Features of Recurring Deposit Account

Apply Bank Recurring Deposit Online

 

Features of Recurring Deposit Account

 

RD offers you a fixed interest on the invested amount at a specific frequency till the pre-determined term or up on maturity. At the end of the term, the amount upon maturity(which is your invested capital) along with remaining or accumulated interest is paid.

The main features of Recurring Deposit account are as follows:-

1. Recurring Deposit schemes aim to inculcate a regular habit of saving among the public.

2. Minimum amount that can be deposited varies from bank to bank. It can be an amount as small as Rs.10.

3. The minimum period of deposit starts at six months and the maximum period of deposit is ten years.

4. The rate of interest is equal to that offered for a Fixed Deposit and is hence higher than any other Savings scheme.

5. Premature and mid term withdrawals are not allowed. However, the bank may allow to close the account before the maturity period, sometimes with a penalty for premature withdrawal.

6. RD offers the additional benefit of taking loan against the deposit, i.e., by using the deposit as a collateral. About 80 to 90% of the deposit value can be given as loan to the account holder.

7. 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.

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There are a lot of mutual funds that customers can choose from but some of the best Tax Saver mutual funds in India right now are:

Top 10 Tax Saver Mutual Funds to invest in India for 2016 or Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

This list constantly under goes changes based on improvement or reduction in performance of the mutual fund. That could change the position of these funds among the top 10 Tax Saving Mutual Funds in India.

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