IndusInd provides you with an RD account, which allows you to save money on a regular basis by making little contributions. Simply set money aside on a regular basis to get the benefits of IndusInd RD. The duration of an IndusInd RD account spans from 12 to 120 months
Individuals can open a recurring deposit (RD) account with IndusInd Bank. The bank allows you to open a RD account for a period that ranges between 12 months and 10 years.
The interest payable on the deposits is 6.35% p.a. onwards and. Senior citizens are offered an additional interest of 0.50% on all deposits.
Listed below are the interest rates offered by IndusInd Bank on recurring deposits depending on the tenure:
Tenure | Interest Rates p.a. (%) | Senior Citizen Rates p.a. (%) |
9 Months | 6.35% | 6.85% |
12 Months | 7.75% | 8.25% |
15 Months | 7.75% | 8.25% |
18 Months | 7.75% | 8.25% |
21 Months | 7.75% | 8.25% |
24 Months | 7.75% | 8.25% |
27 Months | 7.25% | 7.75% |
30 Months | 7.25% | 7.75% |
33 Months | 7.25% | 7.75% |
36 Months | 7.25% | 7.75% |
39 Months | 7.25% | 7.75% |
3 years to below 61 months | 7.25% | 7.75% |
61 month and above | 7.00% | 7.50% |
Note: The interest rates mentioned in the tables are effective 3 July 2024 .
The bank offers two types of recurring deposit. They are:
The features of Regular Recurring Deposit are listed below:
Listed below are the features of Value-Added Recurring Deposit:
An RD account with IndusInd Bank can be opened by a resident Indian.
You can open an RD account with IndusInd Bank by visiting the bank branch or using the net banking facility
The documents which need to be submitted are listed below:
RD accounts which has a tenure between 1 year and 3 years are known as medium-term recurring deposits. The interest offered to general citizens by IndusInd bank on such RD tenures is in the range of 7.75% p.a. onwards 5.75% p.a. to 7% p.a. Senior and senior citizens are offered an additional interest of 0.50% on all deposits.
Any RD account opened for a period of more than 3 years are known as long-term recurring deposits. The interest paid on such deposits is in the range of 6.50% p.a. to 6.75% p.a. Citizens above the age of 60 years are offered additional interest of 0.50%.
IndusInd Bank accepts deposits of as small as Rs.500 for investing in an RD.
No, there will not be any penalty.
Ideally not possible. However, if you are willing to pay the additional charges, the bank will consider it on a case-to-case basis.
Yes, TDS is applicable on the accrued interest.
No, partial payments on recurring deposits can be paid.
IndusInd Bank pays the interest only at the time of maturity or when the account is closed.
Yes, you can avail yourself of a nomination facility on RD at IndusInd Bank.
At IndusInd Bank, you need to invest for a minimum of 12 months in an RD.
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