RD: The recurring deposit is a great way to increase your money safe and regularly. In this, you deposit a fixed amount every month, which gives good returns over time. But if you do not deposit your RD installment in a month, then what can be the results? Come, let us know that when you miss the installment of RD, then what will be the effect on your entire plan.
Interest on RD is available on the basis of regular deposit amount. This means that if you missed the installment of a month, then the interest of that month will not be available. This will directly affect your total interest, which will reduce your deposit. As you miss the installment, your benefit will decrease. This can be harmful for you, especially if your plan is for a long period.
The main objective of RD is to save, so that there is no problem in spending any big expenses in the future. But when you miss one or two installments, your plan may be interrupted. It may be a little more time to reach the goals you set. If you do not submit installments regularly, the entire strategy of your savings may be affected.
If you miss your RD installment again and again, then you can have a negative image in the bank. Although this does not affect your credit score, banks can make you difficult to loans or any other financial services in future. Constant mistakes can lose the bank's trust, and it can cause you trouble in future.
If you missed the installment of RD for a month, then there is nothing to panic. The first step is to quickly pay that missed installment. Many banks give you a few days time for a missed installment, during which you can deposit installments without any fine. Paying the installment as soon as possible can avoid reduced interest and your financial plan can also continue in the right direction.
If you feel that it is difficult to miss the installments continuously, then you should reconsider your financial plan. Can you reduce your RD installment amount slightly? Or can you cut your other expenses so that RD can deposit installments on time? To get the answer to such questions, review your budget and make changes according to the need. With this you can avoid any kind of trouble in future.
For never missing RD installments, there is a simple solution to set an alarm while paying the installment every month or at the end of the month, take out the amount from your account and deposit it in RD account. This will not make you any kind of problem and your savings scheme will continue to run correctly.
