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Home > What is Recurring Deposit

What is Recurring Deposit


Transcripts

Sharmaji :Good Morning Vinodji. I need your guidance again. I am not able to save up enough.

Vinodji : Why? What happened?

Sharmaji : I hardly have any surplus available.

Vinodji :Why don’t you open a Recurring Deposit?

Sharmaji : Recurring Deposit? What is that?

Vinodji :Recurring Deposit is a deposit product that allows you to save small sum of money every month or quarter and gives you attractive and assured returns.

Sharmaji : Oh! Is that so?

Vinodji : Yes, Recurring Deposit also give you the benefit of compounding.

Amount Tenure ROI Total Investment Interest Maturity Value
500 60 Months 9.50% 30000 8323 38323
500 120 Months 9.50% 60000 39277 99277
1000 60 Months 9.50% 60000 16646 76646
1000 120 Months 9.50% 120000 78553 198553

Vinodji : By investing a minimum Rs. 500 each month, at 9.50% interest rate, you would have saved Rs 38,323 at the end of 5 years.
And if you wish to invest more, let us say, Rs. 1000 each month, at 9.50% interest rate, you would have saved Rs 1,98,553 at the end of 10 years.

Vinodji :Recurring deposits are ideal to achieve your long-term goals such as Children’s Education, Wedding expenses, Retirement planning, Saving up for a vacation, etc.

Sharmaji : Thank you Vinodji. Recurring Deposits are indeed one of the simplest investment option available with several benefits. I shall open a Recurring Deposit right away.

Vinodji : Go Ahead.

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