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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 47 1 2 3 4 5
    • HDFC Bank Recurring Deposit
      "Wonderful"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I am having the recurring deposit account with the HDFC bank and the response is very good one. Interest rate is good one with the HDFC bank like and their online banking facilities are good one with them.
      Was this review helpful? 0
      , kottayam
      Reviewed on Sep 22, 2017
    • ICICI Bank Recurring Deposit
      "Wonderful"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I had the recurrent deposit account with the ICICI bank and their customer service is good one for me. I would like to say that the online banking services are also good one with the ICICI bank and I have not faced any issues with them till now.
      Was this review helpful? 0
      , madurai
      Reviewed on Sep 22, 2017
    • HDFC Bank Recurring Deposit
      "Its Average"
      HDFC BANK
      0.5 3.5/5 "Pretty good"
      I had account issue with my saving account, hence their staff informed me to open recurring deposit with them. Therefore I opened RD before six months, every month I am making the payment of Rs.1000 it has tenure of six months. Finally I got the total amount Rs.6102 there was no benefit.
      Was this review helpful? 0
      , kollam
      Reviewed on Sep 21, 2017
    • HDFC Bank Recurring Deposit
      "Excellent service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have got a Recurring deposit with HDFC bank . I have got the RD account for 10 months but I have closed within 5months itself. I have close the RD account because of my emergency need. The rate of interest is nominal with HDFC RD account . I didn't got much difference in the amount when I closed RD account , I am satisfied with eh RD account from HDFC bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 20, 2017
    • ICICI Bank Recurring Deposit
      "Good returns on long term investment"
      ICICI BANK
      0.5 4.0/5 "Great!"
      For people like me who spend a lot, best option to save some money is by starting to save first and spend later. In order to achieve this I have invested in recurring deposits for 3 times in ICICI bank.you can do this instantaneously without any documentation using your phone if you have a savings account and phone banking.interest rates are as per government
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 20, 2017
    • HDFC Bank Recurring Deposit
      "Reccure the deposit"
      HDFC BANK
      0.5 4.0/5 "Great!"
      With HDFC bank i hold a Recurring deposit. As my salary account is with HDFC they directly deduct the recurring deposit amount. The amount which is deducting is 1000 rs. After one year we can withdraw that amount with a rate of interest 12 percentage.
      Was this review helpful? 0
      , krishnagiri
      Reviewed on Sep 18, 2017
    • Lakshmi Vilas Bank Recurring Deposit
      "Its Good"
      LAKSHMI VILAS BANK
      0.5 5.0/5 "Blown Away!"
      I have a RD with Lakshmi Vilas, I am investing Rs. 3000 on monthly basis it has minimum tenure of one year, more than a year, I am holding it. They giving 8% of interest for the same bank staff , for others 7.5% of RD Holder, now I hope they reduced around 7%.
      Was this review helpful? 0
      , rajapalayam
      Reviewed on Sep 13, 2017
    • HDFC Bank Recurring Deposit
      "RD is also good"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC RD is also very good. There is an option here, where one can transfer the funds on a monthly basis. Interest rate is one and the same as FD. I had given auto debit options where the funds would be transferred from my account to this RD. I dont get any tax benefit here and its a short term RD.
      Was this review helpful? 0
      , jaipur
      Reviewed on Sep 12, 2017
    • HDFC Bank Recurring Deposit
      "RD is also good"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC RD is also very good, the reason for choosing HDFC RD was because I hold an account with the same bank. I heard of this bank RD has got good benefits. It was taken for a limited duration . We earn an interest of rs 500 it was for a short duration of time which is 15 months and I earn an interest of 15% approximately for RD.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 07, 2017
    • ICICI Bank Recurring Deposit
      "Easy process"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Six months ago, I applied for a recurring deposit and I opened this account online. The process was simple and I am pleased with the interest rate I earn on it. There are no charges taken and when I close the account, I would get the funds in my account immediately.
      Was this review helpful? 0
      , delhi
      Reviewed on Aug 31, 2017
    • Federal Bank Recurring Deposit
      "Prompt Service"
      FEDERAL BANK
      0.5 5.0/5 "Blown Away!"
      I do have recurring deposit with Federal bank. I forgot the interest rate for this RD account. But this is a long time process. I felt more comfortable in opening recurring account with federal because all my financial accounts are in this bank only. Till date the bank service is very prompt.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 23, 2017
    • ICICI Bank Recurring Deposit
      "Good bank to go for RD"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have Recurring deposit with ICICI, I am investing monthly amount of Rs. 1000 for the period of six months. If I receive the good interest then I continue it.. I opened the RD through netbanking its easy and also I could view the RD summary in it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 19, 2017
    • 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
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