Hi sachin,
RD (Recurring Deposit) is a savings scheme where you deposit a fixed amount every month (say ₹500, ₹1000, or more) for a chosen period (6 months, 1 year, 5 years, etc.). The bank/post office gives you interest on it, and at the end of the term you get back your savings + interest. Here are simple steps to open a recurring deposit account in either bank or post office.
Opening RD in a bank-
- Visit branch the bank and ask for an “RD opening form.
- Fill in details like amount, tenure, nominee, etc.
- Submit KYC documents (Aadhaar, PAN, Passport photo, etc.).
- Deposit your first installment (say ₹1000) and your RD account is created.
Online :
- If you already have net banking or mobile banking, just log in.
- Go to “Deposit” and then click on “Recurring Deposit”.
- Select monthly amount, tenure, and confirm.
The RD account is created instantly and money is auto-debited every month.
Opening an RD in a Post Office
You can open an RD account in a post office by visiting the post office, filling the form and submitting the documents required.
So, you can open a RD account in both bank as well as post office just choose as per your requirement.