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  • 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

    Customer Reviews

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    • review Saving Account
      "Good"
      HSBC BANK
      0.5 3.0/5 "Satisfactory"
      My salary account was maintained with HSBC Bank for 7 years. Face to face banking experience is really good with HSBC Bank. They don't have option for IMPS transfer on online banking. Whenever I login the net banking, it ask for OTP due to security purpose which is unnecessary and not required.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2018
    • HDFC Bank Two Wheeler Loan
      "Need to reduce charges"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      I had taken a Two wheeler loan with HDFC bank.The loan amount is 70,000 i had closed the loan long back.The EMI is paid through online.I would not recoothe service as they have too many charges on my account and they don't give proper response to the customers.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2018
    • Standard Chartered Bank Personal Loan
      "Average"
      STANDARD CHARTERED BANK
      0.5 3.0/5 "Satisfactory"
      I had applied for a personal loan with Standard Chartered Bank through online. I had to followup a lot and they took long time to disburse my loan. The customer service was not up to the mark. The documents are collected by the executive at doorstep. The part payment and pre closure option is average. There is a penalty for pre closing. Part payment I cannot more than 25% in the first year.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2018
    • Liberty Videocon Two Wheeler Insurance
      "Good policy"
      LIBERTY VIDEOCON GENERAL INSURANCE
      0.5 4.0/5 "Great!"
      I have taken Two Wheeler Insurance with Liberty Videocon Insurance.I have it for last year.I pay a premium of 1500 in year.The payment is done through online.I get a good policy coverage amount of 50k.The customer service respond on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2018
    • review Other Loan
      "Good service"
      PAYTM PAYMENTS BANK LTD
      0.5 4.0/5 "Great!"
      I use Paytm for quite a few years,most of time i use paytm for ordering food online at restaurants,to book tickets and also for booking movie tickets,recharges and electricity bills.The website is easy to understand and navigate and never faced technical issues.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2018
    • HDFC Bank Credit Card
      "Good card to use"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have taken HDFC bank credit card they had offered a limit of 60,000.I have been holding this card for last three years now they have increased to 97,000.I need pay an annual fees to hold this card.Net banking is user friendly.I get best offers.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2018
    • Bank Bazaar Credit Card
      "Good service"
      HSBC BANK
      0.5 4.0/5 "Great!"
      The website is very useful to choose right products with aright bank.The credit card is dispatched on time through bank bazaar.The executives give prompt response to the customers.I ma overall satisfied with the service of the team.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2018
    • HSBC Bank Credit Card
      "Good service"
      HSBC BANK
      0.5 5.0/5 "Blown Away!"
      I have taken a credit card with HSBC.The limit is 97,000.The card is applicable for an annual fees.I got many offers but i have v not availed those offers.They had processed the card within a week post submitting documents.Net banking is user friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2018
    • Standard Chartered Bank Personal Loan
      "Excellent"
      STANDARD CHARTERED BANK
      0.5 5.0/5 "Blown Away!"
      I had applied my personal loan through online channel. I hold a salary account with Standard Chartered Bank. It was an excellent experience on my personal loan. The rate of interest was good and they offered around 13%. I am completely happy with the bank service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 20, 2018
    • ICICI Lombard Car Insurance
      "Good insurance"
      ICICI LOMBARD GENERAL INSURANCE
      0.5 4.0/5 "Great!"
      I hold a car insurance with ICICI Lombard for one year. This insurance was suggested by the dealer. The customer service was okay not very good. There was no claim experience till now. I paid for bumper to bumper service. The IDV value is 3.5L which was good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 20, 2018
    • HDFC Bank Car Loan
      "Satisfactory"
      HDFC BANK
      0.5 4.0/5 "Great!"
      My car loan was taken with HDFC Bank before 3.5 years. The interest rate was normal. I have purchased Grand i10. I took 5L and the duration period is 5 years. I have to pay monthly premium as 10,772 rupees through ECS. The services are good on my car loan.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 20, 2018
    • HDFC Bank Credit Card
      "Credit limit has to be increased"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      HDFC has offered me a Platinum credit card. I am using this card for more than 5 years. I am not satisfied with the credit limit, I was expecting more than 3.5L. They don't charge annual fee. I have been using the card for online shopping, petrol and etc.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 20, 2018
    • SBI Saving Account
      "Good"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have a joint account with State Bank of India for past 3 years. It was accessed by me and my wife. I tried calling the customer service and no need to waiter on the queue. The response was proper. I had to maintain a minimum balance of Rs.2500 for every month.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 20, 2018
    • HDFC Bank Saving Account
      "Good account"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      I have a salary account with the HDFC Bank. I am using this account for more than 12 years. The customer service and response was average. I have taken a loan with them and the interest rate was average. It is a zero balance account. ATM services are good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 20, 2018
    • Bank Bazaar Personal Loan
      "Better"
      STANDARD CHARTERED BANK
      0.5 5.0/5 "Blown Away!"
      Everything was good with bankbazaar.com. The customer service and response was satisfactory. They process my application on time to the bank which was helpful to get a personal loan. The online portal is easy to access and good. Its recommendable to others.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 20, 2018
    • Standard Chartered Bank Personal Loan
      "Beter"
      STANDARD CHARTERED BANK
      0.5 5.0/5 "Blown Away!"
      I had a nice experience with Standard Chartered Bank. But I haven't received the loan papers yet. They offered normal interest rate and there is no processing fee. The documents are collected by the executive. They disbursed the loan on the promised date.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 20, 2018
    • Bank Bazaar Credit Card
      "Good service"
      INDUSIND BANK LTD
      0.5 4.0/5 "Great!"
      I have contacted bank bazaar for my credit card request.I have been using the website for last few months.They had immediately responded and they have suggested a good bank in the market.The options on the Website is very useful to operate, and its user friendly.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 20, 2018
    • IndusInd Bank Credit Card
      "Good card to use "
      INDUSIND BANK LTD
      0.5 4.0/5 "Great!"
      I have taken a credit card with Indusind bank.The limit on the card is 35,000.I am not happy with the limit as i am looking for a better limit.The service is good and the process was simple with Indusind.I pay my card bills through online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 20, 2018
    • SBI Car Loan
      "Best service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have taken a Car loan with State bank of India.The loan amount is seven lakhs,rate of interest is nominal as compared to others.They had deducted minimum amount of processing fees.I pay my EMI through an ECS payment.The loan process is simple with SBI.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 20, 2018
    • ICICI Bank Saving Account
      "Good service"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I have opened a salaried account with ICICI bank.I have been banking with them for last seven years.I get good response from the customers.I use mobile App and i feel its a best bank to be with.I have enough ATM's located in my place.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 20, 2018
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