NRI Recurring Deposit

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If you are looking forward to investing money every month and earn interest rates on the same, then recurring deposit is your answer. Through a recurring deposit scheme, people can invest a certain sum every month in their banks for a fixed period of time. The rate of interest offered by the banks on their recurring deposit schemes are similar to the interest rates on fixed deposits. Banks in India also allow their NRI customers to invest in recurring deposit schemes. NRI customers of banks can choose to invest money in recurring deposits through NRE Deposit Accounts or NRO Deposit Accounts.

NRE Recurring Deposit

In NRE Recurring Deposit Scheme, the money for deposit comes only from Non - Residential External Accounts. Most banks in India allow NRE Deposits for a minimum tenure of 1 year and the amount of deposit and the interest rate varies from bank to bank. A major advantage of investing money in this scheme is that the interest that NRIs earn from this deposit scheme is not taxable in India. Some banks also allow people to deposit different amounts every month in their recurring deposit accounts.

There are Many Banks in India that offer Recurring Deposit Schemes to NRIs. Some of them are –

ICICI Bank
Andhra Bank
Axis Bank
Bank of India
Bank of Maharashtra
Canara Bank
Central Bank of India
Corporation Bank
HDFC
Indian Bank
J & K Bank
Karur Vyasa Bank
State Bank of India
Syndicate Bank
Yes bank
State Bank of Hyderabad
Oriental Bank of Commerce
IDBI Bank
Karnataka Bank
South Indian Bank
Federal Bank
Dhanalakshmi Bank
State Bank of Bikaner and Jaipur
Lakshmi Vilas Bank
Bharatiya Mahila Bank
Saraswat Bank
Punjab & Sind Bank

RD Reviews

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Recurring Deposit

"My RD"
HDFC BANK

0.5 4.0/5 "Great!"

HDFC Recurring Deposit is very good. I am holding this RD for a very short term period it was hardly for a period of 6 months. The amount is up to me to decide and I can deposit any amount starting from rs500 and I am not sure about the maximum limit and when it comes to closure it was auto closure and this request was initiated at the branch..

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KRISHNAKUMAR VENUGOPAL , chennai
Reviewed on Aug 14, 2017
Recurring Deposit

"Banking services are excellent"
HDFC BANK

0.5 5.0/5 "Blown Away!"

I also have a recurring deposit with HDFC Bank. It was a easy process to get this account. I could do it online and the services are good. The interest rate is also to my satisfaction. I do not have hassles in closing the account too. The response is top always.

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ALAGURAJAN .S , tirunelveli
Reviewed on Aug 12, 2017
Recurring Deposit

"Good RD account"
HDFC BANK

0.5 5.0/5 "Blown Away!"

I am holding a RD With HDFC and it is really good . At the time of liquidation the funds would get transferred to my account automatically. through online i had placed a request for this RDI EVERY MONTH they would deduct around 2500 per month and its my choice when it comes to the amount.

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NUTHAN KUMAR , bangalore
Reviewed on Aug 10, 2017
Recurring Deposit

"My RD"
ICICI BANK

0.5 5.0/5 "Blown Away!"

For ICICI Bank recurring deposit my feedback would be, I am a customer of ICICI therefore I decided to opt for RD through this bank it is very easy to make the payment and it is as good as my credit card. Interest rate is very much higher compartively, so therefore I had chosen ICICI for RD.

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SUBBURAJ M , madurai
Reviewed on Aug 10, 2017
Recurring Deposit

"Satisfied with the services"
IDBI BANK

0.5 5.0/5 "Blown Away!"

I have opened a recurring deposit a number of times at IDBI and every process for this account was great. I had no hassles in getting the funds in to my account. The customer services has been excellent and they have been quick to complete their job on time.

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MURUGAN KRISHNAN , chennai
Reviewed on Aug 07, 2017
Recurring Deposit

"Good to plan anything"
STATE BANK OF INDIA

0.5 4.0/5 "Great!"

Last 10 years I have a RD account with SBI, every month I pay the amount of Rs.10,000 for the tenure of one year, So far I got the interest rate of Rs.52,000 the current intrest of SBI for RD around 6.7% on yearly basic. I normally do auto debit from my account, I could view RD summary in SBI netbanking

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RAVI KIRAN LINGAMANENI , ahmedabad
Reviewed on Jul 07, 2017
Recurring Deposit

"Short term investment"
ICICI BANK

0.5 5.0/5 "Blown Away!"

Initially ICICI gave me good interest rate for my recurring deposit, but for premature interest rate is not upto the mark and they not giving proper information. I am paying Rs. 2000 on monthly basis, they offered me the interest rate around 7.25% its good for short time investment.

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PRAVEEN KUMAR , chennai
Reviewed on Jun 30, 2017
Recurring Deposit

"Better interest rate for recurring deposit"
CORPORATION BANK

0.5 3.0/5 "Satisfactory"

I am having recurring deposit account with the Corporation bank and its the nationalized bank, so their services are not up to the mark, also they have to be get improved. Branch response is a better one with them and the online banking services are working up to the mark.

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JAYAYARAM DAMODARE , pune
Reviewed on Jun 24, 2017
Recurring Deposit

"Super"
CORPORATION BANK

0.5 5.0/5 "Blown Away!"

I am having recurring deposit account with the Corporation bank for some long time. Online banking service is good one and I need to pay around 1000 Rupees per month for ten years of time, also it used to debit as ECS. Branch employee are providing good response to the customer.

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MALLANNA SHERANAPPA , bangalore
Reviewed on Jun 24, 2017
Recurring Deposit

"Average "
INDIAN BANK

0.5 3.0/5 "Satisfactory"

With the Indian bank , I do have the recurring deposit and the account got opened on immediate basis. Premature withdraw charges are applicable with them for the deposit. Online banking services are good one with the Indian bank.

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SELLAPPA HARISANKAR , chennai
Reviewed on Jun 22, 2017
Recurring Deposit

"Good"
AXIS BANK

0.5 3.0/5 "Satisfactory"

I got the Recurring deposit with the Axis bank and the interest rate is around 7.5% . Total tenure is for two years of time but I can withdraw it at anytime, also I am satisfied with their interest rate. Online services are working in good way and the response is also good one.

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MAHESWARAN THANGARAJ , bangalore
Reviewed on Jun 22, 2017
Recurring Deposit

"Very Good service"
ICICI BANK

0.5 5.0/5 "Blown Away!"

I have opened the Recurring deposit with ICICI bank around 2 months ago. The benefits are really good with the RD. I am receiving the interest rate of 7% but being an bank employee, I got 8% for my RD. I pay around Rs.5000 every month and this was for a period of 3 years. I would say it is good for safety purpose and I got sufficient finanical support from them too.

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SUKANTA KUNDU , kolkata
Reviewed on Jun 20, 2017
Recurring Deposit

"Very good services"
KARNATAKA BANK

0.5 4.5/5 "Excellent!"

I had taken a recurring deposit from Karnataka bank and the process was smooth and easy. The interest rate is also good and it is beneficial as well. The customer services has always been good and up to the mark. In all, I did not face any hassle till date with them.

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MAHANTESH VEERABHADRAPPA ULLIGADDI , bangalore
Reviewed on Jun 17, 2017
Recurring Deposit

"Good for saving"
ICICI BANK

0.5 5.0/5 "Blown Away!"

The positive with the Recurring deposit is the amount which get debits automatically to my Recurring deposit account during the end of the year, I will be getting a bulk amount with RD account. The rate of interest is good with ICICI bank, it is comparable with others. I am happy to hold a Recurring Deposit with ICICI bank.

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VINOTH KUMAR , pune
Reviewed on Jun 15, 2017
Recurring Deposit

"Its Average"
ICICI BANK

0.5 4.0/5 "Great!"

I have opened the recurring deposit account through ICICI online banking, it created immediately. Earlier I was paying the amount of Rs.5000 on monthly basis, after six months. I got the matured amount of Rs.500. Totally I got Rs.60500 it was not good.

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VIKAS KATIYAR , delhi
Reviewed on Jun 13, 2017
Recurring Deposit

"Good Service"
HDFC BANK

0.5 4.5/5 "Excellent!"

I hold recurring deposit account with HDFC bank. The lock in period is one year. I am more comfortable with the services and I had no issues with the bank for RD account. The customer service is good and I am satisfied with the bank as I hold multiple services with the bank.

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SANTOSH KUMAR , jabalpur
Reviewed on Jun 05, 2017
Recurring Deposit

"Satisfactory services"
STATE BANK OF INDIA

0.5 5.0/5 "Blown Away!"

I have taken a holiday scheme from State bank of India. It is a recurring deposit and I need to pay 6600 per month and it is for a year. So it is linked with a company who has these schemes for Holidays. The customer services was good and helpful to get me this account.

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SHAKTI PADA PAUL , guwahati
Reviewed on May 31, 2017
Recurring Deposit

"Not Responsive"
INDIAN OVERSEAS BANK

0.5 2.0/5 "Expected more"

Monthly payment will be 4000 for recurring deposit account with Indian Overseas Bank. Tenure period is 52 months. It will be completed by this year, but I am not interested to reopen the account with IOB because their responses are not good. They are not so responsive hence I am not interested to reopen recurring deposit after the completion.

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BELSANTI SUNIL KUMAR PRUSTY , bhiwadi
Reviewed on May 25, 2017
Recurring Deposit

"Good Service"
STATE BANK OF INDIA

0.5 3.0/5 "Satisfactory"

I have Recurring deposit account with State bank of India. I opened this account long bank. Monthly payment is 6000 with the tenure of 18 months. I had started this account in 2012 and still continuing the same account with SBI. Services are good.

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BELSANTI SUNIL KUMAR PRUSTY , bhiwadi
Reviewed on May 25, 2017
Recurring Deposit

"Good "
KOTAK MAHINDRA BANK

0.5 4.0/5 "Great!"

I am having recurring deposit account with the Kotak mahindra bank and the interest rate is around 6.79%, which is not really okay. Total tenure is for one year of time. Customer service is good one with them and the response is also a good one. There is no option to withdraw the money in between the tenure.

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NANJUNDAPPA ASHOK KUMAR , bangalore
Reviewed on May 18, 2017