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If you are planning to do RD in the name of children or yourself, first find out which bank is paying interest.

To your advantage: 

A recurring deposit or RD can help you save more
You can also invest a minimum of Rs 100 per month in the RD scheme

Recurring Deposit (RD) can be a great scheme for those who cannot invest much. In this scheme you can create a big fund by investing a few rupees monthly. The good thing about this scheme is that you get a fixed return and at the same time your money is safe. Find out which bank is currently paying interest on RD.

What is RD?
A recurring deposit or RD can help you save more. You can use it as a piggy bank. Pay a certain amount every month when you get celery and you will get a large amount when you mature. Its maturity period is usually between 6 months to 10 years.

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Which bank is paying how much interest?

BankInterest on 1 year RDInterest on 3 year RDInterest on 5 year RD

IndusInd Bank

Central Bank of India7.006.206.20
Bond bank6.756.756.50
Bank of India6.656.506.50
Yes Bank6.506.75-
Post office5.805.805.80
Punjab National Bank5.20%5.30%5.30%

How much money can be invested?
You can also invest a minimum of Rs 100 per month in this RD scheme. You can deposit any amount in multiples of more than 10. There is no limit to the maximum deposit amount.

Where to open RD account?
RD is a kind of small savings scheme. Anyone can activate his account in any bank. This account can be opened in every private and government bank.

You will also have to pay tax on the interest earned on
RD. If the income from recurring deposit (RD) is up to Rs. 40,000 (Rs. 50,000 in case of senior citizen) then you do not have to pay any tax. 10% TDS will be deducted on income above that. For this, senior citizens have to submit Form 15H to the bank and others have to submit Form 15G.

Form 15H or Form 15G is a self-declared form in which you state that your income is exempt from tax. Anyone who fills out this form will be excluded from the tax threshold.

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