Two different Recurring Deposit (RD) schemes are offered by IndusInd Bank. Apart from the regular recurring deposit, a Value Added Recurring Deposit is also offered. The process to open an RD account is very simple as well.
Recurring Deposit: The regular RD account offered by IndusInd Bank comes with a tenure ranging between 12 months and 120 months. The minimum amount that must be deposited to open a regular RD account is Rs.500. Under the regular RD account, premature closure and nomination facility is available.
Value Added Recurring Deposit: A collaboration between IndusInd Bank Limited and Thomas Cook, India, with the main aim of providing a savings plan for holiday goers is the Value Added Recurring Deposit. Under this RD, the holiday must be scheduled at least 12 months in advance. Based on the package, the monthly deposit that must be made will vary. Once the RD matures, the amount that is available will be provided to Thomas Cook to execute the holiday package.
Recurring Deposit Interest Rates offered by IndusInd Bank
Listed below are the tenure and interest rates offered by IndusInd Bank on recurring deposits:
|Deposit Tenure||Interest rate for General Citizens (p.a.)||Interest rate for Senior citizens (p.a.)|
|3 years and above but less than 5 years||7.15||7.65|
|5 years and above||7.05||7.55|
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