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A few of the disadvantages are :
1. That you cannot withdraw the money anytime you wish.
2. You cannot change the amount you like to invest monthly once decided.'
3. It has a comparitively lower rate of interest.
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∙ 12y ago
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Types of recurring deposit?
Recurring deposit can be classified into two types: 1. Fixed Recurring Deposit: In this the installment amount remains fixed for the entire tenor of RD from the time of booking. 2. Flexible Recurring Deposit: In the installment amount can be changed during any part of the tenor as and when the customer decides to increase or decrease his installment amount.
What is meant by recurring deposit?
A Recurring Deposit is a special type of bank account wherein the customer will deposit a small amount of money regularly every month. Banks will offer higher interest rates than the usual savings or current accounts because the customer will not withdraw the money until the deposit matures.
How is recurring deposit done?
A Recurring Deposit account is one in which the customer deposits a small sum of money (usually a few hundred or thousands) every month. The bank accepts a deposit every month and at the end of the deposit period (usually 12 months or higher) the bank would return the money deposited with them along with a good interest.
What is the Difference between fixed deposit and recurring deposit?
Hi, Fixed Deposit : Deposit certain amount for certain period of time either monthly/yearly and fetching of amount is optional. If you need to get the FD amount in 1 year (example), interest will be added with the actual amount . The interesting rate is depends on your bank. Recurring Deposit : Deposit fixed amount in regular time period. At final you will get the total amount with specific interest.
What is the procedure of closing a recurring deposit account?
visit the bank branch where you have the recurring deposit accountsubmit a request in writing to close your accountthe bank will process the request and pay you the money held in that account.A point to note is that, if you are closing your RD before maturity, the bank can charge you a penalty for doing so.
Highest Interest in which deposit - recurring deposit or fixed deposit?
how to calculate Recurring deposit interest ?
What is Tenure of deposit in month for recurring deposit?
interest
Interest rate on recurring deposit in Indian overseas bank?
interest rate of recurring deposit in iob
What is the disadvantages of fixed deposit?
what is the disadvantages of fixed deposit
Types of recurring deposit?
Recurring deposit can be classified into two types: 1. Fixed Recurring Deposit: In this the installment amount remains fixed for the entire tenor of RD from the time of booking. 2. Flexible Recurring Deposit: In the installment amount can be changed during any part of the tenor as and when the customer decides to increase or decrease his installment amount.
Which is better recurring deposit or fixed deposit?
Actually both of them have their own benefits and drawbacks. In terms of rate of interest an fixed deposit will give you more interest than a recurring deposit. In terms of ease of operation and opening a recurring deposit is easier because it will need much less contribution and on a regular basis whereas you need to deposit in lumpsum in case of a FD.
What are the different types of fixings?
Recurring deposits, fixed deposit, saving deposit
Is fixed deposit and recurring deposit rate of interest is same?
No. In most cases the rate of interest offered on fixed deposits and recurring deposits is different. Usually the rate of interest on a fixed deposit is much higher than a recurring deposit because you will be depositing the entire amount in one shot and leave it with the bank for the duration whereas in a recurring deposit you'll pay only the part of the money at a time. So the difference.
Letter format for recurring deposit installment complete so transfer this money in saving account?
Letter format for recurring deposit installment to from saving account
Can a company open a recurring deposit account?
yes
Is there loan available at recurring deposit account?
maybe
What is the maximum period of deposit in recurring?
10 years
