*It is an account where the depositor deposits fixed amount of funds at regular intervals of time.

*The interval can be month, quarter, 6 months, or 1 year

*Interest rate is calculated on the amount deposited

*After a specified duration, the depositor receives a lump-sum amount

*A recurring deposit can be opened at a bank, or post office

*Formal documents such as PAN card, residential proof, identity proof, etc. are required to open the account

*RD account can be opened for a period of less than 6 months, to the maximum period of 10 years

*There are several advantages of opening online recurring deposit; a few are listed below:

Fixed monthly investment option

Fixed duration of investment

Fixed interest rate

TDS not applicable

Flexibility of investment

*Resident individuals

*Hindu Undivided Families

*Private & Public Limited

Companies

*Trust & Societies