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  • Indian Bank Recurring Deposit

     4.0 / 5.0   by 10 users
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    Overview of Indian Bank

    Indian Bank was established, as a part of the Swadeshi Movement, on 15th August 1907. It houses overseas branches in Singapore and Colombo. Indian Bank also has a Foreign Currency Banking Unit in Colombo and Jaffna. Apart from being a leader in specialised and rural development banking, it has a widespread network of ATMs and 100% CBS (Core Banking Solutions) branches across the country.

    Recurring Deposit Schemes from Indian Bank

    Recurring deposit allows you to invest a fixed amount every month for a fixed period of time. Not only do you get to enjoy high rates of interest, but are also relieved of the burden of investing a lump sum, unlike the other kinds of deposits. These features make RD a very wise and practical mode of saving.

    Indian Bank offers a wide array of services, especially designed to suit the varied needs of every customer. Recurring Deposit is one of them. The bank offers highly flexible and easily achievable RD options to its customers, at competitive interest rates. A Recurring Deposit account with Indian Bank also provides a host of additional benefits which help you in attaining your financial goals.

    Types of Recurring Deposits by Indian Bank

    • Regular Recurring Deposit
    • Variable Recurring Deposit
    • Insured Recurring Deposit

    Features and Benefits of Indian Bank Recurring Deposit Schemes

    Regular Recurring Deposit

    A fixed sum is deposited every month for a fixed period of time. On maturity, the depositor gets back the principal amount in lump sum along with the interest earned.

    • The deposit tenure ranges from a minimum of 6 months to a maximum of 10 years, in multiples of 3 months.
    • The minimum monthly instalment amount is Rs. 5.
    • Interest is compounded quarterly.
    • The account holder can avail the facility of choosing a nominee.
    • The interest earned on your RD is free of TDS deductions.
    • The bank offers loan facility against Regular RD. Please contact the nearest branch or visit the bank’s website for further details.
    • Premature closing of your RD is allowed, but the amount earned is subject to the rules of the bank.

    Variable Recurring Deposit

    This Recurring Deposit Scheme gives you the option of choosing the monthly instalment amount according to your convenience, as long as you stick to the minimum deposit amount specified by the bank.

    • The minimum initial deposit amount is Rs. 25 or in multiples Rs. 25, the maximum being Rs. 1 lakh.
    • The subsequent monthly instalments can vary, as long as the maximum deposit amount is Rs. 10 lakhs per month.
    • The deposit tenure ranges from a minimum of 12 months to a maximum of 120 months.
    • In case of delayed payment of monthly instalments, penalty is not charged.
    • The interest paid will be calculated on the minimum balance that is maintained between the 10th and the last day of every month.
    • The amount of interest earned is free of TDS deductions.
    • You can close your RD account prematurely. The amount earned in this case is subject to the rules of the bank.
    • The bank provides nomination facility on your RD account.
    • Loan facility is available against your Variable Recurring Deposit account. Please contact the nearest branch or visit the bank’s website for further details.

    Insured Recurring Deposit

    This is a Recurring Deposit scheme with low cost life insurance cover.

    • The account holder needs to be between 18 to 55 years of age, on the day of opening the deposit account.
    • The minimum deposit amount is Rs. 100 and maximum is Rs. 10 lakhs.
    • The deposit period ranges from 3 years to a maximum of 5 years.
    • 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 sufficient.
    • The bank provides nomination facility on your RD account.
    • Senior citizens are not eligible for a higher rate of interest.
    • The account holder doesn’t need to pay the premium amount upfront. The premium is recovered from the interest earned, at the time of closure.

    Interest Offered on Dena Bank’s Recurring Deposit

    Indian Bank offers competitive rates of interest for its Recurring Deposit Schemes. The rate of interest depends on the period of deposit and the scheme chosen, with the bank having the freedom to change the former.

    Once the RD account matures, the principal, in lump sum, along with the interest amount is paid back to the account holder. This is applicable to all the RD schemes. To get more clarity on the interest rates offered, customers can visit the nearest Indian Bank branch or refer to the interest rate card on the bank’s website.

    Know the Current Recurring Deposit Rates

    Indian Bank RD Schemes

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    Recurring Deposit by Banks
    Recurring Deposit by other Institutions

    Indian Bank RD Reviews

  • Page 1 of 1
    • Indian Bank Recurring Deposit
      "Average "
      INDIAN BANK
      0.5 3.0/5 "Satisfactory"
      With the Indian bank , I do have the recurring deposit and the account got opened on immediate basis. Premature withdraw charges are applicable with them for the deposit. Online banking services are good one with the Indian bank.
      Was this review helpful? 3
      , chennai
      Reviewed on Jun 22, 2017
    • Indian Bank Recurring Deposit
      "INDIAN bank RD"
      INDIAN BANK
      0.5 5.0/5 "Blown Away!"
      INDIAN bank has got the lowest processing fee for any product. since I am staff of that particular bank I get a privileged interest rate 1% on top of the normal one. As I told with the help of mobile app I can do the deposits online too and there is no need for me to visit the branch for any deposits, it can be opened online and can be closed online too.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 17, 2017
    • Indian Bank Recurring Deposit
      "Its okay"
      INDIAN BANK
      0.5 5.0/5 "Blown Away!"
      Presently, I had invested with INDIAN Bank RD as their scheme is the best and interesting. I like their services very much, the amount will get credit ted to my account immediately soon as the amount gets matured it would be transferred to my account instantly. Interest rate what they had offered was very good and this RD was opened at the Branch.
      Was this review helpful? 4
      , pune
      Reviewed on Nov 03, 2016
    • Indian Bank Recurring Deposit
      "Just okay"
      INDIAN BANK
      0.5 2.0/5 "Expected more"
      I have the recurring deposit account with the Indian Bank and the interest rate was around 9% per annum. Customer service is not up to the mark because they are nationalized bank. Net banking facilities are good with them and their turn around to time to resolve any issues will take three days of time.
      Was this review helpful? 3
      , chennai
      Reviewed on Feb 09, 2016
    • Indian Bank Recurring Deposit
      "Nice service "
      INDIAN BANK
      0.5 5.0/5 "Blown Away!"
      I do maintain the recurring deposit with Indian Bank and the service provided was really good.They also provide nice service to the customer.They apply interest rate around 8.9% for the account.I have been using the account for 2years depositing for recurring.
      Was this review helpful? 2
      , bangalore
      Reviewed on Oct 09, 2015
    • Indian Bank Recurring Deposit
      "Average"
      INDIAN BANK
      0.5 3.0/5 "Satisfactory"
      I had the recurring deposit with the Indian Bank. I opened this account through online and I opened this with small capital and I withdrawn it within 3 months of time and I got some interest rate. They have not penalized anything for that before withdrawn the minimum locking of 2 years.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 12, 2015
    • Indian Bank Recurring Deposit
      "Good"
      INDIAN BANK
      0.5 5.0/5 "Blown Away!"
      I have recurring deposit with Indian Bank. They have offered me a good rate of interest. They have a quick process when the tenure is complete. The funds are transferred immediately. There is not much of a process. It is quick.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 09, 2015
    • Indian Bank Recurring Deposit
      "Good"
      INDIAN BANK
      0.5 4.0/5 "Great!"
      I have a recurring deposit with Indian Bank. The services has been good with this account. I been banking with them for the last 5 years for this account and when ever I close this account the money gets transferred immediately.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 04, 2015
    • Indian Bank Recurring Deposit
      "Good"
      INDIAN BANK
      0.5 3.0/5 "Satisfactory"
      Rate of interest is normal like other bank for Recurring deposit where providing 8.5% to 9% depending on tenure. I am expecting Indian bank to increase the rate of interest for RD if so I will be very glad. Service and response is good. On whole satisfied with Indian bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 20, 2014
    • Indian Bank Recurring Deposit
      "Its a flexible one"
      INDIAN BANK
      0.5 5.0/5 "Blown Away!"
      It is called as a flexible RD and I am holding a Indian Bank Recurring deposit any time if I want I can deposit and how many ever times I want there is no restriction the maximum limit is 10 lakhs and minimum is Rs 50 and I am happy with the rate of interest and overall its good.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jun 21, 2014
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