The banks offer a Recurring Deposit which is a different kind of Term Deposit in our country. It helps to those people who have regular income for depositing a fixed amount of rupees each month in their recurring deposit and receive interest which is applicable for Fixed Deposits. Recurring Deposits is same as making Fixed Deposits in a definite amount for monthly installments.
This type of deposit matures on a definite date received every month with all the deposits. This scheme allows consumers to make their savings through regular deposits in every month with a fixed amount in a definite period of time. The minimum period of Recurring Deposit is 6 months and maximum period is 10 years.
https://www.qries.com/How-does-recurring-deposit-work/answer/Daneel-Yunus
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But keep in mind when you are opening this recurring account, your PAN should be updated. Otherwise TDS can be deducted.
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Thanks for sharing this important information
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Hi, can you explain investments for beginners? And good info about recurring deposit.
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Please you read carefully this blog
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Please read the given link in the blog
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