Do you want to know the procedure of Recurring Deposit Account Opening? Here, you can get the account opening process of RD. Get the RD Account opening required documents list before applying. Check your eligibility before applying. Read the complete article to know two processing methods of RD Account Opening.
Term Deposit is also called as Recurring Deposit. Among all savings, it is one of the best saving schemes. It is slightly similar to the fixed deposit, but the interest rates are high for Recurring deposit. Many people prefer RD Accounts for their savings because they keep your money very safely. By investing a small amount in RD Account, you can receive a huge amount of money. You have to deposit some amount of money in Recurring deposit for every month. For late deposits, you have a pay a penalty for the banks. The individuals can calculate their maturity amount by using RD Calculator. The interest rates depend on the tenure period.
The applicants of Recurring Deposit can apply for loans against their maturity amount. Nowadays many banks are offering loans on recurring deposit. You can easily get 90% amount as a loan from your maturity amount. There are many advantages and benefits for RD. Comparing to the regular depositors, the senior citizens have more advantages and benefits. So, the interested candidates who want to receive those offers can apply now for a new Recurring Deposit Account. The users can apply for RD ACCOUNT in two ways. To know those methods follow the below sections.
Recurring Deposit Account Opening
The interested candidates who want to see the Recurring deposit account opening procedure can see here. You can apply for an RD Account in 2 ways. They are the Online process and offline process. According to your choice, you can select a procedure for applying a new Recurring Deposit account. You need some necessary documents to apply for an RD account. So, before applying collect all the required documents. If you want a paperless process, you can choose online process. Therefore, we are providing some simple processing steps of RD in below sections. So, read and follow the steps carefully to apply for the Recurring Deposit.
Types of Recurring Deposit
Recurring Deposits are two types. They are Regular Recurring Deposit and Flexi Recurring Deposit. The brief details of the two types are given in the below sections. Therefore, the have to read the below description to get an idea of Recurring Deposit types.
Regular Recurring Deposit:
- It is available in all banks, and it is a general Recurring Deposit account.
- In this type, you can select the deposit amount and tenure period.
- Once, if you select the deposit amount, there is no change for you to change the amount.
- You should pay the selected amount every month till the completion of the tenure period.
- If you did not deposit the money in recurring deposit account every month, you would be punished with some penalty.
- At the time of maturity, you will receive the total amount with some loss due to the late depositing.
- If you deposit the money every month correctly, you will receive the full maturity amount along with the interest. Therefore, you can receive more money by depositing the money monthly without any late.
Flexi Recurring Deposit:
- The name Flexi itself tell that, you have a flexibility and convenience to choose the depositing amount.
- In this type of RD, you have a chance to change the depositing money every month.
- According to your financial situation, you can pay the money for every month.
- Throughout the tenure period, you have the offer that u can pay the money according to your convenience for every month till the completion of the tenure.
- The interest rate of Flexi Recurring Deposit is slightly lower than the Regular Recurring Deposit.
Offline Process – RD Account Opening
The users who want to apply for a new RD Account through offline can follow the below steps. We had provided some easy processing steps for a new Rd account. So, the people have to read the steps carefully.
- First of all, go to the official website and download a Recurring Deposit Account Opening Form.
- If you do not find the application, go to the corresponding bank and take the RD Application Form.
- Fill the form completely without any mistakes.
- Put signature in the required places.
- Attach the required documents list to the application form.
- Submit it to banks.
- Your Offline account opening process is completed till now.
Recurring Deposit Account Opening Online Process
To encourage paperless application many people are applying through online only. Therefore, the candidates who want to create a new RD account can see the process here. For the sake of the applicants, we are providing some simple online process steps in the below sections. Follow them carefully, to apply Online.
- To apply for RD through Online, you have to activate your Net Banking.
- Go to the official website of the corresponding bank.
- Log in with your name or ID and password.
- Search for the Recurring Deposit Account Opening.
- If you find the account opening link, then click on it.
- The RD Account opening page appears on the screen.
- Enter the necessary details like deposit amount, tenure period, interest rate, etc., as per the corresponding columns necessity.
- After filling all the details link your savings account to the RD Account.
- Your online Recurring Deposit Account opening is completed by following the above steps.
Benefits of Online RD Account Opening
The benefits of a new Recurring Deposit account is given below. Check the benefits before applying online.
- A Recurring Deposit Account is a least investment product that everyone can apply to save their money.
- NO documents are needed for Online Recurring Deposit Account opening.
- Net banking is required for the online account.
- You can check the latest updates and interest rates through online RD Account.
- You can stay worry-free until the completion of the tenure period.
- Attach Recurring Deposit Account to your savings account, to pay the money every month without any fail.
- In most of the banks, net banking is necessary and mandatory to open a new Recurring Deposit account through online.
Documents required for RD Account Opening
The list of the necessary documents for opening a new Recurring Deposit is given below. Therefore, the users have to carry the below-listed documents while applying offline.
- Driving Licence.
- PAN Card.
- Government ID Card.
- Voter ID.
- Ration Card.
- Senior Citizen ID Card.
- Telephone bill.
- Electricity Bill.
- Certificate or ID Card issued by the post office.
- Bank statement with the cheque.
Note: The users have to submit any of the above documents to apply for a new Recurring Deposit Account. Without any documents, you are not allowed to apply for RD Account.