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 1 year. The interest rate you can earn ranges from 5.50% p.a. to 7.40% p.a. You can open an RD account with Indian Bank with an amount as low as Rs.25.
| Period | Interest Rate (Less than Rs.2 crore) | Interest Rate (Rs.2 crore to Rs.5 crore) | Interest Rate for Senior Citizens (Less than Rs.2 crore) | Interest Rate for Senior Citizens (Rs.2 crore to Rs.5 crore) |
|---|---|---|---|---|
| 180 days | 6.50% p.a. | 6.25% p.a. | 7% p.a. | 6.75% p.a. |
| 181 days to less than 9 months | 6.50% p.a. | 6.25% p.a. | 7% p.a. | 6.75% p.a. |
| 9 months to less than 1 year | 6.50% p.a. | 6.25% p.a. | 7% p.a. | 6.75% p.a. |
| 1 year | 6.75% p.a. | 6.50% p.a. | 7.25% p.a. | 7% p.a. |
| Above 1 year to less than 2 years | 6.60% p.a. | 6.35% p.a. | 7.1% p.a. | 6.85% p.a. |
| 2 years to less than 3 years | 6.50% p.a. | 6.25% p.a. | 7% p.a. | 6.75% p.a. |
| 3 years to less than 5 years | 6.75% p.a. | 6.50% p.a. | 7.25% p.a. | 7% p.a. |
| 5 years | 6.90% p.a. | 6.65% p.a. | 7.4% p.a. | 7.25% p.a. |
| Above 5 years | 6.50% p.a. | 5.50% p.a. | 7% p.a. | 6% p.a. |
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 calculators. 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.
More you need to know about Recurring Deposit
- Compare Recurring Deposit Interest Rates of Indian Bank with Other Banks and Institutions
- Check Features and Schemes of Indian Bank Recurring Deposit
