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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 48 1 2 3 4 5
    • SBI Recurring Deposit
      "Good"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have my car loan with SBI 3 years . The loan amount was5 lakhs and the rate of interest was 9.8% which was satisfactory .The customer service and responses was good . The pre closure is after 1 year and the processing fee was 1100. My overall experience was good.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 20, 2017
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have most of my banking products with HDFC bank. As I'm an employee as well as I liked HDFC bank's services I decided to start a reccurring deposit for my future savings with HDFC bank itself. If we book recurring deposit through online then we will get offers some like free deal, provogue bags or watches, vouchers. Annually I pay Rs. 3000 and I get an interest of 7.75%.
      Was this review helpful? 0
      , jammu
      Reviewed on Nov 20, 2017
    • ICICI Bank Recurring Deposit
      "Great banking service"
      ICICI BANK
      0.5 4.0/5 "Great!"
      It was almost seven years now with the ICICI bank on recurring deposit. The website was very good where I can get my statement. Android app could be better. I pay monthly around 8K via online banking. I like them for the service since I maintained my saving and salary account. The things could have been better with respective of email intimation.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 18, 2017
    • SBI Recurring Deposit
      "Good service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      As I'm a long time customer with State bank of India for around 12 years and as I liked their banking services so I started a recurring deposit with State bank of India 5 years ago. I pay Rs. 3000 monthly and keep on renewing it after every year when the tenure ends.
      Was this review helpful? 0
      , faridabad
      Reviewed on Nov 18, 2017
    • IDBI Recurring Deposit
      "Average service"
      IDBI BANK
      0.5 3.0/5 "Satisfactory"
      I have a savings account with IDBI bank for the past 5 years. As a long time customer with IDBI bank I trusted them and invested some money recurring deposit with IDBI itself. I renew this recurring deposit account every year. I get a interest of 7% which is very less.
      Was this review helpful? 0
      , delhi
      Reviewed on Nov 17, 2017
    • SBI Recurring Deposit
      "Good service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      As I have a savings account with State Bank of India I started a recurring deposit account with them. But I'm really not sure about the interest rates they provide me but it's good for both my RD accounts in this State bank of India as well as the other bank IOC.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 17, 2017
    • Kotak Recurring Deposit
      "Satisfactory & happy"
      KOTAK MAHINDRA BANK
      0.5 4.5/5 "Excellent!"
      They are giving 6% interest rate for the Recurring Deposit. It was a very good service with Kotak. The request has been placed online. I have chosen Kotak because they are giving more benefits and high potentials. The customer service and response is good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 16, 2017
    • SBI Recurring Deposit
      "Excellent in service , hike in interest rate"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have invested in recurring deposit and the return value is good based on the pre tax which was levied and it was levied based on certain circumstances. I would like to say that the customer service is good one with them, also I really dont have any issues on it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2017
    • Tamilnad Mercantile Bank Recurring Deposit
      "Excellent "
      TAMILNAD MERCANTILE BANK
      0.5 4.5/5 "Excellent!"
      The rate of interest is higher for RD with Tamilnad Mercantile Bank compared to others, I will get a good return. I pay 2000rupees per month.The statements will be sent out to my mobile number or email address . For the maturity period they will inform the customer 1 week before. Manager will call the customer directly. There is no compulsion for the customer it is based up on their own interest. It is a tenure of 7 years.
      Was this review helpful? 0
      , madurai
      Reviewed on Nov 13, 2017
    • HDFC Bank Recurring Deposit
      "Secure Deposit"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have taken a recurring deposit with HDFC bank. The total tenure for this deposit is for 60 months. They have given a rate of interest of 7.90% and now its lowered to 6.75 percentage. Monthly from my HDFC savings account they will deduct that amount.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 08, 2017
    • Vijaya Bank Recurring Deposit
      "Excellent"
      VIJAYA BANK
      0.5 5.0/5 "Blown Away!"
      I had a recurring deposit from Vijaya Bank and the process for that was also good. I have no hassles with the bank as they have always been proper in their response to the customer. The benefits of this account is also fine and I no longer use the account. I have closed it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 06, 2017
    • ICICI Bank Recurring Deposit
      "Excellent service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I never find any difficulty with my ICICI requiring deposit service I am using ICICI mobile application so the every transaction will be done through online so I don't need to contact their branch or their staffs their mobile application is very easy to use and user friendly it was totally a good experience with ICICI.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 01, 2017
    • Syndicate Bank Recurring Deposit
      "Good Service"
      SYNDICATE BANK
      0.5 4.0/5 "Great!"
      As I have a savings account with SYNDICATE BANK I started a recurring deposit account also with them. I have been holding this recurring deposit account for the past 8 months. I pay Rs. 500 for this recurring deposit account. I get an interest of around 8%.
      Was this review helpful? 0
      , guntur
      Reviewed on Oct 31, 2017
    • SBI Recurring Deposit
      "Not a good investment"
      STATE BANK OF INDIA
      0.5 2.0/5 "Expected more"
      I created this Recurring Depoist account some time back and the return I got was little disappointing. I had paid Rs.10000 every month and was expecting a 7.25% Interest. But at the end, after the cut of all taxes I recieved only 4.5% profit, which for me is pure waste of investment.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Oct 29, 2017
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have my salary account with HDFC bank so I thought of holding a Recurring deposit account with them as their services are good. Now I have been holding a Recurring deposit account with them for the past 1 year. I remember for the last 6 months I'm paying between Rs. 1000 to Rs. 2000 monthly. They give me 5.25% as interest.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 28, 2017
    • HDFC Bank Recurring Deposit
      "Good Saving"
      HDFC BANK
      0.5 4.0/5 "Great!"
      Holding Recurring deposit account with HDFC, I used to pay Rs. 3000 on every month, it has tenure of one year, But the interest rate is very low like the banks norms. I think HDFC Is providing 6% of interest for the RD account, I am using it only for the investment purpose.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 25, 2017
    • HDFC Bank Recurring Deposit
      "Very good account"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC Bank is my corporate account and my salary account is with HDFC. The reason why I had chosen HDFC for the Recurring Deposit was because of the interest rate which is 6% and it is the best and we have to pay monthly 1200 . This Recurring Deposit request was placed online. I can also view my maturity instructions online
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 17, 2017
    • HDFC Bank Recurring Deposit
      "Good Saving"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      Generally invest Rs.10,000 on monthly average in my HDFC recurring deposit account. It has the tenure of two years, after maturity period I would get the amount around 30,000 and above. I am satisfied with them, online transaction is easy to make the payment.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Oct 13, 2017
    • ICICI Bank Recurring Deposit
      "Good saving and convenient saving"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      ICICI recurring deposit is very convenient to access through online, I opened RD through netbanking it was simple. Currently I am investing Rs.5000 for a year , I get 6.9% of interest per annum. I am could do the liquidity through online, but there was some charge applicable around Rs.300.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 12, 2017
    • Axis Bank Recurring Deposit
      "Average Service"
      AXIS BANK
      0.5 3.5/5 "Pretty good"
      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 did not auto debited from my salary account to this RD account. Every month I had to visit the bank. After 4 months then this problem got rectified. The interests can be improved.
      Was this review helpful? 0
      , delhi
      Reviewed on Oct 09, 2017
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