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Recurring Deposit scheme offers flexibility to small depositors to invest their money in small monthly remittances. Recurring deposits are an investment tool which allows investors to make regular monthly payments and save money for the long term. Investors can choose the tenure of the deposit and the minimum monthly payment they wish to make according to their convenience. RD schemes are generally more flexible than FD schemes and are generally preferred by those who want to start an account for the purpose of saving money and building a rainy-day fund.
Minimum Period of RD is 1 year and maximum is 5 years.