It can be called a recurring deposit scheme, as the money is deposited almost daily.
2.
Investors with no taxable income will have to submit Form 15G to avoid TDS on both recurring deposits and fixed deposits.
3.
Income tax is to be paid on interest earned from a Recurring Deposit at the rate of tax slab of the RD holder.
4.
If interest earned on recurring deposits exceeds Rs . 10, 000 a year, TDS at the rate of 10 per cent would be deducted by the bank.
5.
DICGC insures all bank deposits, such as saving, fixed, current, recurring deposits for up to the limit of Rs . 100, 000 of each deposits in a bank.
6.
If an individual opens more than one deposit account in one or more branches of a bank for example, Shri S . K . Pandit opens one or more savings / current account and one or more fixed / recurring deposit accounts etc ., all these are considered as accounts held in the same capacity and in the same right.
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