Recurring Deposit Scheme

RECURRING ACCOUNT

INTEREST RATE : 10% per annum

Deposit offered by our company in India which help people with regular incomes to deposit a fixed amount every month into their recurring deposit account. Recurring Deposit is a special kind of Term Deposit offered by our company in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account . Tax Deducted at Source ( TDS ) is applicable on RDs. If interest earned on recurring deposits exceeds Rs. 10,000 a year, TDS at the rate of 10 percent would be deducted by the bank. Income tax is to be paid on interest earned from a Recurring Deposit at the rate of tax slab of the RD holder.

In banking terminology, the term recurring deposit refers to the periodic placement of a fixed sum of funds with a bank or financial institution into a special term account, with a specified tenure, generally between one and five years. At the end of the tenure, the funds are typically withdrawn by the depositor with accrued interest.

Features & Benefits

• The Recurring deposit account is an account in the bank where an investor deposits a fixed amount of money every month for a fixed tenure.
• Recurring deposit account is opened by those who want to save regularly for a certain period of time and earn a higher interest rate.
• Recurring deposit scheme is meant for investors who want to deposit a fixed amount every month, in order to get a lump sum after some years.
• 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.