• What Happens If You Miss to Pay the Recurring Deposit Due on Time?

    Recurring Deposit is very popular investment scheme in India because of the guaranteed returns that it offers. It is always better to stay informed about all the terms and conditions associated with an investment scheme to be able to reap full benefits. When it comes to Recurring Deposit schemes, paying the deposit amount on time is very important. Read on to find more about what happens if you miss paying your recurring deposit on time and how to avoid such penalties.

    What is a Recurring Deposit Due?

    In a Recurring Deposit scheme, the customer will have to deposit fixed amounts every month into the account over a predefined period of time. The amount that has to be deposited every month is known as due.

    If a customer has opted for a RD scheme where he has to deposit Rs. 5000 every month for a period of one year, Rs. 5000 becomes the due amount. The customer will have to deposit the due amount every month to the Recurring Deposit account by a variety of means like cash, standing instructions or local cheque. Instalments for a month must be credited to the Recurring Deposit Account on or before the last working day of that particular month.

    What Happens If You Miss the Recurring Deposit Due for a Particular Month?

    • If by chance, you forget to pay the Recurring Deposit due for a month, you bank might charge a penalty. Read the terms and conditions for your RD scheme carefully to know the penalty for non-payment of monthly due.
    • If the customer does not pay the deposit amount for consecutive months, his RD account will be permanently deactivated or closed until he pays the outstanding amount. This time period varies from 3 months to 5 months depending on the bank.
    • However, if your Recurring Deposit scheme is flexible, you can choose not to pay the deposit amount for a month and you will not be charged any penalty.

    How to Avoid the Penalty for Non Payment of Recurring Deposit Due?

    • If your problem is that you forget to make payments for RD, set up a standing instruction facility where the amount will be automatically debited from your account and transferred to Recurring Deposit account.
    • In case you don’t have sufficient funds to pay for your Recurring Deposit Due every month, try saving some money till you pay or lower the RD deposit amount for good.
    • You can also opt for a flexible Recurring Deposit scheme where you will not be penalized if you do not pay the due for a month or two.
    • Check the blueprint for the penalty that you will incur if you do not make a deposit for a month. Opt for a Recurring Deposit scheme that comes with the lowest penalty rate.
    Recurring Deposit - Sitemap

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    Customer Reviews

  • Page 1 of 50 1 2 3 4 5
    • Bank Bazaar Personal Loan
      "Best service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have been using BANK BAZAAR for while.I've applied for a personal loan via Bank Bazaar. It was good experience, the customer support was also good. Bank Bazaar is a convenient platform to compare and choose various financial products online. So far it has been good experience with their services.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Dec 10, 2018
    • HDFC Bank Personal Loan
      "Good service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC BANK , Application process documentation was easy. I got the loan amount with in two days. The rate of interest is very nominal compare to other and tenure period is 1 year. They charge processing fee and it is also nominal .
      Was this review helpful? 2
      , bhubaneshwar
      Reviewed on Dec 10, 2018
    • Bank Bazaar Personal Loan
      "Easy Way to Take Loan"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      First time I used Bank Bazaar to take personal loan through online I posted the request then I got a response and they connected with the bank. The mobile app is easy and good. The customer service executive have good responded well on my request.
      Was this review helpful? 0
      , gaya
      Reviewed on Dec 10, 2018
    • ICICI Bank Personal Loan
      "Good Experience with ICICI"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      My ICICI loan amount is less, the interest rate is higher compared to other banks. They have taken 1% of processing free from the loan amt, the customer services is good, documents process also went well they taken 20 days to sanction the loan.
      Was this review helpful? 0
      , gaya
      Reviewed on Dec 10, 2018
    • Standard Chartered Bank Personal Loan
      "Good credit card"
      STANDARD CHARTERED BANK
      0.5 4.0/5 "Great!"
      I can easily convert the purchasing amount into emi options through online, I am holding life time free credit ca rd, the limit of the card is fine, the accessibility is good and easy to use across the India. The customer support will give reminder call before the due date.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 10, 2018
    • Bank Bazaar Personal Loan
      "Good Service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      With Bank Bazaar i had a good experience. I was happy with the way i was handled and the customer care executive was well informative and polite on the call. Things were taken care and my application was processed on time. Bank bazaar does things in proper procedure and i would say it is the best place to hang on for deals.
      Was this review helpful? 0
      , muzaffarpur
      Reviewed on Dec 10, 2018
    • Citibank Credit Card
      " Good card for fuel filling"
      CITIBANK
      0.5 4.0/5 "Great!"
      I prefer CITI because I am holding this card almost 14 to 15 years, they gave me the best credit limit and the offers are good. I used to get the turbo points for the fuel filling because my card is Indian oil card, there is some annual fee but is fine for me.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 10, 2018
    • ICICI Bank Personal Loan
      "Good In Service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with ICICI Bank and i am happy that my application got processed with ease and on time but the expected amount was not approved. I was looking for 4 laks and only 1.5 laks was approved. This is my first time with ICICI .
      Was this review helpful? 1
      , muzaffarpur
      Reviewed on Dec 10, 2018
    • Standard Chartered Bank Personal Loan
      "Its Excellent"
      STANDARD CHARTERED BANK
      0.5 5.0/5 "Blown Away!"
      I am an existing customer, they gave me the interest rate around 12% its very fine for me, they gave me flexible tenure period, the process was convenient within 2 to 3 days they have sanctioned the amount, they have part and pre closure options.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 10, 2018
    • Bank Bazaar Personal Loan
      "Satisfactory "
      TATA CAPITAL LIMITED
      0.5 4.0/5 "Great!"
      I am able to check the online status its cool about the personal loan offers, I am using mobile application its convenient, the customer support people responded well on my queries. When I placed the request for loan they have helped me on the process.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 10, 2018
    • Tata capital Personal Loan
      "Process should be improved"
      TATA CAPITAL LIMITED
      0.5 3.0/5 "Satisfactory"
      My loan got approved long back they almost taken 3 months after several followed up they have disbursed the amount, I have raised many complain regarding the loan disbursement. There was no response, they need to work on processing and customer support.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 10, 2018
    • Canara Bank Saving Account
      "Need scope of improvement"
      CANARA BANK
      0.5 3.0/5 "Satisfactory"
      When ever I request for any services in Canara Bank they wont process it, when I approved them for the durable loan there was no response from their end. Any way I used to maintain the minimum balance amt of Rs. 1000, hence they gave me unlimited cash withdrawal transactions.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 10, 2018
    • review Other Loan
      " Good for durable product"
      CAPITAL FIRST
      0.5 5.0/5 "Blown Away!"
      I have purchased washing machine, air conditioner, when I went to the shop the dealer coordinated with Capital first and approved the durable loan. Its zero interest rate, the response is quick, autonomously they deducted the amount from my account on monthly basis.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 10, 2018
    • Bank Bazaar Personal Loan
      "Satisfactory Website"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I just post the request for the personal loan I got immediate call, the representative called and gave me the updates, they have connected with the bank for the loan process, they have coordinated well. In fact the website is easy to use and access.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 10, 2018
    • SBI Saving Account
      "Very Good Service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I am using this Savings account for the last five years and i am happy with the services which they had been providing so far. The customer support and their staffs of them has also been responsive and was helpful at times. There has not been any sort of additional charges they made for any of their services.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 10, 2018
    • ICICI Bank Personal Loan
      "Interest rate should be best"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Other bank is providing 10.99% of interest on the personal loan but ICICI gave me around 16% its huge when I compared with them. ICICI taken some processing fee, the loan experience was good, the executive came to my place and they completed the process.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 10, 2018
    • ICICI Bank Saving Account
      "Very Good Service"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I am using this Savings account for more than five years and the services which they had been providing so far has been good. Their customer support and their staffs had also been good and there has not been any hassle faced with their banking services. There has not been any sort of additional charges made by them so far.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 10, 2018
    • Axis Bank Personal Loan
      "Not satisfied with the service"
      AXIS BANK
      0.5 1.0/5 "Really Bad"
      The experience with this loan has not been good, and it has been taken a long time back where it is going to be closed soon. The loan amount which they had provided has been sufficient but the interest rate with them has been high. Their customer support response has not been good as well.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 10, 2018
    • Bank Bazaar Personal Loan
      "Excellent Service"
      EARLYSALARY
      0.5 5.0/5 "Blown Away!"
      It was a good experience with the services of Bank Bazaar where i am using it for the last six months. I am happy with the services and i am thankful, i had recently started using the services of them and i had been using their mobile application which has been convenient in using.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 10, 2018
    • Early Salary Personal Loan
      "Very Good Service"
      EARLYSALARY
      0.5 4.0/5 "Great!"
      I had chosen to go with them since the process with them was quick and there has been quick reviews about them. They had taken care well and the response was quick. The loan amount was sufficient and the interest rate was reasonable but if it was reduced it would have been good.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Dec 10, 2018
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    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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