Hi, I'm relatively young and do not possess enough knowledge on recurring deposits. I have a savings account in an SBT bank, do I need to create a new account to indulge in recurring deposits or can I use my savings bank account for that purpose? Please advice...
RE:I need advice
by Sanjay Chadha on Feb 26, 2008 10:19 AM Permalink
Dear a bank can give u a maximum of 10 % pa by way of FD or Recurring Deposit. Since u r young, and cantake a bit of risk my advise is to go for mutual funds as these can easily give u a return of around 25 % annually in for a period of atleast 3 yrs. if you don't have a lumsum money choose a mode of SIP.
RE:I need advice
by ausi ka baap on Mar 09, 2008 03:06 PM Permalink
sip- systematic investment plan, just like recurring deposit in bnk, for periodic investment to the mf.
RE:I need advice
by koshal basu on Feb 26, 2008 12:15 PM Permalink
Yes you need a recurring deposit account seperately. But you may give standing instructions to your banker to debit the recurring deposit amount from the existing savings account and credit the same in your recurring account.
RE:I need advice
by P Ramesh Thantri on Feb 23, 2008 07:20 PM Permalink
You can use ur savings a/c for recurring deposit. Just ask ur bank and they will allocate amount(as planned by you) to recurring deposit every month. You can also opt for fixed deposit as interest rate is higher in this case than recurring deposits.
