Recurring Deposit(RD) is a combination of fixed deposit and saving product for individuals who prefers to save money periodically from their monthly saving for defined period of time.
Yes, existing account holders can easily open RD account. Where as new customers have to open saving account first to enjoy RD account.
For investors who want to save a regular amount, recurring Deposit is a good investment option without any risk.
All Nepalese individual customers including minors are eligible to open this account.
Any individual is Eligible for availing RD.
Minor is also eligible to open RD under the guardianship of a natural or legal guardian.
Any corporate company, proprietorship, or commercial organization.
Any government organization.
Passport-size photographs of the applicant.
Identity proof (Citizenship/passport) of the applicant's willing to open the RD account and of their Nominee.
The minimum or eligible amount of installment is Rs 500 and thereafter in multiple of Rs 500 per month. It may vary from banks to banks.
The minimum period of deposit is 3 months and maximum is 10 years.
Regular Recurring Deposit
Pensioner Recurring Deposit
Recurring deposit for women.
A single account holder can open any number of RD accounts.
All one needs to do to open a Recurring Deposit is to visit the nearest branch of your bank and tell them that you wish to start a recurring deposit. The amount due periodically and the tenure of the investment will be decided at the time of opening the RD account.
Some banks also provide online applications like you can apply from websites, mobile banking, and internet banking.
Yes, customers can choose their own debit date as per their convenient
Currently many banks provide loans against RD up to 80-90 %.
No, The interest will be paid on maturity or on premature closure of the Recurring Deposit.
Yes, banks provide a grace period if the amount is not deposited in the savings account on the commitment date.
No any penalty is charged for default of monthly installment.
Yes, most of the banks provides auto-renewal facility.
Yes, banks offer various benefits like: Insurance, free DMAT account opening, free Mobile banking facility etc.
The monthly installment amount once fixed cannot be altered at any later date. But at any time, the customer can deposit additional amount apart from regular monthly installment with multiple of NPR 500 through Internet Banking/ Mobile Banking or over the counter in this account.
No, System will automatically debit the chosen amount on your chosen date from your account.
Facility of Premature Withdrawal in the Recurring Deposit Account
Yes, many banks offer pre-mature withdrawal facility in Nepal.
The fixed and recurring deposits are very similar but can be differentiated by how money is invested. High-interest rates and a tax-saving facility are some of the best benefits of an FD. A recurring deposit is best for those who prefer to invest small amounts.
