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  • IDBI Recurring Deposit

     4.5 / 5.0   by 12 users
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    Promised Interest Rate

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    Overview of IDBI

    IDBI Bank is a leading government-owned financial services company in India which was initially known as the Industrial Development Bank of India. It was established in 1964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry and has its headquarters in Mumbai, India.

    Currently it is the 10th largest development bank in the world in terms of its widespread presence which can be attributed to its 2912 ATMs, 1659 branches, including an overseas branch in Dubai and 1013 centers including two overseas centres in Singapore and Beijing.

    Recurring Deposit from IDBI

    IDBI Recurring deposit assists you to gain high yields conveniently and efficiently. For regular income earning customers, any fixed amount from Rs.100 and less than 1 crore can be saved with ease every month. The amount you choose to deposit will be deducted every month from your savings account. Income tax is not deducted at source(TDS) on these deposits and also no charges are levied for executing the standing instructions. The facility to get the monthly deposit amount deducted from the savings account, is offered to the customer.

    Features of IDBI Recurring Deposit

    • Savings to meet future goals and requirements.
    • Regular savings for a contracted period of time.
    • The period of deposit can be from a minimum of 1 year up to a maximum of 10 years.
    • Minimum amount for deposit is Rs.100.

    Recurring Deposit schemes offered by IDBI

    Suvidha Suraksha Recurring Deposit

    Suvidha Suraksha Recurring Deposit offered by IDBI is a Recurring Deposit scheme with a unique feature - it comes with an in-built insurance cover at lower premium. The deposit allows an insurance cover which is equal to the Recurring Deposit installments.

    Benefits

    • Insurance Cover is for a term which is equal to the Suvidha Suraksha RD tenure i.e., Minimum 1 year and Maximum 5 years. In case the tenure is not in complete years, the insurance cover will be available up to the next year following the maturity date of the scheme.
    • Upon maturity, the Accumulated Savings is placed under the Suvidha Suraksha RD account.
    • Upon death within the cover term, the depositor’s family gets the principal sum insured as well as the accumulated savings under the Suvidha Suraksha RD account.
    • Enjoy tax benefits under 80C of IT Act for the premiums paid and 10(10D) of IT Act for the amount received as death benefits.

    Features of Suvidha Suraksha Recurring Deposit

    • Resident account holders who fall between the age group of 18-60 years and do not exceed 65 years of age at the time of maturity, can apply.
    • Joint account is permitted but the insurance will be available to the primary account holder only.
    • Rate of interest offered on insurance is at par with the interest rate on Suvidha Suraksha Recurring Deposit.
    • The minimum amount of deposit is Rs.1,000/- per month and thereafter in multiples of 1,000/-.
    • The deposit amount should not exceed Rs.1 Crore per month.
    • The deposit period is for a minimum of 12 months and a maximum of 5 years.
    • Sum insured is the sum of all the Suvidha Suraksha RD installments up till the maturity period.
    • Insurance premium payment frequency is annual.

    Interest rates offered on IDBI’s Recurring Deposit

    Interest will not be paid if Recurring Deposit is discontinued under three months. If RD is discontinued in less than one year but kept for at least 3 months with the Bank, then the interest applicable for a Savings Bank account will be paid. In case of premature closure of Recurring Deposit by a senior citizen, the additional 50 base points applicable to Senior Citizen will be given to them if the RD has been with the bank for 12 months from the date of the 1st installment. The interest rates offered by the Bank ranges between 8.50% to 9.10%. Senior citizens get 0.50% hike in interest rate applicable, over and above that of regular customers.

    FAQ’s

    1. How to open a Recurring Deposit account in IDBI?
    2. Applying for a Recurring Deposit is absolutely simple. Just call Phone Banking numbers or visit your Nearest Branch.
    3. What is the Minimum & Maximum amount to open Recurring Deposit in IDBI?
    4. Regular RD - saving any fixed amount from 100 to less than 1 crore every month. For Suvidha Suraksha Scheme, the minimum amount to be deposit Rs. 1,000/- p.m. & in multiples of 1,000/- and maximum amount should not be less than Rs. 1 Crore per month.
    5. What are the Minimum or Maximum period for RD in IDBI?
    6. For regular RD the period of deposit can be from 1 year to 10 years. For Suvidha Suraksha Scheme, Minimum period is 12 months and in multiple of completed quarter and Maximum period is 5 Years.
    7. Is TDS (Tax Deductible at Source) applicable on Recurring Deposits?
    8. No. There is no tax deduction.
    9. Do Senior citizens get any extra benefit on Recurring Deposits?
    10. Yes. They can enjoy a 0.50% hike in interest over and above the interest rate received by regular customers.
    11. Can I make premature withdrawal of RD?
    12. Yes. Premature withdrawals are permitted by the Bank.
    13. Is nomination for RD available?
    14. Nomination facility is available.

    Know the Current Recurring Deposit Rates

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    IDBI RD Reviews

  • Page 1 of 1
    • 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
    • IDBI Recurring Deposit
      "Good. Can be more conveneint "
      IDBI BANK
      0.5 3.0/5 "Satisfactory"
      I had taken a recurring deposit with IDBI. To open this account I had an option to easily do it online. But at the time of closing it, it is a hectic process where I need to visit the bank and finish the formalities. There were no charges taken. The amount gets credited to my savings account without any delay.
      Was this review helpful? 2
      , bangalore
      Reviewed on Apr 08, 2017
    • IDBI Recurring Deposit
      "My RD"
      IDBI BANK
      0.5 4.0/5 "Great!"
      I decided to part some amount in RD with IDBI Bank. I normally deposit rs 1800 and there is no bench mark for the maximum amount. I get tax benefit . Interest rate that I earn on my RD is reasonable. Through the branch this RD was set up and my RD is 3 months old.
      Was this review helpful? 2
      , jamshedpur
      Reviewed on Sep 24, 2016
    • IDBI Recurring Deposit
      "Good option"
      IDBI BANK
      0.5 4.0/5 "Great!"
      In the recurring deposit the minimum lock in period for three months . IDBI bank is giving 7.75% interest rate. The minimum amount to start the plan is Rs.1000. The rates are flexible if we choose the floating rate. It is good option for the investor.
      Was this review helpful? 2
      , pune
      Reviewed on Apr 08, 2016
    • IDBI Recurring Deposit
      "Good plan"
      IDBI BANK
      0.5 5.0/5 "Blown Away!"
      I do have a recurring deposit with IDBI Bank for last 2years and its a 2years plan.I have taken this account through online itself.They have applied interest rate around 9% for the recurring deposit.I pay around 3000Rs for this Bank in monthly basis for recurring deposit.
      Was this review helpful? 4
      , guwahati
      Reviewed on Oct 23, 2015
    • IDBI Recurring Deposit
      "Normal one"
      IDBI BANK
      0.5 4.0/5 "Great!"
      I am holding a salary account with IDBI based on which I have opened this RD with IDBI Bank. There is no need for me to visit the Branch and I manage my account online. Its enough if I provide one nominee instruction all the accounts that I hold. I can open this online and there is no need for me to visit the branch and I am holding this account for 1.6 months.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 17, 2015
    • IDBI Recurring Deposit
      "Good "
      IDBI BANK
      0.5 4.0/5 "Great!"
      I had the recurring deposit with the IDBI bank and I have closed it. The rate of interest is around 8%. The interest will compounded for 10 months of time. I used to deposit 15 thousand Rupees per months and the charges for cancellation is zero.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 10, 2015
    • IDBI Recurring Deposit
      "Excellent.."
      IDBI BANK
      0.5 5.0/5 "Blown Away!"
      Had a recurring deposit and the IDBI offered me the promised rate of interest. After the tenure period they directly credited in to my account . Each and everything is perfect in IDBI. Though they are a government organization they are excellent in services. Rate was around 8.5% to 9%. Now they have cash deposit machines as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 26, 2015
    • IDBI Recurring Deposit
      "Awesome"
      IDBI BANK
      0.5 5.0/5 "Blown Away!"
      IDBI bank provides very good interest rate of 9% for the RD plan comparing with other banks as they are offering only 8.75%. I had good experience with them as i was having the rd plan in which i was paying monthly Rs.5000 with the tenure period of 3 years and i took the amount in pre maturity they gave a good value without any charges.Minimum amount to start the plan is 500 rupees with the lock in period is 1 year.
      Was this review helpful? 1
      , mumbai
      Reviewed on Aug 04, 2015
    • IDBI Recurring Deposit
      "Easy to open recurring deposit!!!"
      IDBI BANK
      0.5 4.0/5 "Great!"
      All is good with IDBI particulary on recurring deposit service and the interest rate is around 8.75%. Reason that to have RD is any time we can take amount. If we take deposit amount in midst of tenure period they won't provide interest and they just provide outstanding amount. As my salary account is with IDBI thus I gave a single form to open recurring deposit and no much formalities.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 06, 2015
    • IDBI Recurring Deposit
      "Great "
      IDBI BANK
      0.5 3.5/5 "Pretty good"
      I am holding a RD with IDBI Bank. To start off the rate of interest offered by them for this RD account was 10.75% which is quite good. I have opened this account mainly because I hold a salary account with them. This account was opened in the year 2001. I have been transacting with them for the last 5 years. No documents required, its very simple. Its been linked automatically to my savings account and the money gets transferred to this RD account automatically.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jan 02, 2015
    • IDBI Recurring Deposit
      "Services is average"
      IDBI BANK
      0.5 4.0/5 "Great!"
      I have opened the recurring deposit for the period of 15months. As I had my salary account, I did opened this deposit. Interest rate would be of 8-9% and then at the end of maturity period, I get a good maturity amount. The experience with IDBI is good.
      Was this review helpful? 1
      , mumbai
      Reviewed on Sep 25, 2014
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