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Indian Bank Recurring Deposit Interest Rates 2020

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.

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?
  • 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.

  • 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.

  • I wish to foreclose my account. Will I be charged anything?
  • Yes, a penalty will be levied if you decide to foreclose your account.

  • How will be the interest rate applied?
  • The rate of interest will be calculated on quarterly compounding basis.

  • 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 2017, 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 2017

  • 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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