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  • How to Open a Recurring Deposit Online?

    A Recurring Deposit is one of the simplest investment options available that can help investors earn a high Return on Investment or ROI by making regular payments of a stipulated amount of money over a specific period of time. By holding an RD account, the customer can be assured of regular income earned as savings, which will be paid out along with the principal amount invested in the account, after the maturity period. There are various methods of opening an RD account in a Bank of your choice, one of which is opening a Recurring Deposit (RD) online.

    Types of Recurring Deposit

    There are mainly two types of deposit accounts that are available in India:

    1. Regular Recurring Deposit: This is the most common RD account available in banks. You have a designated tenure and a particular deposit amount, chosen by you. The deposit amount you choose cannot be changed and you have to pay the same amount for the whole tenure that you have chosen. If any deposit remains unpaid or is less, the account generally attract penalties.
    2. Flexi Recurring Deposit: Flexi plans, as the name suggests, offer you the convenience and flexibility of choosing the amount you intend to deposit in a month. There is a core amount that has to be chosen, but it can be changed based on availability of funds. The interest rates might be slightly lower for these accounts but they offer the convenience of choosing the amount based on your financial situation, throughout the chosen tenure.

    Why Open A Recurring Deposit Account Online?

    The major benefits of opening a recurring deposit account online are:

    • A recurring deposit account is the least hassling investment product considering that all the eligibility criteria are covered by simply having a savings account with the bank.
    • No added documentation is needed as long as you have a savings account with the bank and your net banking is activated. Hence, the whole application process can be done conveniently and efficiently.
    • You can apply online, so that you do not run to the bank for opening the account.
    • You can manage your recurring deposit account online. You can keep checking the interest you are earning online.
    • You can open the account and stay worry-free as long as you have the deposit amount in your linked bank account to pay the installment for each month’s deposit.

    Top 5 Things You Need To Know Before You Open an Online Recurring Deposit

    1. In order to open a Recurring deposit online, you need to have activated the Net Banking facility in the Bank where you hold an account.
    2. Only if you have registered for the Net Banking facility with your Bank, will you be able to open an RD account online.
    3. In most banks it is mandatory that you should have a savings account with the bank in order to be able to open an RD account with them online.
    4. Make sure that the RD scheme is flexible.
    5. The Net Banking layout and RD opening terms and conditions of each Bank might slightly vary. Hence, it is advisable to get in touch with your Bank to know more about opening an RD account online in that Bank.

    Steps for Opening Online Recurring Deposit Account

    If you do not have a Net Banking facility enabled on your banking account, you can do so by getting in touch with the Bank and filling out a Net Banking registration form.

    • Once your Net Banking is activated, log in to your account using your designated User name or ID and password in order to access your account online.
    • Choose the option that allows you to open an RD account. While opening a Recurring Deposit account online, you will be required to provide details such as the amount which you wish to deposit each month and the Tenure of Deposit , i.e the period for which you wish to hold your Recurring Deposit scheme active.
    • Once this is completed, you have to link your savings account to this account from which you can not only transfer the required funds to the account regularly, but also opt to place a standing instruction mandate to make the payment automatically, by the due date each month.

    Read More Article on Recurring Deposit

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    RD Reviews

  • Page 1 of 45 1 2 3 4 5
    • Kotak Recurring Deposit
      "Good "
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      I am having recurring deposit account with the Kotak mahindra bank and the interest rate is around 6.79%, which is not really okay. Total tenure is for one year of time. Customer service is good one with them and the response is also a good one. There is no option to withdraw the money in between the tenure.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2017
    • HDFC Bank Recurring Deposit
      "Better "
      HDFC BANK
      0.5 4.0/5 "Great!"
      I had closed the recurring deposit account with the HDFC bank and the services offered by them was exemplary. Rate of interest is a nominal one with them and the lock in period was around one year of time. There were no penalty charges absolutely for the premature withdrawal. On top of all that, Customer service provided by HDFC Bank is really fantastic.
      Was this review helpful? 0
      , pune
      Reviewed on May 18, 2017
    • HDFC Bank Recurring Deposit
      "Conveneint saving process"
      HDFC BANK
      0.5 4.0/5 "Great!"
      HDFC Recurring deposit interest rate is low, I should deposit the amount of Rs.5000 every month for RD account its for the period of 15 months. Initially HDFC were providing the interest rate of 6.9% now it got less . But I am sure they will be providing assured interest rate.
      Was this review helpful? 1
      , faridabad
      Reviewed on May 15, 2017
    • ICICI Bank Recurring Deposit
      "Safety locker"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I hold a recurring deposit with ICICI bank and I got it around 6 months ago. I get good benefits with this very good savings plan. It is flexible because when I need in money anytime, I can with draw and I can switch the amount to savings account, Which is helpful for the safety purposes. The rate of interest I am getting is nominal here.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 15, 2017
    • HDFC Bank Recurring Deposit
      "Services are excellent"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had closed the recurring deposit account with the HDFC bank and I had it for a period of one year of time. Interest rate was very minimal at that time. Net banking facilities are nice one and also its easy to track the account, also its really pretty fast to open this HDFC account.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 10, 2017
    • ICICI Bank Recurring Deposit
      "Very good services in deposit"
      ICICI BANK
      0.5 4.5/5 "Excellent!"
      I am having the recurring deposit account with the ICICI bank and the interest rate was around 7% per annum. Services were good and I would like to say for deposit ICICI bank is up to the mark. Its easy to track the account through online and mobile application.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 10, 2017
    • Bank of Baroda Recurring Deposit
      "Good Bank"
      BANK OF BARODA
      0.5 5.0/5 "Blown Away!"
      I had Recurring Deposit account with Bank of Baroda. RD period was one year and every month I used to pay 2500 rupees. The interest rate was around 6% which is the same like other banks I believe. At the end of the year, they were able to release the amount on time.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 09, 2017
    • Bank of Baroda Recurring Deposit
      "Nice Bank"
      BANK OF BARODA
      0.5 5.0/5 "Blown Away!"
      Recently I invested in Recurring Deposit account with Bank of Baroda. The monthly payment was around 1000 rupees, therefore they did not deduct anything from my salary account. The tenure period is for five years. After five years, they would return my money 86000 rupees. Interest rate provided by them is very much nominal.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 09, 2017
    • Dena Bank Recurring Deposit
      "Smooth services"
      DENA BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a recurring deposit at Dena bank and I would give them five stars on this experience. It was not a long process to get this account done and the rate of interest they offer on this facility is good. There are no charges as well. In all a nice experience.
      Was this review helpful? 1
      , mysore
      Reviewed on May 08, 2017
    • IDBI Recurring Deposit
      "Satisfactory Service"
      IDBI BANK
      0.5 4.0/5 "Great!"
      As my salary account is with IDBI bank, based on it I opened recurring deposit account. I had opened this for one year. They offered good interest rate for my RD account. I have ecs mode of payment as my salary account is with the same bank.
      Was this review helpful? 2
      , indore
      Reviewed on May 04, 2017
    • YES Bank Recurring Deposit
      "Delayed Response"
      YES BANK
      0.5 3.0/5 "Satisfactory"
      The only problem with Yes bank is always they provide delayed response to the customers. I have recurring deposit account with them. Whenever I step in the bank, I have to wait for a long time to be addressed. I used to visit every month as I have to pay some amount for my RD account. Otherwise the services are good.
      Was this review helpful? 1
      , indore
      Reviewed on May 04, 2017
    • Kotak Recurring Deposit
      "Better Response"
      KOTAK MAHINDRA BANK
      0.5 3.0/5 "Satisfactory"
      For my recurring deposit account , I pay thousand rupees every month for one year with Kotak mahindra. I will get some good amount at the end of the year with good interest. Customer service is not that much good but it is better. They are giving response whenever I approach them.
      Was this review helpful? 1
      , indore
      Reviewed on May 04, 2017
    • SBI Recurring Deposit
      "Good Service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have recurring deposit account with State bank of India. The period is for one year and the deposit amount is for thirty five thousand. I am satisfied in opening RD account with SBI, because the interest rate is quite good with them than other banks.
      Was this review helpful? 5
      , indore
      Reviewed on May 04, 2017
    • Punjab National Bank Recurring Deposit
      "Satisfactory Service"
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      I had opened Recurring Deposit with Punjab National Bank. The loan amount is thirty five thousand and the tenure period is for one year. Every month I regularly depositing the money on a monthly basis. The customer service is quite satisfactory and there is no constrains with the bank on my FD. I am very much satisfied with PNB.
      Was this review helpful? 2
      , indore
      Reviewed on May 04, 2017
    • ICICI Bank Recurring Deposit
      "Amazing experience"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Interest rate with the ICICI bank for the recurring deposit was around 7% to 7.5% and am with them from the last five to six years of time. Minimum lock in period is nil and maximum is around ten years of time. There will be nil penalty for withdrawing the money duriong prematurity period. Netbanking services are fine with the ICICI bank.
      Was this review helpful? 1
      , faridabad
      Reviewed on Apr 22, 2017
    • HDFC Bank Recurring Deposit
      "Good RD"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      Even my HDFC RD is good. Even for this I got a call from HDFC bank I gave my confirmation for the same. They had deducted the amount from my savings account and every month it keeps deducting from my account. I do have access to online facilities too.
      Was this review helpful? 3
      , kolkata
      Reviewed on Apr 20, 2017
    • ICICI Bank Recurring Deposit
      "Best one"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have recurring deposit account with the Oriental bank of commerce and the interest rate is around 8.75% and its only for employee. There is no penalty charges and am having this account from the last two years of time and the tenure is around five years of time , also it can even open for seven days of time.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Apr 19, 2017
    • IDBI Recurring Deposit
      "Good. Can be more conveneint "
      IDBI BANK
      0.5 3.0/5 "Satisfactory"
      I had taken a recurring deposit with IDBI. To open this account I had an option to easily do it online. But at the time of closing it, it is a hectic process where I need to visit the bank and finish the formalities. There were no charges taken. The amount gets credited to my savings account without any delay.
      Was this review helpful? 2
      , bangalore
      Reviewed on Apr 08, 2017
    • HDFC Bank Recurring Deposit
      "Best"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I got the recurring deposit account with the HDFC bank and its for the tenure of one year of time. Customer service is nominal one and the account got opened immediately and it was done by their branch staffs, also I mean to add that there were no hassle.
      Was this review helpful? 6
      , madurai
      Reviewed on Apr 04, 2017
    • HDFC Bank Recurring Deposit
      "Its Good Saving"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have opened HDFC recurring deposit by visiting the branch but there is an option in netbanking. I have been paying the monthly amount of Rs.1000 its for six month, next month its going to be over, I would be getting the amount Rs. 6100 on my account.
      Was this review helpful? 5
      , kozhikode
      Reviewed on Apr 04, 2017
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