The Recurring Deposit is a type of deposit wherein it provides flexibility to its customers, to invest an amount of their choice each month for a fixed tenure. In return, the bank offers interest rates to the investors. It enables an element of compulsion, which inculcates the habit of savings amongst individuals. It is suitable for conservative investors who are seeking assured returns.
Features of Recurring Deposits:
There is no tax benefit available in Recurring Deposits, the tax is deducted for interest income above Rs. 10,000 for citizens & Rs. 50000 for senior citizens.
Several benefits available in Recurring Deposits are following:
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