An individual can make a joint Recurring Deposit Account.
Higher interest rates
The quarterly compounded interest makes you reap the most out of the scheme.
Start with a minimum investment amount of 100
No limit or restriction on maximum investment
Choose a tenure between 6 months to 10 years
You are eligible for a Recurring Deposit Account if you belong to any one of the following categories.
Resident of India
Hindu undivided families
Sole proprietorship firms
Kindly visit your nearest Utkarsh Small Finance Bank Branch to open a Recurring Deposit Account.
How is a Recurring Deposit different from a Fixed Deposit?
Like a Fixed Deposit, a Recurring Deposit has a fixed tenure. However, the rates that may be charged upon withdrawal will be different. Furthermore, the interest rate is compounded quarterly which gives you more benefits than a Fixed Deposit.
What is the minimum and maximum tenure of a Recurring Deposit?
The minimum tenure of a Recurring Deposit is 6 months while the maximum is 120 months.
Can I withdraw before the maturity of the account’s term?
Premature withdrawals are not permitted. However, the bank may grant closure to the account with a withdrawal fee.
Is a Recurring Deposit taxed?
TDS is not deducted from a Recurring Deposit. However, the interest is subject to Income Tax.