Recurring Deposit popularly known as RD is one of the best saving schemes. You can open a RD account in post office or in a bank. However it is preferable to open a RD in the post office. With the help of the RD, you can start saving from little amount. Check out more information about RD.
You can open a RD account in numbers of mode like single RD account, joint RD account or minor with a guardian. The maturity period of RD is 5 years and you need to pay monthly installment. So that there will be total 60 installments in the maturity period. You can also go for premature encashment after one year of completion of RD. For entry records, you will be provided by a pass book by the post office or bank. Also you will get tax benefits under section 80L. You will get 7.5% interest on recurring deposit after maturity.
So if you are looking for a saving scheme that will start from a little amount, you can open a RD account. For more information, you can visit your nearest post office or bank.