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  • Indusind Bank Recurring Deposit

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    Overview of IndusInd Bank

    Deriving its name from the Indus Valley civilisation, IndusInd Bank formally came into existence in the year 1994. It started with a capital of Rs. 1000 million. This amount was contributed by Indian residents and NRIs with the vision of contributing towards India’s social and economic development. Currently, IndusInd Bank has a wide network of 573 branches and 1055 ATMs spread across 392 locations of India. The bank has representative offices in London and Dubai.

    Recurring Deposit from IndusInd Bank

    If you are looking to gain similar rates of interest as offered on Fixed Deposits but don’t have the lump sum amount to start with, a Recurring Deposit account is ideal for you. A Recurring Deposit is a unique kind of term deposit which allows the account holder to deposit a fixed sum into his/her RD account every month, throughout the tenure. To inculcate the habit of regular savings in its customers, IndusInd Bank offers different kinds of Recurring Deposits, specially designed to suit the varied saving needs and habits of every individual.

    Types of Recurring Deposits offered by IndusInd Bank

    IndusInd Bank offers three types of RD schemes to its customers. They are as follows –

    • Regular Recurring Deposit
    • Flexi Recurring Deposit
    • Young Saver Deposit

    With Regular Recurring Deposit, IndusInd Bank encourages its customers to save a fixed amount, every month, for a fixed period. This scheme is ideal for those with a small but steady monthly income.

    With Flexi Recurring Deposit, IndusInd Bank gives its customers an opportunity to maximise the amount of returns on their RD, along with immense flexibility to suit their convenience. This scheme is ideal for businessmen and self-employed individuals, as their income varies every month.

    The Young Saver Deposit is an extremely progressive scheme by IndusInd Bank. This scheme aims to inculcate the habit of saving in children, by offering them high returns on their savings. The foresight of IndusInd in designing this scheme is praiseworthy indeed. By encouraging the future generation to save from a very early age, the bank is contributing majorly to the financial and economic security of the nation.

    Features and Benefits of IndusInd Bank Recurring Deposits

    Regular Recurring Deposit

    • The minimum opening balance for a Regular Recurring Deposit account is as nominal as Rs. 500.
    • The interest earned on your RD is free of TDS (Tax Deductible at Source) deductions, as per the current income tax rules.
    • The deposit tenure ranges from a minimum of 12 months (i.e 1 year) to 120 months (10 years).
    • Nomination facility is available on your Regular RD account.
    • You can close your RD account prematurely. In this case the amount of interest earned is subject to rules of the bank.

    Flexi Recurring Deposit

    • Offers higher returns on your RD account.
    • Offers flexibility of variable monthly instalments. No more compulsion of depositing a fixed amount every month to haunt you! If your income looks good a certain month, you can deposit a higher amount, unlike a month with lesser income.
    • Flexi RD is treated as a unit of Rs. 100. You can open/deposit amounts only in multiples of Rs.100.
    • The minimum opening balance is Rs. 1000.
    • The deposit tenure ranges from a minimum of 12 months (i.e 1 year) to 120 months (10 years).
    • Nomination facility is available on your Flexi RD account.
    • Flexi RD account can be closed prematurely (before the stipulated tenure is over). In this case the amount of interest earned is subject to rules of the bank.
    • The interest earned on your Flexi Rd account is free of TDS deductions

    Young Saver Deposit

    • This account can be opened by linking the Savings Bank account with Flexi Recurring Deposit account.
    • The account is opened and operated by the guardian, on behalf of the minor.
    • On the last day of every month the balance from the Savings Bank account will be transferred to Flexi RD account, leaving Rs. 100 in the account
    • The minimum opening balance of Young Saver Deposit account is as nominal as 11/-.
    • The interest earned is free of TDS deductions.
    • The deposit tenure ranges from a minimum of 6 months to 120 months (10 years).
    • Nomination facility is available.
    • Premature closing of the account is allowed.
    • The interest rate is as applicable to term deposits in the case of Recurring Deposit.

    Interest offered on IndusInd Bank’s Recurring Deposits

    To maximise the returns on your investments, IndusInd Bank offers RD accounts at competitive rates of interest. It varies from a minimum of 8.50% and can go up to as high as a 9.10% depending on the period of investment. To attain more clarity on the same, you can visit the nearest IndusInd branch or refer to the bank’s official website. Senior citizens are eligible for an additional interest rate of 0.50% over the existing interest rates.

    All the three RD schemes are applicable for the aforementioned interest rates, including the beneficial rates provided to senior citizens.

    How to open a Recurring Deposit account with IndusInd Bank

    An RD account with IndusInd Bank can be opened by applying online or by visiting the nearest branch. To open an RD account online, you need to choose the RD scheme first. Once that is done, just open the page of that particular scheme on the bank’s website and click on the ‘Apply Now’ tab. Duly fill the form and submit it online. The Bank will get back to you with further KYC process. Alternatively, you can visit the nearest branch and submit the duly filled Deposit Account Form.

    Documents required to open an RD account with IndusInd Bank

    The following documents are required to open an RD account with IndusInd Bank. This is applicable to all three Recurring Deposit schemes offered.

    • Duly filled application form
    • Passport size photograph of the account holder
    • Proof of residence
    • Introduction/Referral letter by any existing IndusInd Bank customer

    Frequently asked questions

    1. What is the minimum balance required to open an RD account with IndusInd Bank?
    2. The minimum opening balance required to open a Regular RD account with IndusInd Bank is Rs. 500.
    3. Is TDS applicable on Recurring Deposits?
    4. No, as per the current income tax rules, TDS is not applicable of recurring deposits.
    5. Is nomination facility available on RD accounts?
    6. Yes, RD accounts come with a nomination facility.
    7. Can an RD account be closed prematurely?
    8. Yes, you can close your RD account prematurely. Contact the bank to get a clearer picture about how the interest earned can suffer in this case.

    Know the Current Recurring Deposit Rates

    News About Indusind Bank Recurring Deposit

    • IndusInd Bank Ties Up with Thomas Cook to Launch the 'Holiday Savings Account' Scheme

      Thomas Cook in partnership with IndusInd Bank, have launched the new 'Holiday Savings Account' Scheme for the benefit of the Indian middle-class population and their travel needs. Under this scheme, a customer can select their travel plan and deposit money in IndusInd Bank’s recurring deposit for 12 months. The interest accrued on this recurring deposit as well as a discount top-up paid by Thomas Cook, will act as the 13th installment to this account. One of the highlights of this plan is that even if tariff rates and prices on the travel package increases at a later date, the customer will only have to pay the rate applicable at the time of opening the account.

      3rd October 2015

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