How to Pay RD Online Payment?
Recurring Deposits are one of the best investment options for people, particularly those who have a limited amount of money to invest every month but still want to save and grow their wealth. In a Recurring Deposit, a fixed installment is paid at fixed intervals for a fixed tenure. The interest amount is credited to the Recurring Deposit account on maturity.
Opening a Recurring Deposit is a very simple procedure. It does not take much effort and can easily be opened online. This is possible through internet banking and Mobile Banking. Most RD Accounts can be opened by making a simple online RD payment for the first installment. However, most banks insist on having a Savings Bank Account in their bank to open a such an account. In that case, the banks directly debit the amount from the Savings or Current Account of the depositor.
Here are three ways in which, you can make an online RD payment:
- Internet Banking:
It is possible to use internet banking not only to open a Recurring Deposit Account but also to make the initial payment as well. For most banks, internet banking is one way to make an online payment for RDs. Most internet banking layouts will also have an option to open a new Recurring Deposit account, where you have to mention the particulars about the Recurring Deposit, i.e., the tenure, the installment and the maturity instructions. Once this request is processed, the first RD installment will be paid via internet banking.
- Mobile Banking:
Several banks offer the facility of opening a Recurring Deposit and making a Recurring Deposit online payment through Mobile Banking. The procedure is similar to that of internet banking. To open an RD account through Mobile Banking, you need to login to the bank’s mobile app, enter details about the RD account and confirm the booking. Once done, the process is initiated from the bank’s side, and the money is debited from the account.
- Direct Account Debit:
If you want to open a Recurring Deposit Account, it is essential that you understand the rules of the bank. For most banks, you need to have a Savings Account with the bank already. In such a case, the bank directly debits the amount from your account and uses the funds to pay the RD installment. It is necessary to maintain a minimum balance in your Savings Account, especially around the time that the bank has to debit the amount for your Recurring Deposit payment. Once the bank has been authorised to make debits, the procedure is seamless and does not require any manual intervention.
Opening a Recurring Deposit has become very simple in the age of digital banking. Open your RD account today!
Looking to apply for a Recurring Deposit? Click to get started!
You can book your Recurring Deposit through an HDFC Bank Savings Account. New customers can book a Recurring Deposit by opening a new Savings Account, while existing HDFC Bank account holders can book a Recurring Deposit by clicking here.
*Terms and Conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.