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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 Customer Support
      "Good to use it"
      CITIBANK
      0.5 4.0/5 "Great!"
      I had a very good time with bank bazaar, I dont have any issues with bank bazaar, the process followed by bank bazaar was really good. I am very much happy with the service rendered by bankbazaar. I did not experience anything negative with them and there were no issues with them absolutely.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 18, 2017
    • Citibank Personal Loan
      "Its okay to get it"
      CITIBANK
      0.5 4.0/5 "Great!"
      I am happy with the loan which I got from CITI bank, but actually I am not happy with the rate of interest, when compared to other banks, the rate of interest offered by CITI bank is very much higher. All documentation process was completed at the right time and I got my loan in a few weeks of ti
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 18, 2017
    • HDFC Bank Personal Loan
      "Average service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      The loan from HDFC bank Interest rate was very high and the processing fee is high as well so that was the reason I haven't got the personal from HDCF bank . The customer service and the response was good with HDFC bank., It would be great if they can decrease the interest rate as well their processing fee.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 18, 2017
    • ICICI Bank Saving Account
      "Excellent when it comes to co operation"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I hold a salaried account with ICICI, no service tax if I use my ATM card any other bank ATMS even for one time, I have to pay service tax. Near my area there are only two ICICI ATMS as I have to walk for a long distance to go to ATMS apart from this I am very much happy holding this ICICI account.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Aug 18, 2017
    • HDFC Bank Saving Account
      "Average service"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      I have closed the HDFC bank savings account because of their additional charges. I have opened the HDFC bank savings account 2 years ago and recently I have closed due to their charges. The customer service is not up to the mark with HDFC bank , They need to improve a lot on their service.
      Was this review helpful? 0
      , vapi
      Reviewed on Aug 18, 2017
    • Axis Bank Credit Card
      "Excellent card to use"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      The Axis bank offers are very good in regards to my credit card, The customer service helps a lot to the customers. I am having My zone credit card for more than a year with Axis, the reward points cash back offers and other benefits are available with this card. I am satisfied with the My zone credit limit.
      Was this review helpful? 0
      , vapi
      Reviewed on Aug 18, 2017
    • LIC Housing Home Loan
      "Low responsibility "
      LIC HOUSING FINANCE
      0.5 3.0/5 "Satisfactory"
      From LIC, I had taken RS 23 lakhs as a home loan with a fixed rate 11.25%, LIC service initially was good and then they responded like GOVT staffs not like a corporate staff, the response from LIC staff was not good.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Aug 18, 2017
    • HDFC Bank Credit Card
      "Average card to use"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I am having the HDFC bank Money back card for more than a year. The customer service is not up to the mark with HDFC bank. The late fee and the charges are very bad with HDFC bank money back card. They need to improve on it. I am getting the reward points cash back offer with this money back card, I am satisfied with the credit limit,
      Was this review helpful? 0
      , vapi
      Reviewed on Aug 18, 2017
    • SBI Cards Credit Card
      "Good card to use"
      SBI CARDS
      0.5 4.0/5 "Great!"
      Having the SBI simply save card for past 3 years. The credit card service is very good with the SBI simply save card. I pay the annual fee of Rs,500. The reward points cash back offers and fuel surcharge waiver is available with this card. I am satisfied with the credit limit,.
      Was this review helpful? 0
      , vapi
      Reviewed on Aug 18, 2017
    • Bank Bazaar Customer Support
      "Well supportive "
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I had experienced an excellent customer service from bank bazaar, my credit score was very low so I was struggling to get a loan in the last five to six years. Bank bazaar helped me to get the right product at the right time. Customer service follow up was excellent and I was updated at every stage.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Aug 18, 2017
    • Axis Bank Saving Account
      "Very good service"
      AXIS BANK
      0.5 4.0/5 "Great!"
      Axis bank gives average service to the customers.I am holding the salaried account with axis bank for past 3 years. I use axis bank net banking which is easy to use and user friendly. I also use axis bank mobile application which is excellent to use.
      Was this review helpful? 0
      , vapi
      Reviewed on Aug 18, 2017
    • Bank Bazaar Customer Support
      "Excellent Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      Bank bazaar always gives very good service to the customers just with their calling support. The website of bank bazaar is easy to use and user friendly. The customer service of bank bazaar has given me a call in a hour time after giving my detail in their website. I am happy with the bank bazaar service.
      Was this review helpful? 0
      , vapi
      Reviewed on Aug 18, 2017
    • ICICI Bank Personal Loan
      "Good to handle"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Excellent customer service provided by ICICI bank as they responded me very well , some time back I applied for the loan. I got the loan amount in my hand within 15days, I am using this bank account for 2 years however, I am still unhappy with the rate of interest, fees and charges.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Aug 18, 2017
    • HDFC Bank Personal Loan
      "Good service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have received HDFC bank personal loan. The customer support was very good with HDFC bank. They have disbursed my personal loan with in 20 days of time. The rate of interest is high when compared with others. I am not satisfied with the loan amount because I have asked for 3lakhs but they have approved only for 2,20,000
      Was this review helpful? 0
      , vapi
      Reviewed on Aug 18, 2017
    • Citibank Credit Card
      "EXCELLENT"
      CITIBANK
      0.5 5.0/5 "Blown Away!"
      Citibank has offered excellent services. Till date, I have not faced any problems with this card anywhere. Even there is no problem with repayment since I have opted based on the salary account they have offered me this credit card and the limit is also over all good
      Was this review helpful? 0
      , pune
      Reviewed on Aug 18, 2017
    • Citibank Saving Account
      "EXCELLENT"
      CITIBANK
      0.5 5.0/5 "Blown Away!"
      As they are providing international banking services the normal service also is excellent from them.Citibank has been pretty good for me as all my transactions are done with this bank currently. The online features are excellent and there are no charges for online transactions and iam holding this account for more than 7 years of time
      Was this review helpful? 0
      , pune
      Reviewed on Aug 18, 2017
    • Bank Bazaar Customer Support
      "EXCELLENT"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      Bankbazaar website is very much easy to handle, also it has got all the information about finance. Bank bazaar provided a good service when I contacted them to process my loan application. The services offered by Bankbazaar is really good. The response is very good. It was very much fast and I am completely happy with the service provided by them.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 18, 2017
    • HDFC Bank Car Loan
      "EXCELLENT"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC bank has been great in the car loan process. The documentation is normal and I got the loan on time. The deal was very attractive on the rate of interest. It was around 8.50% and the processing charges was a minimal amount of Rs. 6000 to 7000 and the tenure is for a period of 5 years of time.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 18, 2017
    • HDFC Bank Credit Card
      "Good to use"
      HDFC BANK
      0.5 3.5/5 "Pretty good"
      Over all I am happy using HDFC times credit card is really good I am not happy with the rate of interest, fees and charges. Reward points are credited for each and every transaction. When compared with other banks rate of interest is really high.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 18, 2017
    • HDFC Bank Personal Loan
      "Good Experience"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I uploaded all the documents through online channel, but the guy came from HDFC again they asked for the same documents, process became hassle. Other than that service part is good. They gave me satisfactory service and offered the loan as my request with 11% on interest.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 18, 2017
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