A Recurring Deposit (RD) account can be opened by anyone. Major banks also provide the facility of opening a joint RD account. One can also start recurring deposit in the name of their minor son/daughter.

The interest rate for recurring deposit differs from bank to bank. The amount of interest that you can earn depends on the amount you have deposited in the RD account, the tenure of the RD and the interest rate offered by your bank for that tenure.