throughout the deposit tenure
The main motive of the recurring deposit account is to instil the habit of saving among individuals. A major benefit of recurring deposit is the lump sum amount will be received at maturity. The rate of interest is also higher as compared to other investments offered by financial institutions. Withdrawals are not allowed duting tenure but a recurring deposit account can be closed before the maturity period and the entire amount be withdrawn.
Most banks that offer Recurring Deposit usually compound interest on a quarterly basis. Compound interest is that the principal amount is added to interest so that the interest that has been added also earns interest. Customers can open a Recurring Deposit account with a bank. Every quarter the compounding of interest will be done.
RD offers you a fixed interest on the invested amount at a specific frequency till the pre-determined term. At the end of the term, the amount upon maturity along with remaining or accumulated interest is paid. RD offers the additional benefit of taking loan against the deposit. The minimum period for a RD varies from bank to bank.
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