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  • Indian Bank Variable Recurring Deposit

     4.0 / 5.0   by 10 users
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    Indian Bank offers a monthly recurring deposit scheme with low instalment amounts that enable anyone to build a savings fund. The Variable RD scheme comes with benefits that are much required for the lower income groups. However, this scheme caters to people who want to save only a small amount as well as large amounts.

    Why open a Recurring Deposit?

    A recurring deposit is a great method to save money in small installments. It works great for salaried workers who can contribute a small amount towards savings rather than a big lump sum. Fixed deposits can be used for lump sum investments. But RDs help inculcate a habit of saving money regularly. With a recurring deposit, you can avail of loan facilities and nomination facilities. You will also earn interest on your deposit.

    Why Choose Indian Bank Variable Recurring Deposit?

    This scheme caters to those who can save a little and to those who want to save a big amount. With this recurring deposit, a customer can open an account with just Rs. 25. The maximum initial deposit is limited to Rs. 1 lakh. So, customers can make an initial deposit of any amount below Rs. 1 lakh in multiples of Rs. 25. Subsequently, every monthly instalment can be any amount the customer wishes to deposit subject to a maximum of Rs. 10 lakhs. Each instalment can vary, there is no fixed monthly deposit amount. This deposit is great for people who would like to save as much as they can, when they can.

    Benefits of the Indian Bank Variable Recurring Deposit

    Under this scheme, customers can avail of a host of benefits.

    • Interest - Interest rates are attractive and compounded on a quarterly basis.
    • Variable deposits - Customers can deposit as much as they like in multiples of Rs. 25. This feature makes this deposit extremely appealing.
    • Tenures - Customers can choose to save for 1 year up to a period of 10 years.
    • Nomination - Nomination facilities are available for the deposit holder to select a nominee. Upon the unfortunate death of the deposit holder, the nominee will receive the money.
    • Loan - Against this deposit, Indian Bank will extend loan facilities.
    • Delayed payments - In case your monthly instalment is delayed, Indian Bank does not levy any penalties.

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    Customer 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? 2
      , 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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