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Indian Bank Recurring Deposit Interest Rates 2022

Indian Bank Recurring Deposit is ideal for first-time risk-averse investors. You can open a recurring deposit account for a tenure ranging between 6 months and 10 years. offered by the lender ranges between 4.40% p.a. and 5.15% p.a. for general citizens. Senior citizens are offered additional interest of 0.50% p.a. on all RD tenures. You can open an RD account with Indian Bank with a monthly instalment of Rs.100.

Know more about Recurring Deposit

The rate of return offered on recurring deposits by Indian Bank is listed in the table below:

Tenure Interest offered to General citizens (p.a.) Interest offered to Senior citizens (p.a.)
181 days to less than 9 months 4.40% 4.90%
9 months to less than 365 days 4.40% 4.90%%
1 year 5.00% 5.50%
1 year 1 day to less than 2 years 5.10% 5.65%
2 years to less than 3 years 5.10% 5.65%
3 years to less than 5 years 5.15% 5.65%
5 years 5.15% 5.65%
Above 5 years 5.15% 5.65%

Note:The interest rate mentioned in the table are for deposits below Rs.2 crore and are effective 5 February 2021.

Benefits of Indian Bank Recurring Deposit

  • Deposit tenure ranges from 6 months to 120 months
  • A variety of deposit schemes to choose from
  • Enjoy rate of return up to 5.15% p.a.
  • Life insurance cover available
  • Nomination and loan facilities available
  • Better rates for senior citizens

Types of RD Accounts offered by Indian Bank Portfolio

  • Recurring Deposit: Other than earning interest on your investment, this RD scheme allows you to avail a loan against the deposit amount. 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 an initial deposit of Rs.500. a minimum amount of Rs.25 or a maximum of Rs.1 lakh. No penalties are imposed if there’s any delay in payment of 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 amount you will be receiving at the time of maturity when investing in an RD account 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 Short-term RD Interest Rates  

On short-term RD accounts, Indian Bank offers a rate of return of 4.40% p.a. Short-term RD accounts are those which have a tenure between 6 months and less than 1 year.   

Indian Bank Medium-term RD Interest Rates  

Medium-term RD accounts have a tenure between 1 year and 3 years. The rate of return offered by the bank is in the range of 5.00% p.a. to 5.10% p.a. 

Indian Bank Long-term RD Interest Rates  

Indian Bank offers interest rates ranging between 5.15% p.a. on long-term recurring deposit. Long-term RD accounts are those which have an investment tenure of more than 3 years.  

Indian Bank Senior Citizen RD Interest Rates 

Indian Bank offers attractive rates of interest to senior citizens for investing in an RD account. The interest rate ranges between 4.90% p.a. to 5.65% p.a.

FAQs on Indian Bank Recurring Deposit Interest Rates 2022

  1. How can I open a recurring deposit account at Indian Bank?

    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.

  2. Will TDS be applied on recurring deposit?

    As per the Finance Act, 2015, TDS will be applicable on the recurring deposits and the interest rates you will earn on your deposits.

  3. I wish to foreclose my account. Will I be charged anything?

    Yes, a penalty will be levied if you decide to foreclose your account.

  4. How will be the interest rate applied?

    The rate of interest will be calculated on quarterly compounding basis.

  5. What are the other facilities I will be able to enjoy in case I open a recurring deposit account at Indian Bank?

    You will be able to enjoy the following facilities if you open a recurring deposit account at Indian Bank:

    • Loan facility
    • Foreclosure of account
    • Nomination facility

Indian Bank RD Schemes

News About Indian Bank Recurring Deposit

  • Indian Bank Has Revised Their Foreign Currency Non-resident (Banking) Term Deposits Interest Rates

    Effective from 01st August 2018, Indian Bank has revised their interest rates on FCNR(B) deposits. According to the recent statement from the bank, the interest rates for FCNR(B)(in US Dollars) for a tenure of more than 1 year but less than 2 years has been increased to 2.45% p.a which was 2.43% p.a previously.

    Also, for deposit tenure ranging from 2 years and above to less than 3 years, the interest rate is 2.60% p.a and for deposit tenure more than 3 years but less than 4 years, the interest rate is 2.75% p.a.

    The interest rate remains unchanged for deposit tenures for four years and above 5 years which is 2.86% p.a. If you are banking with Indian Bank, please look for the revised interest rates on deposits, including recurring deposit accounts.

    14 August 2018

  • Change in Indian Bank RD Interest Rates

    Indian Bank has recently changed Recurring Deposit interest rates. After the change, the interest rate for a deposit of less than Rs.1 crore for a tenure of 6 months to below 2 years ranges between 5.75% p.a. and 6.25% p.a. The interest rate for deposits of Rs.1 crore to Rs.5 crores for the same tenure ranges between 5.25% p.a. and 5.75% p.a.

    The bank has also changed the interest rates of medium and long term recurring deposits. The interest rate for deposits of less than Rs.1 crore for a tenure of over 2 years to more than 3 years is 6.25% p.a. and the interest rate for deposits of Rs.1 crore to Rs.5 crores for the same tenure is 5.5% p.a.

    1 December 2016

  • Indian Bank Releases Revised Recurring Deposit Rates

    Indian bank has revised the interest rates offered for their recurring deposits. The interest rates offered for various tenures have been revised irrespective of whether the deposit amount is less than Rs. 1 Crore or ranging between Rs. 1 Crore to Rs. 5 Crore. The interest rates have been increased across most tenures below the 1 year mark. While there is a general increase in interest rates offered for tenures below 1 year such as 14 days or 30 days with a marked increase in interest rate from existing 4.50% p.a. to the now effective 5.50% p.a. the tenure for 1 year has had its interest rate reduced from 7.40% p.a. to 7.25% p.a. Senior citizens will enjoy an additional 0.50% interest rate upon the prevailing interest rates.

    17 August 2016

  • Indian Bank Introduces Few Changes for Recurring Deposit Tenures and Interest Rates

    Indian Bank Recurring Deposit has been one of the most preferred investment products amongst the risk averse investors. Recently, Indian Bank has made some changes in Recurring Deposit tenures and have revised the interest rates which makes the product all the more better. The RD scheme in Indian Bank is offered in two categories - one for deposits below Rs. 1 crore and one for deposits of Rs. 1 crore to Rs. 5 crores. As per the revision, the tenures have been split to 6 time periods - up to 6 months, 6 months to 9 months, 9 months to 1 year, 1 year to 2 years, 2 years to 3 years and above 3 years. For investments below Rs.1 crore, the interest rate for tenures up to 6 months is 6.50% per annum and 7.00% per annum for tenure greater than 6 months to up to 9 months. For all other tenure options, the interest rate remains fixed at 7.25% per annum.

    For recurring deposit investments varying between Rs. 1 crore to Rs. 5 crores, he interest rate for tenures up to 6 months is 6.50% per annum and for tenure greater than 6 months to up to 9 months 6.75% per annum. For all other tenure options, the interest rate remains fixed at 7.00% per annum.

    2 March 2016

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