Recurring deposit (RD) is an ideal investment scheme for individuals (single or joint), guardians on behalf of minors, HUF, joint stock companies, clubs/associations, sole proprietary concerns, or other RBI-permitted entities. With an RD account, the account holder can deposit a fixed amount once every month for a fixed period of time to build up a sizable capital over a period. This account is suitable for small-time, salaried investors who wish to save a fixed amount from their salary regularly in a disciplined way as savings.
At Areekode Service Co-operative bank, one can deposit monthly a minimum deposit of Rs.25.00 or multiples of Rs.25.00. The tenure for RD accounts will be 12 months/24 months/36 months/48 months/60 months.