A Recurring Deposit (RD) is a savings scheme offered by banks and post offices where you invest a fixed amount every month for a specified period. It helps you build a disciplined saving habit while earning fixed interest on your monthly deposits. On maturity, you receive the total deposited amount along with the accumulated interest. RDs are ideal for short- to medium-term goals with guaranteed returns and minimal risk.
₹2,40,000
Total amount deposited monthly over the tenure of the RD account.
₹35,000
Total interest earned on your RD deposits throughout the period.
₹2,75,000
The total amount you will receive at maturity including interest.
Any Indian resident can open an RD account with a bank or post office. Minors can also open RD accounts under guardian supervision.
The minimum monthly deposit varies by institution but generally starts as low as ₹100 per month.
Yes, premature closure is allowed but may lead to a lower interest payout and/or penalty as per bank policy.
Yes. Interest earned on RD is taxable as per your income tax slab. TDS is applicable if interest exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year.
No. Once the RD account is opened, the monthly deposit amount remains fixed. You’ll need to open a new RD account for a different amount.
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