A recurring deposit is a type of term deposit which allows you to save a fixed amount every month systematically.
Every small step we take today which affects in future. In Recurring deposit you make today will definitely make huge impact in future. This is the repeated investments in fixed intervals
* Minimum installment amount 100/-
* Minimum period 1 year and maximum period is 5 year.
* Providing the loan facility .The loan can be given upto 90% of the amount standing the credit of the account holder
* Standing instruction facility will enable automatic transfer of installment amount from your savings account
* Interest cannot be withdrawn before deposit becomes mature and interest is paid on maturity on quarterly compounding basis
Benefits of Recurring Deposit Interest RatesSafe investment - Recurring deposits carry no risk or very little at all. Choose a stable and secure Nidhi Company to ensure that your money is safe. Recurring deposits are just a simple investment of your money and do not dabble in the markets. Therefore the interest rate will not fluctuate and you do not stand to lose any money.
Earn while you save - Your deposit will earn interest from your first contribution. The interest accumulated will increase through your tenure. The longer you invest, the more interest you will earn.
Lump sum payout - At the end of the RD tenure, you will receive a lump sum of cash. This amount includes your contribution plus the interest earned. You can use the money to reinvest it or spend it on what you were saving for.
Loan Offers - When you have an RD with a Nidhi Company, you sometimes get pre-approved loan offers. In other cases, your loan applications will be given preference and your processing might be faster. In addition to this, banks offer concessional interest rates on loans as well.