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  • What is a Flexi Recurring Deposit?

    A Flexi Recurring Deposit offers convenience and complete flexibility to depositors, where lump sums can be invested as and when available. A Flexi RD comes with two sections, inclusive of the core amount, which are deposits made by the account holder when the RD is opened and the flexible amount, which can change with every monthly installment, depending on the funds available. Every Flexi Recurring Deposit has to be opened with a core amount for a particular tenure. This amount changes depending on the bank where the RD is being held. The variable component of the recurring deposit can be incremented in specific multiples with a cap on the amount to be invested. The interest rate for the core amount is as per applicable rates for the recurring deposit tenure, while the flexible portion carries an interest rate from the deposit date. The core amount has to be deposited on the pre-determined date or a penalty will be imposed by the bank. The flexible amount can be invested at any time of the month and no penalty will be levied. Flexi Recurring Deposit schemes can be pre-closed at any time and do not carry any premature closure charges.

    Banks Offering Flexi Recurring Deposits

    There are multiple Flexi Recurring Deposit schemes offered by various banks in India. Some of the popular flexi deposit schemes have been explained below.

    iWish Flexible RD - ICICI Bank

    The iWish Flexible Recurring Deposit from ICICI Bank offers one of the best returns with interest rates ranging from 7.00% to 7.50% for tenures starting from 6 months to up to 10 years. Customers can deposit any amount at any point in the tenure, with no requirement to make deposits every month. Multiple deposits can also be made in one month. ICICI Bank does not charge any pre-closure penalty for iWish accounts closed before the completion of the tenure. Customers can set a goal amount when they open an iWish flexible RD account and decide on the amount they would have to deposit every month to reach that goal. Contributions can be done by family and friends to reach the goal amount.

    SBI Flexi Deposit - State Bank of India

    The SBI Flexi Deposit scheme comes with the flexibility of choosing the amount to be deposited every year by a customer. This amount should fall between the minimum and maximum limits set by the bank. The minimum amount that can be deposited is Rs. 5000 and the maximum amount is Rs. 50,000, which can be increased in multiples of Rs. 500. Customers can make any number of deposits at any time of the year. If there is any default in payments, then SBI would charge a fee of Rs. 50. The interest rate offered will be compounded on a quarterly basis and the deposit tenure can vary from 5 years to up to 7 years. Payments for a SBI Flexi Deposit can be made as debits from savings accounts, current accounts and OD accounts. Senior citizens are also eligible to avail the SBI Flexi Deposit scheme at preferential interest rates.

    PNB Swecha Jama Yojna/Flexi RD - Punjab National Bank

    The PnbSwechha Jama Yojna scheme can be taken by a single applicant or as a joint account and has to be opened with a minimum deposit of Rs. 100. The tenure available to depositors ranges from 6 months to up to 120 months. PNB mandates that the monthly amount should not be more than ten times the core amount. Customers do not have to pay any penalty for late deposits and for premature closure of the recurring deposit. Minors are also allowed to open a PnbSwechha Jama Yojna (Flexi RD account) under the supervision of a parent or a guardian. PNB also gives loans or overdraft on an existing PnbSwechha Jama Yojna account.

    Star Flexi Recurring Deposit - Bank of India

    Under the Star Flexi Recurring Deposit scheme, customers can choose a core amount, with the option of making flexible installments. The installments should be in multiples of Rs. 500, when deposited in Metro branches and can be incremented in multiples of Rs. 100 in Semi-urban and Rural branches. Bank of India does not have any cap on the minimum and maximum limits. The nomination facility is also provided for a Star Flexi Recurring Deposit account. This Flexi recurring deposit scheme can be taken for tenures ranging from 12 months to up to a maximum of 10 years. The maturity value varies according to the amount deposited during the course of the recurring deposit. The interest rates charged on flexi installments is as per applicable rates, when the deposit has been opened.

    Flexi Recurring Deposit - IndusInd Bank

    Customers can make flexible monthly deposits when they open a Flexi Recurring Deposit with IndusInd Bank. Customers can open deposits with a balance of Rs. 1000 and make deposits as and when they wish. The tenures available for depositors varies from 12 months to up to 120 months. Self-employed businessmen and professionals can open a Flexi Recurring Deposit at attractive interest rates. IndusInd Bank also allows nominations on the recurring deposits accounts along with premature closures.

    Union Monthly Plus - Union Bank of India

    Union Bank of India offers the Union Monthly Plus scheme for its customers with options to Step up or Step down the monthly installment amounts. Individuals, Corporates, Partnership/ Proprietorship, HUFs and trusts are eligible to open this type of recurring deposit account. A core amount has to be selected initially, with the minimum amount being Rs. 100 and the maximum being Rs. 1, 00,000. The tenures available are from 6 months to up to 60 months. The interest rate will be as per Term Deposit rates offered by the bank and will be calculated on a daily basis. Under the Step Up option, customers can increment the core amount to up to 10 times the core amount and deposits can be made any number of times in a month. Customers also have the option to Step Down the deposit amounts, but should not be below the core amount chosen.

    Fed Flexi Smart SaverRD - Federal Bank

    The Fed Flexi Smart SaverRD scheme is offered to NRIs with the flexibility of choosing a core amount while opening the deposit. The monthly installment amounts can be varied and deposits can be made up to ten times the core amount. Additionally, Federal Bank also provides flexible remittance options with no fixed due dates for monthly payments. Deposit tenures can range from 12 months to up to 0 months and customers do not have to pay any pre-closure penalty, while closing the deposit.

    Corp Recur Deposit | Corporation Bank

    Corporation Bank offers a Flexi recurring deposit scheme through which customers can save predetermined amounts every month for a period of three years. Account holders can make deposits for a value which is ten times the monthly installment amount. Additionally, Corporation Bank recurring deposit holders can withdraw a part of their deposits (i.e., 50% of the accrued amount) towards the end of the first year and the second year. Recurring deposits should be opened with a minimum balance of Rs. 500 and can be increased in multiples of Rs. 100.

    Canara Dhanvarsha - Flexi Recurring Deposit Scheme

    Canara Bank customers can avail the Canara Dhanvarsha - Flexi Recurring Deposit Scheme and enjoy complete flexibility while making deposits. The minimum amount that has to be deposited is Rs. 1000 and can be later increased in multiples of Rs. 100, up to a maximum of Rs. 1, 00,000. Customers can deposit amounts up to ten times the core installment amount every month. Customers can also avail loans on their recurring deposits to up to 90% of the available balance.

    Variable Recurring Deposit - Indian Bank

    The Variable Recurring Deposit scheme provided by Indian Bank offers complete flexibility with regards to monthly installments. Customers can deposit any amount every month up to a maximum of Rs.10, 00,000. The tenures available range from 12 months to up to 120 months. The minimum deposit that has to be done is Rs. 25 to up to a maximum of Rs. 1 lakh.

    Flexi recurring - Cent Swa Shakti - Central Bank of India

    Central Bank of India customers can avail the Cent Swa Shakti Flexi recurring deposit scheme and make deposits with any amount of their choice. Customers can choose the monthly installment amount, with the minimum being Rs. 100 and the maximum being Rs. 10, 00,000. Aside from the monthly deposit amount, customers can also make additional fund deposits. Account holders also have the option of reducing the monthly installment amount, but it should not be lower than the core deposit amount. Customers can also choose any tenure of their choice ranging from 6 months to 12 months.

    Money Mala Plus - Karur Vysya Bank

    A flexible Recurring Deposit scheme is offered by Karur Vysya Bank with the flexibility to remit any amount of the customer’s choice. Account holders can deposit any amount up to ten times the core amount, to a maximum of Rs. 2 lakhs. Karur Vysya Bank does not charge any penalty for late payments and there are no limits for the number of times deposits are made in a month. The core amount should always be paid as one installment.

    Read More Article on Recurring Deposit

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    RD Reviews

  • Page 1 of 46 1 2 3 4 5
    • 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? 0
      , 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? 0
      , 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? 2
      , 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? 1
      , 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? 1
      , 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? 4
      , 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? 9
      , bhiwadi
      Reviewed on May 25, 2017
    • Kotak Recurring Deposit
      "Good "
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      I am having recurring deposit account with the Kotak mahindra bank and the interest rate is around 6.79%, which is not really okay. Total tenure is for one year of time. Customer service is good one with them and the response is also a good one. There is no option to withdraw the money in between the tenure.
      Was this review helpful? 7
      , bangalore
      Reviewed on May 18, 2017
    • HDFC Bank Recurring Deposit
      "Better "
      HDFC BANK
      0.5 4.0/5 "Great!"
      I had closed the recurring deposit account with the HDFC bank and the services offered by them was exemplary. Rate of interest is a nominal one with them and the lock in period was around one year of time. There were no penalty charges absolutely for the premature withdrawal. On top of all that, Customer service provided by HDFC Bank is really fantastic.
      Was this review helpful? 3
      , pune
      Reviewed on May 18, 2017
    • HDFC Bank Recurring Deposit
      "Conveneint saving process"
      HDFC BANK
      0.5 4.0/5 "Great!"
      HDFC Recurring deposit interest rate is low, I should deposit the amount of Rs.5000 every month for RD account its for the period of 15 months. Initially HDFC were providing the interest rate of 6.9% now it got less . But I am sure they will be providing assured interest rate.
      Was this review helpful? 5
      , faridabad
      Reviewed on May 15, 2017
    • ICICI Bank Recurring Deposit
      "Safety locker"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I hold a recurring deposit with ICICI bank and I got it around 6 months ago. I get good benefits with this very good savings plan. It is flexible because when I need in money anytime, I can with draw and I can switch the amount to savings account, Which is helpful for the safety purposes. The rate of interest I am getting is nominal here.
      Was this review helpful? 3
      , mumbai
      Reviewed on May 15, 2017
    • HDFC Bank Recurring Deposit
      "Services are excellent"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had closed the recurring deposit account with the HDFC bank and I had it for a period of one year of time. Interest rate was very minimal at that time. Net banking facilities are nice one and also its easy to track the account, also its really pretty fast to open this HDFC account.
      Was this review helpful? 3
      , mumbai
      Reviewed on May 10, 2017
    • ICICI Bank Recurring Deposit
      "Very good services in deposit"
      ICICI BANK
      0.5 4.5/5 "Excellent!"
      I am having the recurring deposit account with the ICICI bank and the interest rate was around 7% per annum. Services were good and I would like to say for deposit ICICI bank is up to the mark. Its easy to track the account through online and mobile application.
      Was this review helpful? 7
      , hyderabad
      Reviewed on May 10, 2017
    • Bank of Baroda Recurring Deposit
      "Good Bank"
      BANK OF BARODA
      0.5 5.0/5 "Blown Away!"
      I had Recurring Deposit account with Bank of Baroda. RD period was one year and every month I used to pay 2500 rupees. The interest rate was around 6% which is the same like other banks I believe. At the end of the year, they were able to release the amount on time.
      Was this review helpful? 4
      , hyderabad
      Reviewed on May 09, 2017
    • Bank of Baroda Recurring Deposit
      "Nice Bank"
      BANK OF BARODA
      0.5 5.0/5 "Blown Away!"
      Recently I invested in Recurring Deposit account with Bank of Baroda. The monthly payment was around 1000 rupees, therefore they did not deduct anything from my salary account. The tenure period is for five years. After five years, they would return my money 86000 rupees. Interest rate provided by them is very much nominal.
      Was this review helpful? 5
      , bangalore
      Reviewed on May 09, 2017
    • Dena Bank Recurring Deposit
      "Smooth services"
      DENA BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a recurring deposit at Dena bank and I would give them five stars on this experience. It was not a long process to get this account done and the rate of interest they offer on this facility is good. There are no charges as well. In all a nice experience.
      Was this review helpful? 2
      , mysore
      Reviewed on May 08, 2017
    • IDBI Recurring Deposit
      "Satisfactory Service"
      IDBI BANK
      0.5 4.0/5 "Great!"
      As my salary account is with IDBI bank, based on it I opened recurring deposit account. I had opened this for one year. They offered good interest rate for my RD account. I have ecs mode of payment as my salary account is with the same bank.
      Was this review helpful? 4
      , indore
      Reviewed on May 04, 2017
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