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HomeKnowledge UtilityCannot change the date of deposit of RD installment, you can do...

Cannot change the date of deposit of RD installment, you can do these measures if needed

Once an RD account is opened, it cannot be changed later in its tenure and installment deposit date. If it is very necessary to change the installment date or change the tenure, then you will have to close the RD account.

recurring deposit (RD) is considered the safest investment. The risk in this is negligible or not. Whatever money you deposit, it will be kept in a safe manner and you will get good returns over time. Investment of RD (RD InvestmentIt is so simple that anyone can open an account, deposit money and withdraw money on maturity. RD is such a means of savings in which along with saving money, there is a chance to get bumper returns. As the term of the RD gets out, the money gets added to the account. In the end, you get a lump sum amount which you cannot even imagine. Loan Against RD (Loan On RD) is available to take. You can deposit and withdraw RD money online. Despite all these features, there are also some conditions that must be taken into account.

Whenever you open an RD account, keep in mind that you should fix the date of depositing the installment only after careful consideration. Choose the duration of RD wisely. Both these conditions are such that there is no scope for change later. Once an RD account is opened, it cannot be changed later in its tenure and installment deposit date. If it is very necessary to change the installment date or change the tenure, then you will have to close the RD account. You have to close the RD account ahead of time and open a new account. You will have to pay the penalty for premature closure of the account.

Keep in mind the period and the date of installment

Therefore, before opening an RD account, determine its tenure and the date of installment deposit. Make up your mind on which date to deposit money every month in which there is no need to make changes. Also decide for how many years the RD has to be run and for that number of years there will be no problem of money. You will not get a chance to change the duration of the RD later. You have to close the account and open a new RD account only.

If you do not deposit money in your RD account on time or leave a few months pending, then the bank can close that account. The next time you go to start again, you will have to pay the fine. On closing the account prematurely, the interest will be the same as the interest rate rule for prematurely breaking the RD. Banks already give this information to their customers.

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Now facilities are available online

If the RD account is not closed or you have got extra money, you can deposit the RD installment more than once. However, keep in mind that you will not get additional interest on depositing extra money or more installment. Interest will be available on the same amount as your installment. There is no hassle of depositing the installment because now most of the banks provide the facility of net banking and mobile banking. You can deposit the installment from anywhere or withdraw the maturity money from anywhere. You can fix the date and period of installment payment by visiting the bank’s app. Auto debit facility is also given for this. If you forget to deposit the installment in a month, then auto debit will remind you and the money will also be deposited automatically.

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