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  • Recurring Deposit By Co-Operative Banks

    Co-operative Banks across India offer attractive recurring deposit schemes that can help customers earn higher income from investments. Some of the co-operative bank recurring deposit schemes are elucidated below:

    The Ernakulam District Co-operative Bank Recurring Deposit

    The Ernakulam District Co-operative Bank recurring deposit scheme is offered to individuals at a fixed rate of interest. A pre-fixed amount of money has to be deposited in the account by the stipulated date every month. The depositors cannot withdraw money before the maturity period of the scheme. This co-operative bank also offers a new recurring deposit scheme called the ‘Samrudhi Recurring Deposit Scheme’. Those who are eligible to open this scheme are partnership firms, individuals, associations, companies, and so on. The minimum tenure for which an RD account can be opened is for 3 years and the maximum period is 10 years.

    The National Co-Operative Bank

    The National Co-Operative Bank offers the recurring deposit scheme called “Samruddhi Deposit Scheme” to its customers at an attractive rate of interest. A depositor can hold a recurring deposit account for a minimum period of 12 months and a maximum period of 120 months. The amount of deposit that can be made can be a minimum of Rs. 500 and above.

    The interest rate varies as per tenure and the applicable interest rate is as follows:

    Tenure Interest Rate (in %)
    12 months – 24 months 9.50%
    25 months – 36 months 9.25%
    37 months – 60 months 9.75%
    61 months – 120 months 9.00%

    Senior Citizens will get an additional benefit of extra 0.50% interest hike on the recurring deposit. This benefit also extends to registered societies, women who have attained 55 years of age or older. Women depositors of any age are eligible to get an additional benefit of extra 0.25% interest hike on the recurring deposit. Interest is compounded on a quarterly basis.

    CitizenCredit Co-Operative Bank Recurring Deposit

    CitizenCredit Co-Operative Bank also offers Recurring Deposit schemes to its customers. The minimum deposit that can be made is Rs.100 and higher amounts in multiples of Rs. 100. The total amount deposited in the recurring deposit and the interest accrued on the same is given to the depositor at the time of maturity. Interest is compounded on a quarterly basis. Senior Citizens will get an additional benefit of extra 0.50% interest hike on the recurring deposit.

    Lokmanya Multipurpose Co-Operative Society Ltd. Recurring Deposit

    Lokmanya Multipurpose Co-Operative Society Ltd. Offers recurring deposit for a minimum tenure of 12 months and a maximum tenure of 36 months. Premature withdrawal of funds is permitted without significant penalty charges. Nomination facility is available. Interest rate on the Lokmanya Multipurpose Co-Operative Society Ltd. Recurring Deposit is applicable as follows:

    • For a tenure of 1 year, the applicable interest rate is 8.50%.
    • For a tenure of 2 years, the applicable interest rate is 9.50%.
    • For a tenure of 3 years, the applicable interest rate is 10.50%.

    Senior Citizens, who are 60 years old or above, will get an additional benefit of extra 0.50% interest hike on the recurring deposit scheme.

    Tamil Nadu Industrial Co-Operative Bank Recurring Deposit Scheme

    Tamil Nadu Industrial Co-Operative Bank Recurring Deposit Scheme can be opened individually or jointly. This scheme can also be availed by minors with the assistance of a guardian. The interest rate is same as that which is applicable on the fixed deposit scheme offered by the Bank. The minimum deposit that can be made is Rs.100 and higher amounts in multiples of Rs. 100. Minimum tenure for which the recurring deposit account can be held, is 6 months. Loan against recurring deposit, nomination facility and pre-mature payment facility are available in this scheme. Tax deductible at source is applicable only if the interest earned on investment exceeds Rs. 10,000 annually.

    Read More Article on Recurring Deposit

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    RD Reviews

  • Page 1 of 46 1 2 3 4 5
    • Kotak Recurring Deposit
      "Veyr good RD very efficient"
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      My salary account is with KOTAK therefore I had setup RD ,it is very easy to book RD using their mobile application or through their net banking. There is no need to visit the branch as all things are made online and it is very easy as even RD calculator is available online.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 17, 2017
    • HDFC Bank Recurring Deposit
      "My RD"
      HDFC BANK
      0.5 4.0/5 "Great!"
      HDFC Recurring Deposit is very good. I am holding this RD for a very short term period it was hardly for a period of 6 months. The amount is up to me to decide and I can deposit any amount starting from rs500 and I am not sure about the maximum limit and when it comes to closure it was auto closure and this request was initiated at the branch..
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 14, 2017
    • HDFC Bank Recurring Deposit
      "Banking services are excellent"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I also have a recurring deposit with HDFC Bank. It was a easy process to get this account. I could do it online and the services are good. The interest rate is also to my satisfaction. I do not have hassles in closing the account too. The response is top always.
      Was this review helpful? 0
      , tirunelveli
      Reviewed on Aug 12, 2017
    • HDFC Bank Recurring Deposit
      "Good RD account"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I am holding a RD With HDFC and it is really good . At the time of liquidation the funds would get transferred to my account automatically. through online i had placed a request for this RDI EVERY MONTH they would deduct around 2500 per month and its my choice when it comes to the amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 10, 2017
    • ICICI Bank Recurring Deposit
      "My RD"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      For ICICI Bank recurring deposit my feedback would be, I am a customer of ICICI therefore I decided to opt for RD through this bank it is very easy to make the payment and it is as good as my credit card. Interest rate is very much higher compartively, so therefore I had chosen ICICI for RD.
      Was this review helpful? 0
      , madurai
      Reviewed on Aug 10, 2017
    • IDBI Recurring Deposit
      "Satisfied with the services"
      IDBI BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a recurring deposit a number of times at IDBI and every process for this account was great. I had no hassles in getting the funds in to my account. The customer services has been excellent and they have been quick to complete their job on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 07, 2017
    • SBI Recurring Deposit
      "Good to plan anything"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      Last 10 years I have a RD account with SBI, every month I pay the amount of Rs.10,000 for the tenure of one year, So far I got the interest rate of Rs.52,000 the current intrest of SBI for RD around 6.7% on yearly basic. I normally do auto debit from my account, I could view RD summary in SBI netbanking
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jul 07, 2017
    • ICICI Bank Recurring Deposit
      "Short term investment"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Initially ICICI gave me good interest rate for my recurring deposit, but for premature interest rate is not upto the mark and they not giving proper information. I am paying Rs. 2000 on monthly basis, they offered me the interest rate around 7.25% its good for short time investment.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 30, 2017
    • Corporation Bank Recurring Deposit
      "Better interest rate for recurring deposit"
      CORPORATION BANK
      0.5 3.0/5 "Satisfactory"
      I am having recurring deposit account with the Corporation bank and its the nationalized bank, so their services are not up to the mark, also they have to be get improved. Branch response is a better one with them and the online banking services are working up to the mark.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 24, 2017
    • Corporation Bank Recurring Deposit
      "Super"
      CORPORATION BANK
      0.5 5.0/5 "Blown Away!"
      I am having recurring deposit account with the Corporation bank for some long time. Online banking service is good one and I need to pay around 1000 Rupees per month for ten years of time, also it used to debit as ECS. Branch employee are providing good response to the customer.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 24, 2017
    • Indian Bank Recurring Deposit
      "Average "
      INDIAN BANK
      0.5 3.0/5 "Satisfactory"
      With the Indian bank , I do have the recurring deposit and the account got opened on immediate basis. Premature withdraw charges are applicable with them for the deposit. Online banking services are good one with the Indian bank.
      Was this review helpful? 3
      , chennai
      Reviewed on Jun 22, 2017
    • Axis Bank Recurring Deposit
      "Good"
      AXIS BANK
      0.5 3.0/5 "Satisfactory"
      I got the Recurring deposit with the Axis bank and the interest rate is around 7.5% . Total tenure is for two years of time but I can withdraw it at anytime, also I am satisfied with their interest rate. Online services are working in good way and the response is also good one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • ICICI Bank Recurring Deposit
      "Very Good service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have opened the Recurring deposit with ICICI bank around 2 months ago. The benefits are really good with the RD. I am receiving the interest rate of 7% but being an bank employee, I got 8% for my RD. I pay around Rs.5000 every month and this was for a period of 3 years. I would say it is good for safety purpose and I got sufficient finanical support from them too.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jun 20, 2017
    • Karnataka Bank Recurring Deposit
      "Very good services"
      KARNATAKA BANK
      0.5 4.5/5 "Excellent!"
      I had taken a recurring deposit from Karnataka bank and the process was smooth and easy. The interest rate is also good and it is beneficial as well. The customer services has always been good and up to the mark. In all, I did not face any hassle till date with them.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jun 17, 2017
    • ICICI Bank Recurring Deposit
      "Good for saving"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      The positive with the Recurring deposit is the amount which get debits automatically to my Recurring deposit account during the end of the year, I will be getting a bulk amount with RD account. The rate of interest is good with ICICI bank, it is comparable with others. I am happy to hold a Recurring Deposit with ICICI bank.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 15, 2017
    • ICICI Bank Recurring Deposit
      "Its Average"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I have opened the recurring deposit account through ICICI online banking, it created immediately. Earlier I was paying the amount of Rs.5000 on monthly basis, after six months. I got the matured amount of Rs.500. Totally I got Rs.60500 it was not good.
      Was this review helpful? 5
      , delhi
      Reviewed on Jun 13, 2017
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 4.5/5 "Excellent!"
      I hold recurring deposit account with HDFC bank. The lock in period is one year. I am more comfortable with the services and I had no issues with the bank for RD account. The customer service is good and I am satisfied with the bank as I hold multiple services with the bank.
      Was this review helpful? 3
      , jabalpur
      Reviewed on Jun 05, 2017
    • SBI Recurring Deposit
      "Satisfactory services"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have taken a holiday scheme from State bank of India. It is a recurring deposit and I need to pay 6600 per month and it is for a year. So it is linked with a company who has these schemes for Holidays. The customer services was good and helpful to get me this account.
      Was this review helpful? 7
      , guwahati
      Reviewed on May 31, 2017
    • IOB Recurring Deposit
      "Not Responsive"
      INDIAN OVERSEAS BANK
      0.5 2.0/5 "Expected more"
      Monthly payment will be 4000 for recurring deposit account with Indian Overseas Bank. Tenure period is 52 months. It will be completed by this year, but I am not interested to reopen the account with IOB because their responses are not good. They are not so responsive hence I am not interested to reopen recurring deposit after the completion.
      Was this review helpful? 4
      , bhiwadi
      Reviewed on May 25, 2017
    • SBI Recurring Deposit
      "Good Service"
      STATE BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      I have Recurring deposit account with State bank of India. I opened this account long bank. Monthly payment is 6000 with the tenure of 18 months. I had started this account in 2012 and still continuing the same account with SBI. Services are good.
      Was this review helpful? 13
      , bhiwadi
      Reviewed on May 25, 2017
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