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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

  • Page 1 of 50 1 2 3 4 5
    • Bank Bazaar Personal Loan
      "Excellent"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Bankbazaar has done a good job for me by contacting me on time and they also processed the details of the customer to the bank on time. There were follow up calls from time to time. The website is good and very much helpful because I could get a view of all the banks.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 22, 2017
    • HDFC Bank Credit Card
      "Communication is a little slow"
      HDFC BANK
      0.5 4.5/5 "Excellent!"
      I got a Credit Card from this Bank on the basis of my prior relationship with them. They gave me good Credit Limit and the online repayment options is pretty good. The only thing that I feel lagging is their communication, they are slow in regards to intimidating the customers on the date of paying the dues.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 22, 2017
    • HDFC Limited Home Loan
      "Good institution"
      HDFC LIMITED
      0.5 4.0/5 "Great!"
      I have taken a home loan with HDFC LIMITED. The rate of interest is 8.35 percentage. It was an easy documentation process. Its just taken 4 days for the approval of my loan amount. The fees and charges comes around 11 to 12 thousand. Its a good institution.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 22, 2017
    • ICICI Bank Credit Card
      "IVR should be improved"
      ICICI BANK
      0.5 3.0/5 "Satisfactory"
      I am not using ICICI credit card frequently because I cant use the card for the online shopping. Because my contact number was not updated. They don't have option to update the contact information through netbanking. I should visit the bank only. Even their phone banking is not upto the mark, IVR number is not reachable.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 22, 2017
    • ICICI Bank Personal Loan
      "Unhappy with the services. "
      ICICI BANK
      0.5 2.0/5 "Expected more"
      ICICI Bank has contacted me initially for the personal loan. They did not collect the documents and after which the bank has rejected the loan without giving me any reason for it. Not sure on the interest rate and processing charges. I am not happy with the is experience.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 22, 2017
    • review Saving Account
      "Good service"
      ORIENTAL BANK OF COMMERCE
      0.5 4.0/5 "Great!"
      I have opened a savings account with oriental bank of commerce.The bank service is good respond on time whenever i visit the branch,net banking is very convenient to use for fund transfer.No hidden charges in the account or technical issues faced so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 22, 2017
    • Bank Bazaar Personal Loan
      "Good website"
      CITIBANK
      0.5 4.0/5 "Great!"
      I recently used Bankbazaar for my Personal Loan usage and they were great with their communication. They called me up on regular interval and informed me the various options available to me. I was able to check my Credit Score using this website pretty easily.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 22, 2017
    • Citibank Personal Loan
      "Good Communication"
      CITIBANK
      0.5 4.0/5 "Great!"
      The communication put forth by Citibank in regards to my Personal Loan was good. They called me on regular interval and gave me good amount of informations. Their Rate of Interest of 12.99% is pretty good. They informed me the reason for not getting the Loan, which I was okay with. They are top notch Bank with good communication.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 22, 2017
    • Bank Bazaar Personal Loan
      "Good response"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I got the immediate response from bank bazaar team, after I have applied for the personal loan in bank bazaar website. I have used bank bazaar mobile application to apply for the personal loan .The customer support is prompt in their response part .
      Was this review helpful? 0
      , chittoor
      Reviewed on Nov 22, 2017
    • HDFC Bank Personal Loan
      "Need improvement"
      HDFC BANK
      0.5 1.0/5 "Really Bad"
      The HDFC bank executives promised me that they will send the executive to collect the documents but no came to collect the documents. The customer support is average with HDFC bank. They need to stick on their promises. The service need to be improved with HDFC bank.
      Was this review helpful? 0
      , chittoor
      Reviewed on Nov 22, 2017
    • ICICI Bank Saving Account
      "Good banking"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      For the past 7 years i am using this account with ICICI bank.Its my corporate account. I do have a relationship manager.Few charges are there for transactions. Both the application is good. Mobile banking is better. There are few discounts on debit card but i dont use them much.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 22, 2017
    • SBI Saving Account
      "Good service"
      STATE BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      I have been baking with state bank of India for quite along years..The service of branch is not up to the mark,they need to support customers and respond on time otherwise net banking is excellent to use.I should maintain minimum balance in my account.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 22, 2017
    • Bank Bazaar Credit Card
      "Good"
      AMERICAN EXPRESS BANKING CORPORATION
      0.5 3.0/5 "Satisfactory"
      I had a good experience with Bank bazaar. The customer service and responses was up to the mark. I have taken credit card via bank bazaar . The process was very hassle free and fast. The website is user friendly and easy to access. I have used credit score option which was very useful so i would like to recommend this site to my friends too.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 22, 2017
    • Bank Bazaar Personal Loan
      "Good service"
      HDFC BANK
      0.5 3.5/5 "Pretty good"
      My experience was quite good with bank bazaar. It is my first time I had used this site. Further I had also submitted the documents online. The mobile interface was quite easy to access and that is the best about this bankbazaar.com site... . .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 22, 2017
    • Bank Bazaar Credit Card
      "Good responce"
      HDFC BANK
      0.5 4.5/5 "Excellent!"
      Good responce Excellent service Happy applying online Very easy process....my personal experience with Bank Bazaar on my credit card is really good.. Never seen such a fast and excellent customer service were they guide through mails as well for customer satisfaction.. Good going bank Bazaar all the best and keep it up!!
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 22, 2017
    • HSBC Bank Credit Card
      "Not good"
      HSBC BANK
      0.5 4.0/5 "Great!"
      My credit card was taken with HSBC. Its was a lengthy process and for about 1-2 weeks I did not receive any notification that my application was rejected or accepted. The credit limit was 89,000. my overall experience was not good not bad and I would like to recommend this bank to others.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 22, 2017
    • Bank Bazaar Credit Card
      "Excellent"
      HSBC BANK
      0.5 4.5/5 "Excellent!"
      Bank bazaar is a good platform and I am very satisfied with the customer service and responses . The website is very easy to navigate and user friendly . The web portal accuracy and speed is good. I have got many offers and not faced any issue with the service . Overall service rendered by Bankbazaar.com is excellent.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 22, 2017
    • review Other Loan
      "Normal Demat Account"
      ICICI BANK
      0.5 4.0/5 "Great!"
      Having a Demat Account with ICICI isn't the most wisest thing one would do. The option in it's own way is a good one, but when you see other options in the market this Bank falls a little short. The charges applied is a little high end and requires a revision from the people.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 22, 2017
    • review Two Wheeler Loan
      "Got the Bike"
      BAJAJ AUTO FINANCE
      0.5 4.0/5 "Great!"
      It was almost 3 years back when getting a Pulsar 220 was top of my wish list, and this was done by Bajaj Finance. The whole loan got approved immediately and the rate of interest with them was also pretty normal. The EMI paying option was also pretty good with them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 22, 2017
    • review Other Loan
      "Quick Loan"
      HDB FINANCIAL SERVICES
      0.5 3.0/5 "Satisfactory"
      Getting XUV 500 was a dream for me and this was cordially helped by HDB Finance. The whole loan got approved instantly and they didn't require a huge amount of documents. I am paying an EMI of Rs.18000 per month. Personally believe both Interest rate and Charges for the loan is pretty high.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 22, 2017
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