• 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 50 1 2 3 4 5
    • HDFC Bank Recurring Deposit
      "Nice experience"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      The rate of interest is good at HDFC Bank for the recurring deposit. It is almost the same as other banks. The service online is good as I can open and close this account online without having to go to the banks. The overall process is fine and I am glad to bank with them
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 19, 2018
    • ICICI Bank Recurring Deposit
      "Wonderful"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have the recurring deposit account with the ICICI bank and the interest rate is good. Online banking services are good one with the ICICI bank. I dont think about the interest rate and other aspects. Everything is better one with the ICICI bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 15, 2018
    • HDFC Bank Recurring Deposit
      "Hassle Free experience"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC recurring deposit interest rate is nominal, I opened account through online, their notification part is good. I make the monthly investment around Rs. 15000 for the tenure of 24 months. At last I got the return got credited in the account.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 15, 2018
    • ICICI Bank Recurring Deposit
      "Excellent"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I am having the recurring deposit account with the ICICI bank. I am depositing rs 2,000 monthly. This policy I have takern for 25 years. The returns and policy benefits are very good. Customer service is very good.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 10, 2018
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      First time I opened RD in HDFC, but the return was less. They offered me the interest rate around 6.5%, Then I quite in amount, I activated this service through online and once cancel it the amount got credited in a month. The service is absolutely fine but interest rate is the concern.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 09, 2018
    • SBI Recurring Deposit
      "Good "
      STATE BANK OF INDIA
      0.5 4.5/5 "Excellent!"
      For more than five years of time, I am having the recurring deposit with the State bank of India and I have not found any loopholes with them. I would like to say that the online portal is good one for with the State bank of India.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 07, 2018
    • ICICI Bank Recurring Deposit
      "Best"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I am having the recurring deposit account with the ICICI bank and the customer service is good one. I would like to say that the online banking services are also good one with the ICICI bank and I have not faced any such issues with them till now.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 06, 2018
    • SBI Recurring Deposit
      "Good"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have my salary account with State Bank of India. The customer service was okay. I am using this account for 20 years and It is a zero balance account. I use a domestic debit card. The daily withdrawal limit was happy. ATM services are convenient and good. They don't charge for IMPS and NEFT transfer.
      Was this review helpful? 0
      , raigarh
      Reviewed on Feb 06, 2018
    • SBI Recurring Deposit
      "Excellent"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I am having the recurring deposit account with the State bank of India and the customer service is good one. Response is fine one for me with them. I would like to say that the online portal is also really easy to access.
      Was this review helpful? 0
      , thane
      Reviewed on Feb 06, 2018
    • HDFC Bank Recurring Deposit
      "Best one"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I was having the recurring deposit with the HDFC bank on that time. Rate of interest was around 6.9% and the customer service was good. Penalty charges were around 1% of the interest rate charges on accumulated money.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 02, 2018
    • HDFC Bank Recurring Deposit
      "nice recurring deposit"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had a Recurring deposit in Hdfc Bank. I got satisfied Interest rate in Recurring Deposit. I can monitor this Recurring Deposit Activities in my Hdfc Mobile Banking application. I can check the status of my deposit maturity status and interest certificate also.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 31, 2018
    • SBI Recurring Deposit
      "Good service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have a Recurring Deposit with SBI from last 7-8 years, the experience was good so far and i did not face any issues with this bank. Customer support team gave all the right information and there was no delay in the services. I pay an amount of Rs 8000 every month and i get 9% interest on returns and i am satisfied with it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 23, 2018
    • IOB Recurring Deposit
      "Excellent banking"
      INDIAN OVERSEAS BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a Recurring deposit with Indian Overseas bank.I have been holding this account for last one year.I need not maintain any balance in this account as mandatory,this is on a cumulative basis.I have a good experience talking to the bankers.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 23, 2018
    • HDFC Bank Recurring Deposit
      "Good service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had a Recurring Deposit with HDFC bank 3 years back, the services are very good with this bank and i did not find any issues with this bank. I pay an amount of Rs 4200 every month and the maturity period is after 5 years. Customer service was good and they responded on time. I get interest of 9% which is sufficient and i am happy with the returns.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 19, 2018
    • ICICI Bank Recurring Deposit
      "Good service"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I have a Recurring Deposit from ICICI bank from last 3 years, the services are pretty good when compared to all other banks. I pay an amount of Rs 1500 every month and the interest rate is satisfactory. Customer service is good and they responded on time. I am happy with the returns with this bank which is 9%.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 18, 2018
    • Axis Bank Recurring Deposit
      "Recurring Deposit with AXIS"
      AXIS BANK
      0.5 4.5/5 "Excellent!"
      As I'm holding my salary account with AXIS Bank I decided to maintain a Recurring Deposit account with them. Now I have this account for the past 1 year. They offer me 7 to 8% interest. The funds were auto debited from my salary account to RD account. The interest rates can be improved. Their customer care service is pretty good although they don't bother much about customer satisfaction. Despite being a salary account holder for 2+yrs, they haven't offered me any credit card so far. I am only having their Neo card which is the most basic one. NOT COOL AXIS !!!!!
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • Union Bank of India Recurring Deposit
      "Good service"
      UNION BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      I had a Recurring Deposit with Union Bank of India and the experience was quite good. I pay an amount of Rs 3000 every month and in return i get a certain amount with the interest of 7.5% which is satisfactory. Customer service was fine and they responded on time. The maturity of the RD is 1 year and i am satisfied with the returns.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 12, 2018
    • HDFC Bank Recurring Deposit
      "Excellent"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a Recurring Deposit with HDFC Bank. The maturity period is one year and it was taken for my daughter. I am paying 1000 rupees per month through net banking or cash. All the facilities are good with HDFC Bank. The customer service and response was very good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 04, 2018
    • Vijaya Bank Recurring Deposit
      "Good"
      VIJAYA BANK
      0.5 4.0/5 "Great!"
      I have taken Recurring Deposit account with Vijaya Bank. I am paying 20,000 rupees for 6 months. The interest rate was nominal compared to other bankers. The customer service and response was good. The premium amount was paid through ECS.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 02, 2018
    • HDFC Bank Recurring Deposit
      "Good"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have taken a Recurring Deposit with HDFC Bank long back. Everything is renewed and reimbursed with them. I have chosen this bank, it was very easy to use the net banking and the interest rate was good. I have taken this account through online and I hardly visit the branch to exchange the foreign currency.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Dec 29, 2017
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