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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 Home Loan
      "Good"
      HDFC LIMITED
      0.5 5.0/5 "Blown Away!"
      The experience i had with the BANK BAZAAR was simply great . The customer service from the bank bazaar was done in a amazing manner and they contacted in a proper time as i wanted . they explained me everything in detail and also cleared all all my queries proper manner . The website of bank bazaar was very user friendly for the first time user .
      Was this review helpful? 0
      , surat
      Reviewed on Sep 20, 2017
    • HDFC Limited Home Loan
      "Good one"
      HDFC LIMITED
      0.5 5.0/5 "Blown Away!"
      It was a real super service i received from the HDFC LTD for my home loan process . They reached me on time and gave me all the required details for the home loan process . It offered me rate of interest of 8.35% and even the processing me was kind of minimal , over all i loved the process . There was some personal issues so only was not able to opt for the loan .
      Was this review helpful? 0
      , surat
      Reviewed on Sep 20, 2017
    • Dena Bank Home Loan
      "It Was Good"
      DENA BANK
      0.5 4.5/5 "Excellent!"
      The service which i received from DENA BANK for my home loan process of mine was good . i received calls from the bank executive and they delivered the information in detailed matter. the kept the loan process on hold due to some personal reason that i am facing within 3 months i will be opting for the same process .
      Was this review helpful? 0
      , pune
      Reviewed on Sep 20, 2017
    • HDFC Limited Home Loan
      "Good"
      HDFC LIMITED
      0.5 5.0/5 "Blown Away!"
      It was a real great service which i received from the HDFC LTD for my home loan process . The institution was very good in their services and the point of contact from the institution site everything was really great and that was the only reason i couldn't opt for the loan was the property i had selected can't be approved by them because it doesn't fall in the city limits so only and rest everything was good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 20, 2017
    • Bank Bazaar Personal Loan
      "Good"
      FULLERTON
      0.5 3.0/5 "Satisfactory"
      My experience was up to the mark with Bank bazaar. Its a good platform for all financial products because the process is very easy and hassle free . I felt that they have delayed in between for verifying documents other than that their website was excellent with many good options and easy to navigate. The options like Credit score and EMI calculator is very much helpful.
      Was this review helpful? 0
      , ranchi
      Reviewed on Sep 20, 2017
    • HDFC Bank Saving Account
      "Good account to use"
      HDFC BANK
      0.5 4.0/5 "Great!"
      The HDFC banking service is very good . The customer service is very good with HDFC bank. The rate of interest is nominal with HDFC bank. I use the HDFC bank savings account fro more than 10years. They have offered me a personal loan based on the savings account. I am happy with banking with HDFC bank.
      Was this review helpful? 0
      , imphal
      Reviewed on Sep 20, 2017
    • ICICI Bank Saving Account
      "Very good bank"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have a savings account with ICICI bank for more than 5months ,I have opened this account to avail a personal from ICICI bank. The customer service is good with ICICI bank. The net banking is easy to use and user friendly with ICICI bank, The rate of interest is nominal with ICICI bank.
      Was this review helpful? 0
      , imphal
      Reviewed on Sep 20, 2017
    • Bank Bazaar Home Loan
      "Easy to Navigate"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      Bank Bazaar is giving good service, they have contacted me and connected with the bank on time. They helped to find beneficial product its all good. Meanwhile I would like to suggest Bank Bazaar should improve the post process and they should provide value added service.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 20, 2017
    • Axis Bank Saving Account
      "Excellent account to use"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      Axis banking service is excellent, but whenever we try getting something from their bank it is difficult to get. The customer service is good with Axis bank. The net banking is very easy to use with Axis bank. The rate of interest is nominal with Axis bank. I am satisfied banking with Axis bank
      Was this review helpful? 0
      , imphal
      Reviewed on Sep 20, 2017
    • HDFC Bank Personal Loan
      "Not satisfied"
      HDFC BANK
      0.5 2.5/5 "Just OK"
      I have taken my personal loan with HDFC bank. Their rate of interest was 17,5% which is very high when compared to other banks. I have taken of just 2 lakhs and I am looking for another 4 lakhs for which they have asked me to apply after 4 months. They must improve their customer service and responsiveness, also they have to respond to me properly.
      Was this review helpful? 0
      , ranchi
      Reviewed on Sep 20, 2017
    • SBI Home Loan
      "Its Average"
      STATE BANK OF INDIA
      0.5 2.0/5 "Expected more"
      SBI really not done a good job, they assigned a person in pune, but they didn't give genuine information and their service is not upto the mark. But interm of interest rate, whatever I expected I got same rate but charges was high even they have taken for mortgage too.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 20, 2017
    • Citibank Personal Loan
      "Good service"
      CITIBANK
      0.5 3.0/5 "Satisfactory"
      I have applied for a personal loan application with Citibank. And later i did not had any requirement for the personal loan and i cancelled the application from my end. I did not had any conversation with the CITI bank team regarding the loan application.
      Was this review helpful? 0
      , greater noida
      Reviewed on Sep 20, 2017
    • review Saving Account
      "Excellent account to use"
      BANK OF BARODA
      0.5 5.0/5 "Blown Away!"
      Maintaining the Bank of Baroda savings account for around 7 years, the customer service is good with Bank Of Baroda. The way they give response to the customer is good. The rate of interest is nominal with BOB. The net banking is easy to use and customer friendly. They have very good mobile application.
      Was this review helpful? 0
      , imphal
      Reviewed on Sep 20, 2017
    • SBI Cards Credit Card
      "Better card to use"
      SBI CARDS
      0.5 5.0/5 "Blown Away!"
      I got a Air India SBI platinum credit card for past 5years. The customer service is good with State Bank of India credit card department. The rate of interest is nominal with the SBI Air India card. I am happy with the credit limit. I pay the annual fee of Rs.1500
      Was this review helpful? 0
      , imphal
      Reviewed on Sep 20, 2017
    • SBI Home Loan
      "Good service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have got the Housing loan from SBI around 5years ago. They have taken around 10 days to disburse my loan amount., The required loan amount has been given and I am satisfied with it. This loan has the tenure of 15 years. The fore closure and the part payments options are available with the SBI housing loan.
      Was this review helpful? 0
      , imphal
      Reviewed on Sep 20, 2017
    • SBI Saving Account
      "Good account to use"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I am maintaining the salaried account with SBI for than 25 years, I would say I am an existing customer to SBI. The net banking and the mobile application is easy to use and user friendly. The customer service is good with SBI. They have offered me a personal loan, credit card and a housing loan, based on salaried account.
      Was this review helpful? 0
      , imphal
      Reviewed on Sep 20, 2017
    • SBI Personal Loan
      "Best service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I am a customer of State Bank of India, so they have approved my personal loan within 3days of time. The required loan amount has been disbursed by State Bank. The rate of interest is nominal with SBI . I am happy with the SBI personal loan services.
      Was this review helpful? 0
      , imphal
      Reviewed on Sep 20, 2017
    • Bank Bazaar Personal Loan
      "Good"
      FULLERTON
      0.5 4.0/5 "Great!"
      My experience with Bank bazaar was really amazing because their representative helped me a lot for the process and I have discussed and enquired a lot . Their customer service was very supportive and the responses was immediate. I use their EMI calculator and check my credit score on Bank bazaar's website which is very useful
      Was this review helpful? 0
      , pune
      Reviewed on Sep 20, 2017
    • Bank Bazaar Personal Loan
      "Good service"
      ICICI BANK
      0.5 3.5/5 "Pretty good"
      I got the call immediately after I have applied for the personal loan in bank bazaar website., The customer service was really good in their response because I got the immediate response in regards to my personal loan application. The website of bank bazaar is easy to use and user friendly.
      Was this review helpful? 0
      , imphal
      Reviewed on Sep 20, 2017
    • ICICI Bank Personal Loan
      "Average service"
      ICICI BANK
      0.5 3.0/5 "Satisfactory"
      The ICICI executive told that my credit score is low to proceed with my personal loan application , so that was the reason I haven't got the loan with ICICI bank., The rate of interest is nominal with ICICI bank. The customer service gave good response from ICICI bank.
      Was this review helpful? 0
      , imphal
      Reviewed on Sep 20, 2017
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