13 Aug, 2023

How does Recurring Deposit(RD) works in Nepal?

Recurring Deposit (RD) is a dynamic saving scheme offered by banks that empower you to save a fixed sum of money on a regular basis. So, let’s think of a RD as your personal savings journey, tailor-made for those who love to save systematically while adding an element of thrill to their financial planning. RD is the financial journey that promises growth, discipline, and a future full of financial stability.So, now let’s understand how Recurring Deposits(RD) works in Nepal:Opening an RD Account: To start a recurring deposit, first compare and choose RD with high-interest rates and features. Then visit a

bank and open an RD account. You'll be required to fill out an application form and submit the necessary documents, such as identity proof, address proof, and photographs.Some banks in Nepal also provide online application facilities through which you can easily apply for recurring deposits if you have a saving account maintained with the bank.Deposit Amount and Frequency: You must decide on the amount you want to deposit each month/ each quarter into the RD account. This amount can be as low as the bank's minimum requirement  and can go up to a certain maximum limit. You also need to choose the tenure for which you want to continue making deposits.Interest Rates: The interest rates for recurring deposits are usually higher than that of saving deposit and it is set by the bank and may vary based on the tenure. You can easily compare and choose best rate on RD from Saral Banking Sewa  Tenure: The tenure of the RD is the period during which you will keep making regular deposits. This duration can typically range from six months to ten years, depending on the bank's policies.Maturity: At the end of the tenure, after completing all the monthly/quarterly deposits, the RD matures and the total amount deposited, along with the interest earned, is paid back. How Saral Banking Sewa(SBS) will help you? Saral Banking Sewa helps you to choose the suitable recurring deposit account with the best rate through its comparison feature. We provide unbiased recommendations with various digital touch points like chat, WhatsApp, viber, messenger and call. Also, we help you to connect with banks for quick and easy account opening.Further, our team actively seeks ways to ‘saralify’ your banking experience. If you require assistance from us, throughout your banking processes, we’re always here for you.Contact us:WhatsApp/Viber: 9851361107Telephone No.: 01-5269107If you found this Blog helpful, please share this blog with your family members and friends.If you have any feedback, please feel free to leave a comment in the section below.Connect with us for Banking updates onFacebook             Instagram