IndusInd Bank offers you three different types of recurring deposit schemes. In addition to the regular recurring deposits, the bank also offers Young Saver deposits and Value Added recurring deposits. A regular recurring deposit with the bank can be opened for a minimum deposit of Rs.500. The tenures offered by the bank ranges from 12 months to 120 months. Monthly instalments from the bank account can be remitted into the RD account through ECS mandate, regular direct remittance or by a standing order. You can avail the facility of nomination and opt for premature closure of the RD account under the scheme.
The Young Saver deposit can be opened for a minimum deposit of Rs.11. The tenure available ranges from 6 months to 10 years. This RD scheme also offers the nomination facility and the option of premature closure. The Value Added Recurring Deposit (RD) is a scheme which can be opened for a period of 12 months. It is unique savings plan for holiday goers. Under the scheme, every month a certain amount of money is deposited in the RD account depending on the cost of the holiday package that is opted for.
Listed below are the tenure and interest rates offered by IndusInd Bank on recurring deposits as of 4 July 2019:
|Deposit Tenure||Interest rate for General Citizens (p.a.)||Interest rate for Senior citizens (p.a.)|
|1 year 3 months||7.60%||8.10%|
|1 year 6 months||7.75%||8.25%|
|1 year 9 months||7.75%||8.25%|
|2 years 3 months||7.75%||8.25%|
|2 years 6 months||7.75%||8.25%|
|2 years 9 months||7.75%||8.25%|
|3 years to less than 5 years||7.35%||7.85%|
|5 years to 10 years||7.25%||7.75%|
IndusInd Bank Short-Term Recurring Deposit Interest Rates
Short-term Recurring deposits are those which has a deposit that ranges from six months to 2 years. The interest offered to general citizens by IndusInd Bank for short-term RDs is in the range of 7.60% to 7.75% p.a. while senior citizens are offered up to 8.25% p.a.
IndusInd Bank Medium-Term Recurring Deposit Interest Rates
Recurring deposits having a tenure above 2 years and up to 5 years fall under the bracket of medium-term recurring deposits. The rate of return offered by the bank is in the range of 7.35% p.a. to 7.75% p.a. for general citizens. Citizens who fall under the category of senior citizens can avail interest between 7.85% p.a. and 8.25% p.a. for opening a medium-term RD with IndusInd bank.
IndusInd Bank Long-Term Recurring Deposit Interest Rates
RDs having a tenure that is more than 5 years are known as long-term RDs. The interest offered on those RDs is 7.25% p.a. Senior citizens avail additional interest of 0.50% p.a. just like on other tenures. Under long-term RDs, the maximum tenure offered by IndusInd bank is 10 years.
More you need to know about Recurring Deposit
- Compare Recurring Deposit Interest Rates of IndusInd Bank with Other Banks and Institutions
- Check Features and Schemes of Indusind Bank Recurring Deposit