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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.

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RD Reviews

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  • Axis Bank Recurring Deposit
    "Good and easy deposit scheme"
    AXIS BANK
    0.5 4.0/5 "Great!"
    I have chosen the RD from Axis bank. In their app, there is a option to active the RD since its easy to opened the RD account in 5 minutes, i have selected this and other than this Axis is my salary account. Interest rate is okay but not that competitive. I'm investing the amount of Rs. 2500 every month. They have a option of lock in period between 1 year to 25 years and i have selected 10 years.
    Was this review helpful? 6
    , bangalore
    Reviewed on Jan 09, 2020
  • HDFC Bank
    HDFC Bank Recurring Deposit
    "Good Interest rate and benefit"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    Chosen my recurring deposit from HDFC because i found the interest rate is good. I have been investing the money of Rs. 1000 per month. There is a lockin period of 4 years. They are giving a interest rate of 7.25%. The amount is automatically debited from my account. I have opened this account through their net banking.
    Was this review helpful? 6
    , haridwar
    Reviewed on Jan 07, 2020
  • Axis Bank Recurring Deposit
    "Good product"
    AXIS BANK
    0.5 4.0/5 "Great!"
    When i opened the mobile app every time with Axis bank, they have shown me an offer with the rate of interest of 7% for the recurring deposit hence have chosen due to the higher interest rate. I am investing the money of Rs. 1000 every month. There is no lockin period of this Recurring deposit. I have activated the auto deduction option for this savings purpose.
    Was this review helpful? 4
    , kolkata
    Reviewed on Dec 31, 2019
  • ICICI Bank Recurring Deposit
    "Best option"
    ICICI BANK
    0.5 4.0/5 "Great!"
    I made the recurring deposit with ICICI bank. I have invested the money of Rs. 1000 every month. I have chosen the lock in period of 10 months. The amount is automatically deducted from my account. They have provided me a interest rate of 7.5%. I'm holding the account from ICICI hence i found this option in their app so that i have chosen.
    Was this review helpful? 9
    , bangalore
    Reviewed on Dec 16, 2019
  • ICICI Bank Recurring Deposit
    "Better Scheme"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    Chosen my recurring deposit scheme from ICICI bank for the savings. The security system is good in ICICI hence i have chosen them. I'm investing the money of Rs. 3000 in every quarter and the amount is automatically deducted from my account. I'm not sure about the interest rate provided by them.
    Was this review helpful? 9
    , bangalore
    Reviewed on Dec 10, 2019
  • HDFC Bank Recurring Deposit
    "Good saving bank"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have taken a RECURRING DEPOSIT from HDFC Bank, and i am paying monthly Rs. 2000. I started this RD presently only. This is a long term plan and i am getting some good returns after 10 years. Customer service was good. This is very useful for future.
    Was this review helpful? 8
    , visakhapatnam
    Reviewed on Dec 06, 2019
  • HDFC Bank Recurring Deposit
    "Good Flexibility"
    HDFC BANK
    0.5 4.0/5 "Great!"
    The best thing about HDFC Recurring Deposit is the online option which is simply good. When i want to increase the amount, i can do it on a monthly basis. The interest rate is less which is 1%. I have selected the lockin period of 3 years and overall satisfied.
    Was this review helpful? 9
    , mumbai
    Reviewed on Nov 12, 2019
  • HDFC Bank Recurring Deposit
    "Good One"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I have chosen the Recurring Deposit from HDFC because its more convenient. Its around Rs. 2000, i have invested every month and its automatically deducted from my account. There is no locking period. They are providing the interest rate of 6.8% to their customer.
    Was this review helpful? 4
    , hyderabad
    Reviewed on Nov 12, 2019
  • HDFC Bank Recurring Deposit
    "Improvement needed on their application"
    HDFC BANK
    0.5 3.5/5 "Pretty good"
    I am very new to HDFC BANK interms of Recurring deposit and its been a first time around 2 to 3months. The helpline number is 24/7 but I did not get response on time. It was a toll free number. The interest rate is nominal. There is no locking period and the application is user friendly but it should be better when compared to ICICI.
    Was this review helpful? 6
    , nasik
    Reviewed on Oct 15, 2019
  • ICICI Bank Recurring Deposit
    "It could be better interms of percentage"
    ICICI BANK
    0.5 4.0/5 "Great!"
    I have started my recurring deposit in ICICI BANK because it was my salary account. I could manage this account online. It would be great, if they could provide connectivity to reach the customer care easily. The interest rate is around 6-7% which is similar like other banks.
    Was this review helpful? 7
    , nasik
    Reviewed on Oct 15, 2019
  • HDFC Bank Recurring Deposit
    "Easy to apply"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I was paying the RD of Rs. 2000 and i started paying the first month amount by last month. In net banking, there is no option to pay my RD. I have chosen HDFC because I'm the account holder of the same account. There is a lockin period of 6 months and at the end of six month it will get converted into fixed deposit. Interest rate is too low.
    Was this review helpful? 7
    , hyderabad
    Reviewed on Oct 10, 2019
  • review Recurring Deposit
    "It's better"
    STANDARD CHARTERED BANK
    0.5 3.0/5 "Satisfactory"
    With Standard Chartered Bank, am having a recurring deposit because they are providing 7% interest rate. I would suggest them to improve the service. Its been more than 1.5years. They have provided me online access to manage the account. I was doing 3K monthly and have chosen tenure of 1year.
    Was this review helpful? 4
    , bangalore
    Reviewed on Oct 10, 2019
  • Kotak Recurring Deposit
    "Need improvement on customer support"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I am not getting any calls from Kotak to suggest the investment products but whenever my salary credits I used to invest the money with their recurring deposit, monthly I used to invest Rs.1000 and above . I won't recommend this RD for non customers.
    Was this review helpful? 6
    , bangalore
    Reviewed on Sep 14, 2019
  • HDFC Bank Recurring Deposit
    "Good bank for future"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    HDFC gave me very good interest for my recurring deposit, every month I used to invest Rs.3000 for 6 months, finally I about to get Rs.18,000 without interest as per my RD, the bank gave me Rs. 18594 its really good, the online banking is very convenient.
    Was this review helpful? 11
    , bangalore
    Reviewed on Sep 14, 2019
  • HDFC Bank Recurring Deposit
    "Good Investment"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I have a recurring deposit from HDFC. I have a salary account in HDFC hence i have chosen the same bank. I have been investing the money of Rs. 1000 every month and they are providing a interest rate of 7%. Once my salary is credited, my RD amount will automatically deducted from my account. There is a lockin period of 2 years.
    Was this review helpful? 9
    , bangalore
    Reviewed on Sep 14, 2019
  • Kotak Recurring Deposit
    "Good investment for the future"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    I had a Recurring deposit for one year with Kotak Mahindra, through netbanking I invested Rs.500 on monthly basis they gave around 7.5% of interest for the total amount. Now I withdrawn the benefits even there is no charges for pre matured as well. The online site is very convenient to invest the money.
    Was this review helpful? 7
    , chennai
    Reviewed on Sep 14, 2019
  • HDFC Bank Recurring Deposit
    "Can do better on the interest"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    Recently I opened HDFC recurring deposit, the interest rate is lesser around 7.25% fpr per annum, every month I activated ecs for Rs. 2000 it has the term of 18 months. There is no pre matured charges to take the liquidity. The online banking is convenient to check the RD transactions as well.
    Was this review helpful? 6
    , bangalore
    Reviewed on Sep 05, 2019
  • HDFC Bank Recurring Deposit
    "Really useful for the people for savings purpose."
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    HDFC People has provided me a RD account when i opened my salary account hence every month Rs. 1000 has been deducted from my account. I get a quick response from HDFC. Their interest rate is quite good. There is no additional charges and there is a lockin period of 18 months.
    Was this review helpful? 7
    , indore
    Reviewed on Sep 01, 2019
  • ICICI Bank Recurring Deposit
    "Best Investment"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have been investing the money through recurring deposit. Since i have a salary account from ICICI, i have chosen the RD with them. I am investing Rs. 2000 every month and the rate of interest is 7.9% which is fine for me. Once the salary is credited to my amount, by next second automatically the amount is deducted from my account.
    Was this review helpful? 5
    , bangalore
    Reviewed on Aug 31, 2019
  • HDFC Bank Recurring Deposit
    "Good Savings scheme"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I have a basic recurring deposit in HDFC. In HDFC, they themselves deducting the money of Rs. 1000 every month for a recurring deposit. The interest rates are good which is more than 7%. There is no additional charges. There is no lockin period and i can canceled it any time. The time which i have chosen for 27 months.
    Was this review helpful? 8
    , chennai
    Reviewed on Aug 26, 2019
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