A Recurring Deposit (RD) is a type of savings scheme offered by banks and financial institutions that allows individuals to deposit a fixed amount of money regularly, usually monthly, for a specified period. This scheme helps in building a savings habit while earning interest on the deposited amount. The interest rates are generally higher than regular savings accounts, making it an attractive option for savers. At the end of the deposit term, the total amount accumulated includes the principal deposits and the interest earned. Recurring Deposits are ideal for individuals who want to save a specific amount over time, such as for a future expense or goal.