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Indian Bank Recurring Deposit

Indian Bank offers two types of recurring deposit schemes - Variable Recurring Deposit and Insured Recurring Deposit. You can get interest rate on RDs ranging from 6.75% to 6.90% on the deposited amount. Senior citizens can get an 0.50% additional interest rate on the deposit.

Variable Recurring Deposit

In case of Variable Recurring Deposit Scheme, you can choose the monthly instalment amount according to your convenience, as long as you stick to the minimum deposit amount specified by the bank.

Key Highlights

Minimum Deposit Amount Min: Rs.25 per month (for any higher amount, deposit in multiples of Rs.25 up to Rs.1 lakh)
Max: 10 lakh per month
Tenure Min: 1 year
Max: 10 years
Interest Rate 6.75% - 6.90%
Additional Rate for Senior Citizens Not Applicable
Premature Withdrawal Allowed
Nomination Facility Available
TDS on RD Applicable
Late Penalty Not charged

Things to Know

  • The interest paid will be calculated on the minimum balance that is maintained between the 10th and the last day of every month.
  • The interest is quarterly compounded.

Insured Recurring Deposit

Insured Recurring Deposit scheme offers low cost life insurance cover.

Key Highlights

Minimum Deposit Amount Min: Rs.100
Max: 10 lakh
Tenure Min: 3 years
Max: 5 years
Additional Rate for Senior Citizens Not applicable
Eligibility Individuals age between 18 years to 55 years
Nomination Facility Available

Things to Know

  • The maximum insurance cover available is Rs. 10 lakhs.
  • RD account holders need not undergo a medical check-up to avail this scheme. A Declaration of Good Health (DGH) is enough.
  • You need to pay the premium upfront. For a sum of Rs.1,000, the premium is Rs.3.84 per annum on a diminishing basis.
  • The premium is recovered from the interest earned, at the time of closure.

How to Open an RD Account in Indian Bank

You can open a recurring deposit account with Indian Bank in two ways:

  • By visiting the branch
  • Through net banking

If you are an existing Indian Bank account holder, use your net banking username and password to log in to your online account and open an e-RD right away. If you are not an Indian Bank account holder, you will have to open an account first. After your account is active, you can log in to net banking and open an e-RD.

You can invest your money in RD by Indian Bank and enjoy competitive rates. However, to enjoy better returns, look for other investment vehicles like mutual funds, fixed deposits, stocks, and bonds, among others.

Know the Current Recurring Deposit Rates

Indian Bank RD Schemes

Recurring Deposit - Sitemap
Recurring Deposit by Banks
Recurring Deposit by other Institutions

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