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

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.

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.

Customer Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Bank Credit Card
    "Good in all"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    HDFC Bank has offered me a credit card and the customer services are good. They also provide me with good offers and a very good credit limit. It is a smooth process while using the card, I never faced any hassles in the overall process till date.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 22, 2019
  • HDFC Bank Saving Account
    "Excellent and customer friendly"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I am using HDFC salary account and am very much happy. They are good in interest rate and have been using the service for past 6 years. There was no hidden charges. The online interface is very easy to operate. ATM networks are good. The daily withdrawal limit was quite sufficient.
    Was this review helpful? 0
    , thane
    Reviewed on Mar 22, 2019
  • Citibank Credit Card
    "Experience is good"
    CITIBANK
    0.5 5.0/5 "Blown Away!"
    Citibank has been overall good in the customer services. The online banking is good and the credit card offers are also good. The statements are also good and the billing is also in a timely manner. The credit limit is also fine and there are no charges taken for the card.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 22, 2019
  • Bank Bazaar Personal Loan
    "Its easy to compare"
    INDUSIND BANK LTD
    0.5 4.0/5 "Great!"
    The customer service and response was good. I am using the bankbazaar.com to check the interest rate and eligibility for more than year but recently gone for the personal loan. I am using the website and the procedure is simple. The process is very simple compared to the banks.
    Was this review helpful? 0
    , thane
    Reviewed on Mar 22, 2019
  • IndusInd Bank Personal Loan
    "Average"
    INDUSIND BANK LTD
    0.5 4.0/5 "Great!"
    I have taken my personal loan from Indusind Bank Ltd. The interest rate is 10.55% after taking the loan, I have compared in the market and found lower rate than this. They did not charge me a processing fee. The loan duration is 5 years. The documentation process was easy but disbursement takes longer than committed time.
    Was this review helpful? 0
    , thane
    Reviewed on Mar 22, 2019
  • Punjab National Bank Saving Account
    "Average Service"
    PUNJAB NATIONAL BANK
    0.5 2.5/5 "Just OK"
    I am using this Punjab National Bank salary acccount for the past 2years .I will get message once i do any transaction .I have not yet faced any issue .Punjab national bank is giving average service .I have not faced any difficulties till now .Each and every transaction i will get message from Punjab National Bank .The Overall Service is Good .
    Was this review helpful? 0
    , noida
    Reviewed on Mar 22, 2019
  • SBI Saving Account
    "Easy to bank with"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    My savings account is with State Bank of India. The customer services are good and they are responsive as well. The online banking is also good and it is easy to understand and complete my transactions. There are no charges for the transactions I do.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 22, 2019
  • Bank Bazaar Personal Loan
    "Experience is good"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    Bankbazaar is good and the best is the process was online. I could complete my request and check the various offers. The customer support and response is good and on time as well. They were very fast and cooperative. The whole process was good.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 22, 2019
  • review Other Loan
    "Average Service"
    PAYTM PAYMENTS BANK LTD
    0.5 3.5/5 "Pretty good"
    I am using this paytm service for recharge and shopping only .This service is too fast.If have some network issues then transaction will be done very slow .Even i have used for money transfer as well .Whenever do any transaction will get message related to that particular transaction.This service is good for shopping and recharge according to me .The Overall Service is Good as well .
    Was this review helpful? 0
    , noida
    Reviewed on Mar 22, 2019
  • IndusInd Bank Personal Loan
    "Satisfactory"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    It was a good process with Indusind Bank for the personal loan. They have contacted me on time and collected the paper work too. It was a on time process and as needed. The rate of interest is around 12% and the processing charges was zero. The loan provided was also as needed.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 22, 2019
  • Bajaj Finserv Personal Loan
    "Need To Reduce Rate of Interest "
    BAJAJ FINSERV
    0.5 3.5/5 "Pretty good"
    In Bajaj fin serve , I got my personal loan in 1 week of time after applying it . Customer executive guided me to submit the documents in on-line for the verification . I am not got the satisfied loan amount and Interest rate also very high comparing with other banks .
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 22, 2019
  • review Other Loan
    "Need to reduce the charges"
    PAYTM PAYMENTS BANK LTD
    0.5 4.5/5 "Excellent!"
    My experience is good with PAYTM and am using the app for past 3 years. Its good for recharges and all purpose. I have not contacted the customer support. They are charging 2% for valet to bank transfer which is not reasonable. The app is easy to use.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 22, 2019
  • ICICI Bank Credit Card
    "Average"
    ICICI BANK
    0.5 3.5/5 "Pretty good"
    I have been using ICICI Platinum card for more than 1.5 years. The credit limit is low which they need to increase. IVR takes longer time for the connectivity also they need to improve the service. There is no annual charge for this credit card.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 22, 2019
  • Citibank Saving Account
    "Friendly Bank"
    CITIBANK
    0.5 5.0/5 "Blown Away!"
    In pune only one branch located in CITI bank, but there I don't want to wait much for any queries though they have less branches. The bank staffs are very friendly they resolve the queries on time. They are providing good interest for the deposits.
    Was this review helpful? 0
    , pune
    Reviewed on Mar 22, 2019
  • Bank Bazaar Personal Loan
    "Good"
    EARLYSALARY
    0.5 4.0/5 "Great!"
    This is the first time, I have approached bankbazaar.com for personal loan. It was known through Google search. I am happy with the service. I have filled my details on the website and there was no difficulties. It was easy to check the credit score.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 22, 2019
  • Axis Bank Saving Account
    "Nice experience"
    AXIS BANK
    0.5 5.0/5 "Blown Away!"
    I bank with Axis Bank for savings account. I have no issues in banking with them. There are no charges taken for the transactions but there was a charge taken for the signature verification when I had applied for a loan from another bank. They have a lot of cash deposit machines.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 22, 2019
  • Early Salary Personal Loan
    "Good"
    EARLYSALARY
    0.5 5.0/5 "Blown Away!"
    I have applied my loan in Early Salary through online. The loan amount was not sufficient, actually I requested for 60K and got around 25K. The charges are reasonable, I don't remember the processing fee. I have converted into 3 EMI's. Their executive came for document collection.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 22, 2019
  • RBL Bank Credit Card
    "Good card for the withdrawal"
    RATNAKAR BANK
    0.5 5.0/5 "Blown Away!"
    From RBL I have et money card it gives the flexibility of taking the cash without any interest. I can withdraw the maximum of 100%, the credit limit is also satisfactory with RBL card. One month back I got the card, the due date is convenient for me.
    Was this review helpful? 0
    , pune
    Reviewed on Mar 22, 2019
  • HDFC Bank Credit Card
    "Recommendable Card"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I get 10x points from HDFC card based on the spends, In fact the cash back is also excellent. The customer support is good for the credit card queries, but there is a long queue to connect with the executive. They don't have direct contact no, first I need to verify my details in IVR, then again the executive verify it, therefore the process should be simple.
    Was this review helpful? 0
    , pune
    Reviewed on Mar 22, 2019
  • Bank Bazaar Personal Loan
    "Overall good"
    TATA CAPITAL LIMITED
    0.5 5.0/5 "Blown Away!"
    My experience is with Bankbazaar and there are no hassles in the process. The customer support is good and they are responsive. The website is also good and it is easy to use and it is informative. There were follow up calls also. In all no issues.
    Was this review helpful? 1
    , chennai
    Reviewed on Mar 22, 2019
Common Loader Icon
Page 1 of 50 1 2 3 4 5

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.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.