There should be an option to open Recurring Deposit account in Jupiter. I have searched so far and found only fixed deposit scheme only. It would be a great if it is featured in Jupiter
Use Super Pots as an RD,
Using habits set up a day in a month or week to deposit any specified amount. Or you can add money to it manually as well.
Max tenure is of 1 year.
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Please use pots . It is as good as RD. You can start and set frequency as per your choice. And can redeem it anytime so liquidity is also maintained
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Pots gives returns max 4%PA which is quite low compared to RD returns which is near to 7%PA. This is why I prefer RD over pots & recommended to introduce in Jupiter account. For 3-4% I don’t even need to add in pots, in savings account it is automatically adds up interest quarterly. so pots are not so effective instruments compared to RD.
I was talking to Jupiter customer care and they said that the Super Pots are basically Recurring Deposits. @Shawnpinto @All please correct if this is wrong.
Also I noticed while the major banks give RD for 6 months, 9 months or 1 year, Super Pots gives you better returns for even a month (3.25% vs 3.05% on the savings account).
And another benefit I like in Super Pots is that you can label the SuperPot unlike a RD. Helps me make a note of why I am saving in the SuperPot.
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For more info on super pots refer to this post : Jupiter Secretly has an RD option
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Also to add to this the interest rates are actually a bit more. The calculations in the above post are simplified simple interest calculations.
But when the actual interest is calculated there is also a component of quarterly compounding.
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