Indian Bank Recurring Deposit is ideal for first-time risk-averse investors. You can open a recurring deposit account for a tenure ranging from 6 months to 10 years. The interest rate you can earn ranges from 3.50% p.a. to 3.75% p.a. You can open an RD account with Indian Bank with an amount as low as Rs.5.
|Balance||Rate of Interest|
|Up to Rs.50 lakh||3.50%|
|Above Rs.50 lakh||3.75%|
Additional rate of 0.50% will be applied for Senior Citizens for an aggregate amount of up to Rs.2 crore.
Know more about Recurring Deposit
Benefits of Indian Bank Recurring Deposit
- Deposit tenure ranges from 6 months to 120 months
- A variety of deposit schemes to choose from
- Enjoy an interest rate of up to 7.40% p.a.
- Life insurance cover available
- Nomination and loan facilities available
- Better rates for senior citizens
Types of RD Accounts in Indian Bank Portfolio
- Insured Recurring Deposit: Other than earning interest on your investment, this RD scheme also offers life insurance cover. You can open the account with a minimum amount of Rs.100 for a period ranging from 3 years to 5 years.
- Variable Recurring Deposit: With this scheme, you have the flexibility to vary the monthly instalments. You can open this account with a minimum amount of Rs.25 or a maximum of Rs.1 lakh. No penalties are imposed if there’s any delay in instalments.
Indian Bank Recurring Deposit Calculator
The maturity amount on your RD depends on various factors, including the tenure, amount, rate of interest, among others. It’s always recommended to calculate the interest you can earn on your deposited amount so that you can make adjustments to the tenure or amount accordingly. There are quite a few online portals that offer RD calculator. You can use any one of those to calculate the interest you can earn on your deposited amount.
Indian Bank Recurring Deposit is a low-risk investment option that lets you earn decent interest over a specific period of time. Though you have the option to break an RD before the maturity period, doing so may hurt the interest you could have earned at the end of the tenure.
Indian Bank Senior Citizen RD Interest Rates
Indian Bank offers attractive rates of interest to senior citizens when they invest money with the bank via a recurring deposit account. An additional interest is given on top of the normal recurring deposit rates in case of senior citizens.
Indian Bank NRE Recurring Deposit Interest Rates
NRI’s can open an Indian Bank RD account as well for a minimum of 1 year and maximum 10 years. The interest rate that NRI’s earn on their short- term recurring deposits of less than Rs.1 crore ranges between 6.50% percent and 7.25% percent per annum and on short- term deposits of Rs.1 crore to Rs.5 crores, they earn 7 percent per annum.
On their medium term and long term recurring deposits of less than Rs.1 crore, they can earn an interest of 7.25 percent per annum and on medium term and long term deposits of Rs.1 crore to Rs.5 crores, they can earn an interest rate of 7 percent per annum.
Indian Bank Recurring Deposit Interest Rates FAQs
- How can I open a recurring deposit account at Indian Bank?
- Will TDS be applied on recurring deposit?
- I wish to foreclose my account. Will I be charged anything?
- How will be the interest rate applied?
- What are the other facilities I will be able to enjoy in case I open a recurring deposit account at Indian Bank?
- Loan facility
- Foreclosure of account
- Nomination facility
You can open a recurring deposit account at Indian Bank by using their net banking facility using your credentials provided you are customer. As you enter the portal, you will get the option of opening a recurring deposit account in the menu bar. Click on it and submit all the necessary documents. Once the review of the documents has been done, you will be able to open a recurring deposit account. You can then decide upon the deposit amount and the tenure.
You can also visit the nearest branch of Indian Bank along with all the necessary documents. A bank representative will help you with the process of opening a recurring deposit account.
As per the Finance Act, 2015, TDS will be applicable on the recurring deposits and the interest rates you will earn on your deposits.
Yes, a penalty will be levied if you decide to foreclose your account.
The rate of interest will be calculated on quarterly compounding basis.
You will be able to enjoy the following facilities if you open a recurring deposit account at Indian Bank:
Indian Bank RD Schemes
RD Interest Rate Pages
- United Bank RD Interest Rates
- Uco Bank RD Interest Rates
- Allahabad Bank RD Interest Rates
- Central Bank RD Interest Rates
- Federal Bank RD Interest Rates
- Indian Bank RD Interest Rates
- Andhra Bank RD Interest Rates
- Kotak Mahindra RD Interest Rates
- Syndicate Bank RD Interest Rates
- IOB RD Interest Rates
- City Union Bank RD Interest Rates
- Citybank RD Interest Rates
- Indusind Bank RD Interest Rates
- Corporation Bank RD Interest Rates
- BOM RD Interest Rates
RD Other Pages
- Recurring Deposit Vs. Chit Fund
- Miss to Pay the Recurring Deposit Due
- Difference Between Recurring Deposit and SIP
- Open RD Account through HDFC NetBanking
- RD Account in SBI
- Advantages of Recurring Deposit
- Flexi RD
- SBI Flexi RD Schemes
- Monthly Recurring Deposit
- Co-operative Bank Recurring Deposit
- City Union Bank Recurring Deposit
- Indian Bank Recurring Deposit
- Union Bank Recurring Deposit
- UCO Bank Recurring Deposit