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 in the range of 6.65% to 7% p.a. Senior citizens are offered additional interest of 0.50% on all deposits.
Know more about Recurring Deposit
Rate of return offered by IndusInd Bank on RDs
Listed below are the interest rates offered by IndusInd Bank on recurring deposits depending on the tenure:
|Tenure||Interest rate of general public (p.a.)||Interest rate of senior citizens (p.a.)|
|1 year to 1 year 2 days||7.00%||7.50%|
|1 year 3 days to 1 year 2 months||6.65%||7.15%|
|1 year 2 months 1 day to less than 1 year 4 months||6.65%||7.15%|
|1 year 4 months to less than 2 years||6.75%||7.25%|
|2 years to less than 2 years 6 months||6.75%||7.25%|
|2 years 6 months to less than 2 years 9 months||6.75%||7.25%|
|2 years 9 months to less 3 years||6.75%||7.25%|
|3 years to less than 61 months||6.75%||7.25%|
|Above 61 months||6.65%||7.15%|
Note: The interest rates mentioned in the tables are effective 24 March 2020
Types of Recurring Deposits offered by IndusInd Bank
The bank offers two types of recurring deposit. They are:
- Regular Recurring Deposit
- Value -Added Recurring Deposit
Features of Regular Recurring Deposit
The features of Regular Recurring Deposit are listed below:
- Can be opened with a minimum deposit of Rs.500
- Nomination facility available
- Premature closure allowed
- Instalments can be paid by a standing order, ECS mandate or by regular direct remittance
Features of Value-Added Recurring Deposit
Listed below are the features of Value-Added Recurring Deposit:
- Can be opened for a period of 12 months
- The monthly instalment is determined based on the cost of the package
- Minors can also open the RD account
Who can open a Recurring Deposit account with IndusInd Bank?
An RD account with IndusInd Bank can be opened by a resident Indian.
How to open a Recurring Deposit account with IndusInd Bank?
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:
- Application form
- Introduction letter by an IndusInd Bank existing customer
- Address proof
- Passport size photograph
Medium Recurring Deposit Interest Rates
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 6.65% p.a. to 7% p.a. Senior citizens are offered in the range of 7.15% p.a. to 7.50% p.a.
Long Term Recurring Deposit Interest Rates
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 6.65% p.a. to 6.75% p.a. Citizens above the age of 60 years are offered additional interest of 0.50%.
IndusInd Bank Recurring Deposit rates Frequently Asked Questions
- Will there be any penalty if I decide not to travel after the maturity of the value-added recurring deposit account?
No, there will not be any penalty.
- Can I change the destination which I originally booked?
Ideally not possible. However, if you are willing to pay the additional charges, the bank will consider it on a case-to-case basis.
- Is TDS applicable on the interest paid or accrued?
Yes, TDS is applicable on the accrued interest.
- Can partial payments be made on Recurring deposits?
No, partial payments on recurring deposits can be paid.
When is the interest paid?
IndusInd Bank pays the interest only at the time of maturity or when the account is closed.
RD Interest Rate Pages
- United Bank RD Interest Rates
- Uco Bank RD Interest Rates
- Allahabad Bank RD Interest Rates
- Central Bank RD Interest Rates
- Federal Bank RD Interest Rates
- Indian Bank RD Interest Rates
- Andhra Bank RD Interest Rates
- Kotak Mahindra RD Interest Rates
- Syndicate Bank RD Interest Rates
- IOB RD Interest Rates
- City Union Bank RD Interest Rates
- Citybank RD Interest Rates
- Indusind Bank RD Interest Rates
- Corporation Bank RD Interest Rates
- BOM RD Interest Rates
RD Other Pages
- Recurring Deposit Vs. Chit Fund
- Miss to Pay the Recurring Deposit Due
- Difference Between Recurring Deposit and SIP
- Open RD Account through HDFC NetBanking
- RD Account in SBI
- Advantages of Recurring Deposit
- Flexi RD
- SBI Flexi RD Schemes