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|2nd April 2009, 21:41||#1|
Senior - BHPian
Join Date: Sep 2004
Thanked: 528 Times
Question regarding Recurring deposit
I had this query regarding bank recurring deposit (RD).
Suppose one has salary account with bank A (private bank) and wants to open a recurring deposit with bank B. Bank B is a nationalized bank and he already has a savings account in this bank.
What is the procedure for opening a recurring deposit of a certain duration in the nationalized (PSU) bank? Will the bank accept post-dated cheques of bank A from the person for the RD installments? Or is ECS an option ? Or is it that the person has to make monthly visits to the bank B to deposit the RD installment ?
Inputs are appreciated.
|2nd April 2009, 22:25||#2|
Join Date: May 2006
Location: Long Island, NY
Thanked: 1,492 Times
RD payments can be in any form that Bank B accepts - either TCS or PDC. The RD account has defined durations (and interest applicable)- you can chose a duration from that that makes sense. Its % interest rate is comparable to FD.
|2nd April 2009, 22:50||#3|
Join Date: Jan 2005
Thanked: 23 Times
Most of the nationalised banks accept ECS if you are in a tier 1 / tier 2 city and you can access your deposit details online.
Please check for the compounding frequency which usually is quarterly.
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