Open a Recurring Deposit account to save money and earn interest over time. Whether you prefer the convenience of online banking or visiting a branch in person, opening an RD account is a great choice. For example, Axis Bank RD Accounts can be opened both online and offline with a minimum ₹500 monthly. It is imperative that you know how to open an RD account or how to open an RD account online.
Here is a step-by-step guide on how to open an RD account.
How to open an RD account online
Step 1: Research and compare interest rates
Research and compare the interest rates offered by various banks to choose the bank that offers the best interest rate for your desired tenure.
Step 2: Log in to NetBanking
To open an RD account online, make sure you are familiar with the login process for your specific bank.
Step 3: Select the 'Open New Recurring Deposit Account' option
Once you have logged in, look for the option to open a new Recurring Deposit account. This option is usually located under the "Deposits" or "Accounts" section of your net banking interface.
Step 4: Choose installment amount and tenure
When opening an RD account online, consider your financial goals and select an installment amount that is comfortable for you.
Step 5: Link the account
Now, link your RD account to a savings or current account. This is where your monthly installments will be debited from.
Step 6: Set up the nomination
Set up a nomination while opening an RD account to ensure that your investment is passed on to your nominee without any hassles in case of an unfortunate event.
Step 7: Submit the application and debit account
Review all the details entered during the application process and click on the submit button. Once submitted, ensure that your bank account is debited for the initial installment amount you specified.
How to Open an RD Account Offline
Step 1: Visit the bank branch
To open an RD account offline, visit the nearest bank branch where you wish to open the account. Choose a bank that offers competitive interest rates and convenient branch locations.
Step 2: Fill out the application form
At the bank branch, fill out the required application form to open a Recurring Deposit account. Provide accurate details such as KYC documents, maturity instructions, and nomination details.
Step 3: Provide installment cheque
Write a cheque for the initial installment amount and submit it along with the application form.
Step 4: Receive RD certificate
Upon successful processing of your application, the bank will provide you with an RD certificate bearing all the necessary details such as tenure, installment amount, maturity date, and interest rate.
Also Read: Exploring different types of Recurring Deposit (RD) Accounts
Wrapping up
This is how to open a recurring account! Opening a Recurring Deposit account is a simple and convenient way to save money and earn interest over time. By following how to open an RD account outlined in this guide, you can start saving systematically and achieve your financial goals.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
