RD Rates: If after a period you need a certain amount, due to which you are planning to save because you are not able to pay a lump sum amount, then Recurring Deposit proves to be the best medium of investment to fulfill your financial goal. Maybe.
You can deposit a fixed amount in your recurring account every month on a specified date from your income. When you need money, you can open a recurring account for that period. Let us tell you that insurance up to Rs 5 lakh is also provided on recurring deposit. It is also important to mention that there is no tax exemption benefit available on investment in recurring deposits. At the same time, 10 percent TDS is deducted on earning interest more than Rs 40,000.