Jammu Kashmir Bank Recurring Deposit Rate

Introduction

A Recurring Deposit (RD) is a safe and convenient way of saving money while also earning interest on it. It is a term deposit which provides the customer with an opportunity to build up saving through regular monthly deposits of fixed sum over a fixed period of time. An RD allows you to deposit a fixed amount on a regular basis with your bank, and it is similar to a Fixed Deposit (FD) in that you enjoy a higher rate of interest than a savings account for the same principal amount.

The main difference between an FD and an RD is that a recurring deposit allows you to make ongoing periodic investments in the deposit, whereas in a fixed deposit, you need to deposit the entire lump amount at the time you open the FD account.

• Interest Rate earned is generally equal to that of an FD
• Safe and secure form of investment which is secre from fluctuations and volatility
• Ideal for people who cannot deposit a large initial lump sum, but want to deposit small amounts on a regular basis
• Can be opened with small minimum amount.
• Lump sum received at maturity, including the interest
• The rate of interest is higher as compared to an ordinary saving bank account
• Flexible tenures to suit the budget of the individual
• Recurring Deposit Interest rate is fixed so you are assured of a fixed return
• Loan / overdraft facility available with some banks.

Jammu & Kashmir Bank Recurring Deposit

An RD in Jammu & Kashmir Bank instills a habit of regular savings, wherein you can invest a fixed amount every month for a fixed number of months. You can make these installments to a Jammu & Kashmir Bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance.

Key Features of Jammu & Kashmir Bank RD Account

• Allows you to safely deposit small amount of money on a regular basis rather than a bulky one-time payment at opening of the RD.
• Ideal for people with a regular, steady income who may not be able to spare enough money for the minimum amount to open an FD.
• Flexible tenure – you can choose tenures which can range from a few months to several years depending on your financial goal
• Offers a higher rate of interest than a savings bank account
• Quick liquidity options and access to your funds when you need it; nominal penal charges apply.

Types of Recurring Deposits Offered by Jammu & Kashmir Bank

Jammu & Kashmir Bank RD FAQs