How to Start a Recurring Deposit & Boost Your Savings In today’s world, where financial planning and smart investments are the key to a secure future, setting up a recurring deposit (RD) is one of the best ways to grow your savings steadily. A recurring deposit offers individuals the chance to save systematically and earn guaranteed returns with minimal risk. Whether you are new to investing or looking to diversify your portfolio, opening an RD account is a smart choice for anyone aiming to build a financial cushion over time.
What is a Recurring Deposit? A recurring deposit (RD) is a popular savings scheme offered by banks where you contribute a fixed amount every month for a specified period. The money you deposit earns interest, and at the end of the tenure, you receive the maturity amount, which includes both your deposits and the interest earned. RDs are a great option for people who want to save a fixed amount every month, with the added benefit of earning interest on their savings.
Why Choose a Recurring Deposit? ● Low-Risk Investment: RDs are low-risk, making them an ideal option for conservative investors who want to grow their savings without exposing themselves to market volatility. ● Guaranteed Returns: Unlike stocks or mutual funds, RDs provide fixed returns, offering you a predictable growth of your savings. ● Helps Build Discipline: The monthly contribution to an RD account helps develop financial discipline, ensuring that you save regularly.
● Flexible Terms: RDs come with flexible terms, where you can choose the amount you wish to invest and the duration of the deposit. ● Loan Facility: You can avail of a loan of up to 90% of the available balance in your RD account, making it a flexible financial option for emergencies.
Canara Recurring Deposits
BENEFITS: ● Attractive Rate of Interest: Enjoy competitive interest rates on your recurring deposits, helping your savings grow faster. ● Monthly Installments: You can contribute to your RD in easy monthly installments, starting as low as Rs. 50/-. ● Loan Facility: Up to 90% of the available deposit balance can be availed as a loan. ● Special Rate for Senior Citizens: Canara Bank offers attractive interest rates for senior citizens, providing an additional benefit for this age group.
FEATURES: ● Amount of Deposit: The minimum deposit amount is Rs. 50/- per month, with no ceiling on the maximum amount you can invest. The deposit is made through fixed monthly installments. ● Period of Deposit: The deposit period ranges from a minimum of 6 months to a maximum of 120 months (in multiples of 3 months). ● Nomination Facility: Available to ensure that your funds are passed on according to your wishes. ● Loan Facility: Up to 90% of the available deposit balance is eligible for a loan.
● Tax Deducted at Source (TDS): TDS will be applicable as per the prevailing Income Tax rules.
ELIGIBILITY: ● Individuals, joint accounts, guardians on behalf of minors, HUF, proprietary firms, companies, associations, trusts, and institutions are eligible to open an RD account.
Canara Recurring Deposit Interest Rates Take advantage of our unbeatable interest rates on Recurring Deposits! Earn 6.85%* p.a. for general customers and 7.35%* p.a. for senior citizens.
Why Invest in Canara Recurring Deposits? Investing in Canara Recurring Deposits is a great way to take charge of your financial future. The key reasons to choose Canara Bank for your RD include: ● Attractive Interest Rates: Canara Bank offers some of the best RD interest rates, ensuring that your investment grows steadily over time. ● Reliable Bank: With Canara Bank’s reputation for customer trust and stability, your investment is safe and secure. ● Wide Range of Eligibility: The bank caters to a variety of customers, from individuals to institutions, making it easy for everyone to open an RD account. ● RD Calculator: You can use the RD calculator to estimate your returns and plan your investments more effectively, making sure that your savings goals are met.
A recurring deposit is a simple yet effective way to grow your savings, whether you are saving for an upcoming goal or planning for long-term financial security.
So, boost your savings and enjoy guaranteed returns by starting a recurring deposit with us today!
