Recurring Deposit

It is a special kind of Term Deposit Scheme in which Depositor can deposit a regular fixed amount for fixed terms as per future need. ( i.e. Education, Marriage, Paying LIC Premium, Expected future expenses) It is a Purposeful saving with high rate of interest compared to Saving Bank Deposit.
Who can Invest : Any Indian Resident can open the account.
Premature Withdrawal: Allowed. With applicable Interest Rate for the period.
Nomination : Available.
Loan Facility : Available. 90% of outstanding Balance.
T.D.S. : Applicable as per norms. As per Financial Budget 2015 Proposed to apply TDS Law to interest on Recurring Deposit Account.