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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.

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RD Reviews

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  • Axis Bank Recurring Deposit
    "Good and easy deposit scheme"
    AXIS BANK
    0.5 4.0/5 "Great!"
    I have chosen the RD from Axis bank. In their app, there is a option to active the RD since its easy to opened the RD account in 5 minutes, i have selected this and other than this Axis is my salary account. Interest rate is okay but not that competitive. I'm investing the amount of Rs. 2500 every month. They have a option of lock in period between 1 year to 25 years and i have selected 10 years.
    Was this review helpful? 6
    , bangalore
    Reviewed on Jan 09, 2020
  • HDFC Bank
    HDFC Bank Recurring Deposit
    "Good Interest rate and benefit"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    Chosen my recurring deposit from HDFC because i found the interest rate is good. I have been investing the money of Rs. 1000 per month. There is a lockin period of 4 years. They are giving a interest rate of 7.25%. The amount is automatically debited from my account. I have opened this account through their net banking.
    Was this review helpful? 6
    , haridwar
    Reviewed on Jan 07, 2020
  • Axis Bank Recurring Deposit
    "Good product"
    AXIS BANK
    0.5 4.0/5 "Great!"
    When i opened the mobile app every time with Axis bank, they have shown me an offer with the rate of interest of 7% for the recurring deposit hence have chosen due to the higher interest rate. I am investing the money of Rs. 1000 every month. There is no lockin period of this Recurring deposit. I have activated the auto deduction option for this savings purpose.
    Was this review helpful? 4
    , kolkata
    Reviewed on Dec 31, 2019
  • ICICI Bank Recurring Deposit
    "Best option"
    ICICI BANK
    0.5 4.0/5 "Great!"
    I made the recurring deposit with ICICI bank. I have invested the money of Rs. 1000 every month. I have chosen the lock in period of 10 months. The amount is automatically deducted from my account. They have provided me a interest rate of 7.5%. I'm holding the account from ICICI hence i found this option in their app so that i have chosen.
    Was this review helpful? 9
    , bangalore
    Reviewed on Dec 16, 2019
  • ICICI Bank Recurring Deposit
    "Better Scheme"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    Chosen my recurring deposit scheme from ICICI bank for the savings. The security system is good in ICICI hence i have chosen them. I'm investing the money of Rs. 3000 in every quarter and the amount is automatically deducted from my account. I'm not sure about the interest rate provided by them.
    Was this review helpful? 9
    , bangalore
    Reviewed on Dec 10, 2019
  • HDFC Bank Recurring Deposit
    "Good saving bank"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have taken a RECURRING DEPOSIT from HDFC Bank, and i am paying monthly Rs. 2000. I started this RD presently only. This is a long term plan and i am getting some good returns after 10 years. Customer service was good. This is very useful for future.
    Was this review helpful? 8
    , visakhapatnam
    Reviewed on Dec 06, 2019
  • HDFC Bank Recurring Deposit
    "Good Flexibility"
    HDFC BANK
    0.5 4.0/5 "Great!"
    The best thing about HDFC Recurring Deposit is the online option which is simply good. When i want to increase the amount, i can do it on a monthly basis. The interest rate is less which is 1%. I have selected the lockin period of 3 years and overall satisfied.
    Was this review helpful? 9
    , mumbai
    Reviewed on Nov 12, 2019
  • HDFC Bank Recurring Deposit
    "Good One"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I have chosen the Recurring Deposit from HDFC because its more convenient. Its around Rs. 2000, i have invested every month and its automatically deducted from my account. There is no locking period. They are providing the interest rate of 6.8% to their customer.
    Was this review helpful? 4
    , hyderabad
    Reviewed on Nov 12, 2019
  • HDFC Bank Recurring Deposit
    "Improvement needed on their application"
    HDFC BANK
    0.5 3.5/5 "Pretty good"
    I am very new to HDFC BANK interms of Recurring deposit and its been a first time around 2 to 3months. The helpline number is 24/7 but I did not get response on time. It was a toll free number. The interest rate is nominal. There is no locking period and the application is user friendly but it should be better when compared to ICICI.
    Was this review helpful? 6
    , nasik
    Reviewed on Oct 15, 2019
  • ICICI Bank Recurring Deposit
    "It could be better interms of percentage"
    ICICI BANK
    0.5 4.0/5 "Great!"
    I have started my recurring deposit in ICICI BANK because it was my salary account. I could manage this account online. It would be great, if they could provide connectivity to reach the customer care easily. The interest rate is around 6-7% which is similar like other banks.
    Was this review helpful? 7
    , nasik
    Reviewed on Oct 15, 2019
  • HDFC Bank Recurring Deposit
    "Easy to apply"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I was paying the RD of Rs. 2000 and i started paying the first month amount by last month. In net banking, there is no option to pay my RD. I have chosen HDFC because I'm the account holder of the same account. There is a lockin period of 6 months and at the end of six month it will get converted into fixed deposit. Interest rate is too low.
    Was this review helpful? 7
    , hyderabad
    Reviewed on Oct 10, 2019
  • review Recurring Deposit
    "It's better"
    STANDARD CHARTERED BANK
    0.5 3.0/5 "Satisfactory"
    With Standard Chartered Bank, am having a recurring deposit because they are providing 7% interest rate. I would suggest them to improve the service. Its been more than 1.5years. They have provided me online access to manage the account. I was doing 3K monthly and have chosen tenure of 1year.
    Was this review helpful? 4
    , bangalore
    Reviewed on Oct 10, 2019
  • Kotak Recurring Deposit
    "Need improvement on customer support"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I am not getting any calls from Kotak to suggest the investment products but whenever my salary credits I used to invest the money with their recurring deposit, monthly I used to invest Rs.1000 and above . I won't recommend this RD for non customers.
    Was this review helpful? 6
    , bangalore
    Reviewed on Sep 14, 2019
  • HDFC Bank Recurring Deposit
    "Good bank for future"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    HDFC gave me very good interest for my recurring deposit, every month I used to invest Rs.3000 for 6 months, finally I about to get Rs.18,000 without interest as per my RD, the bank gave me Rs. 18594 its really good, the online banking is very convenient.
    Was this review helpful? 11
    , bangalore
    Reviewed on Sep 14, 2019
  • HDFC Bank Recurring Deposit
    "Good Investment"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I have a recurring deposit from HDFC. I have a salary account in HDFC hence i have chosen the same bank. I have been investing the money of Rs. 1000 every month and they are providing a interest rate of 7%. Once my salary is credited, my RD amount will automatically deducted from my account. There is a lockin period of 2 years.
    Was this review helpful? 10
    , bangalore
    Reviewed on Sep 14, 2019
  • Kotak Recurring Deposit
    "Good investment for the future"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    I had a Recurring deposit for one year with Kotak Mahindra, through netbanking I invested Rs.500 on monthly basis they gave around 7.5% of interest for the total amount. Now I withdrawn the benefits even there is no charges for pre matured as well. The online site is very convenient to invest the money.
    Was this review helpful? 7
    , chennai
    Reviewed on Sep 14, 2019
  • HDFC Bank Recurring Deposit
    "Can do better on the interest"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    Recently I opened HDFC recurring deposit, the interest rate is lesser around 7.25% fpr per annum, every month I activated ecs for Rs. 2000 it has the term of 18 months. There is no pre matured charges to take the liquidity. The online banking is convenient to check the RD transactions as well.
    Was this review helpful? 6
    , bangalore
    Reviewed on Sep 05, 2019
  • HDFC Bank Recurring Deposit
    "Really useful for the people for savings purpose."
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    HDFC People has provided me a RD account when i opened my salary account hence every month Rs. 1000 has been deducted from my account. I get a quick response from HDFC. Their interest rate is quite good. There is no additional charges and there is a lockin period of 18 months.
    Was this review helpful? 7
    , indore
    Reviewed on Sep 01, 2019
  • ICICI Bank Recurring Deposit
    "Best Investment"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have been investing the money through recurring deposit. Since i have a salary account from ICICI, i have chosen the RD with them. I am investing Rs. 2000 every month and the rate of interest is 7.9% which is fine for me. Once the salary is credited to my amount, by next second automatically the amount is deducted from my account.
    Was this review helpful? 5
    , bangalore
    Reviewed on Aug 31, 2019
  • HDFC Bank Recurring Deposit
    "Good Savings scheme"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I have a basic recurring deposit in HDFC. In HDFC, they themselves deducting the money of Rs. 1000 every month for a recurring deposit. The interest rates are good which is more than 7%. There is no additional charges. There is no lockin period and i can canceled it any time. The time which i have chosen for 27 months.
    Was this review helpful? 8
    , chennai
    Reviewed on Aug 26, 2019
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