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  • Best Recurring Deposit Schemes for Children

    Investing small amounts every month in the form of recurring deposits is the best savings plan that parents can develop for their children. Starting from the time they join kindergarten to the time they graduate from a college, a recurring deposit would offer financial support to parents hoping to provide a bright future. Banks across India offer multiple types of recurring deposit schemes mainly targeting children for fulfilling different purposes like school/college education, children’s education, marriage, etc. Depending on the requirement, parents can avail the suitable recurring deposit schemes from any bank of their choice, making sure that they financially secure their child’s future in every possible way.

    Given Below are Some of the Best Recurring Deposit Schemes Available for Children.

    Tamilnad Mercantile Bank - Kids RD Scheme

    The Kids Rd scheme from Tamilnad Mercantile Bank offers complete financial support to meet the cost of higher education for children. Customers can make small deposits every month and earn high returns when they require the funds. Accounts holders who make regular payments towards a Kid's RD scheme can easily get education loans sanctioned from Tamilnad Mercantile Bank. The minimum tenure that has to be taken by customers in one year with maximum being up to ten years. Parents can start saving with a minimum amount of Rs. 58, with no cap applied on the maximum amount. The minimum target sum is Rs. 10,000, with no cap applied on the maximum amount. The interest rates offered by Tamilnad Mercantile Bank for recurring deposit amounts up to Rs. 15 lakhs ranges from 5.80% to up to 7.80%. The interest rate varies according to the tenure chosen by the customer.

    ICICI Bank - Child Education Plan

    Parents availing the Child Education Plan from ICICI Bank can start investing small amounts from the time their kids are in kindergarten. The recurring deposit contributions have to be done for a small period and account holders can enjoy payouts for the entire tenure of the deposit. The account can be opened in the name of the minor by a parent or guardian. The deposit tenure options available vary from 4 years to up to 10 years and the investment tenure is for 3 years, which can be increased in multiples of three months. The minimum deposit amount required is Rs. 500, which can be increased in multiples of Rs. 100. The Child Education Plan can be funded from the parent’s ICICI Bank Savings Account or through cash or cheques. Customers can earn interest on the deposits done during the Investment phase with payouts happening to the minor’s Youngstar Savings Account on a quarterly or annual basis. The minimum tenure of the payout phase is 1 year and then in multiples of 1 month. The other features available with the Child Education Plan are loan on deposits, premature closure, partial withdrawals and nominations. The documents that have to be submitted while opening the Child Education Plan account are - Applicant’s photo, ID Proof, Proof of relationship, Address proof, date of birth proof for the minor and a self cheque. For deposits amounts below Rs. 1 crore, the interest rate varies from 7.25% to up to 7.50%. For deposits amounts of Rs. 1 crore and above, the interest rate varies from 7.35% to up to 7.60%.

    Punjab National Bank - Bal Vikas Deposit Scheme

    The PNB Bal Vikas Deposit Scheme has been offered by Punjab National Bank to plan future expenses in relation to children’s education. This plan is provided as a combination of an Income cum Fixed Deposit scheme and a recurring deposit scheme. The minimum recurring deposit amount required every month is Rs. 1000, which can be incremented in multiples of Rs. 500 during the first five years of the deposit tenure. The recurring deposit scheme can be taken for five years and the Income option Fixed deposit can be taken for an additional five years. Income options available to deposit holders are either quarterly or monthly. The total tenure of the Bal Vikas Deposit Scheme will be up to 10 years. The interest rates offered on the Bal Vikas Deposit Scheme is as per CARD rates and will be compounded on a quarterly basis. The current interest rate for the Bal Vikas Deposit Scheme is 8% per annum for the 10-year period.

    Sutex Bank - Kanya Utkarsh and Children Growth Plan

    The Kanya Utkarsh and Children Growth Plan is a recurring deposit scheme that can be availed by Sutex Bank customers for securing the future of their girl children. The interest rates offered on the Kanya Utkarsh and Children Growth Plan ranges from 7.50% to up to 8.00%, for deposit tenures from 6 months to up to 7 years.

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    RD Reviews

  • Page 1 of 49 1 2 3 4 5
    • Union Bank of India Recurring Deposit
      "Good service"
      UNION BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      I had a Recurring Deposit with Union Bank of India and the experience was quite good. I pay an amount of Rs 3000 every month and in return i get a certain amount with the interest of 7.5% which is satisfactory. Customer service was fine and they responded on time. The maturity of the RD is 1 year and i am satisfied with the returns.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 12, 2018
    • HDFC Bank Recurring Deposit
      "Excellent"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a Recurring Deposit with HDFC Bank. The maturity period is one year and it was taken for my daughter. I am paying 1000 rupees per month through net banking or cash. All the facilities are good with HDFC Bank. The customer service and response was very good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 04, 2018
    • Vijaya Bank Recurring Deposit
      "Good"
      VIJAYA BANK
      0.5 4.0/5 "Great!"
      I have taken Recurring Deposit account with Vijaya Bank. I am paying 20,000 rupees for 6 months. The interest rate was nominal compared to other bankers. The customer service and response was good. The premium amount was paid through ECS.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 02, 2018
    • HDFC Bank Recurring Deposit
      "Best "
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I do have recurring deposit account with the HDFC bank and the response is fine one. I would like to say that the rate of interest is good one for me with the HDFC bank. Everything is fine one for me with the HDFC bank.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Dec 22, 2017
    • ICICI Bank Recurring Deposit
      "Recurring deposit with ICICI"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      With ICICI bank i have opened a recurring deposit. Monthly i have to transfer 2500 rupees. The tenure which i have chosen was for 1 year. The rate of interest which they are providing was 7%. Its a good interest rate. After one year i can withdraw this amount, and it will be automatically credited to salary account.
      Was this review helpful? 2
      , mumbai
      Reviewed on Dec 20, 2017
    • Karnataka Bank Recurring Deposit
      "Good"
      KARNATAKA BANK
      0.5 4.0/5 "Great!"
      I have opened a Recurring Deposit account with Karnataka. I am using the account for 3 months. I closed all my loan accounts with them and they suggested me this RD account. I am depositing 10K per month. The rate of interest was normal like other banks.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 19, 2017
    • HDFC Bank Recurring Deposit
      "Excellent service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a Recurring deposit with HDFC bank.The minimum balance is maintain of Rs 50,000 once in a month i close and open a new account the maturity of the account is one year.They debit 2000 every month from my salaried account In case of emergency I can withdraw the amount.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 16, 2017
    • Bank of Maharashtra Recurring Deposit
      "Good Saving for Future"
      BANK OF MAHARASHTRA
      0.5 5.0/5 "Blown Away!"
      I directly visited to the Bank of Maharashtra for the RD opening, they are customer friendly. They updates everything on time, monthly I pay Rs. 7000 it has the term for 5 yeas. Then I will 9.2% of interest. Its been 10 years I am continuing with them.
      Was this review helpful? 1
      , kolkata
      Reviewed on Dec 05, 2017
    • HDFC Bank Recurring Deposit
      "RD services are good"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      The Recurring Deposit with HDFC came in after years of relatioship with this Bank. They have good return promised and the trust over them is high. You can easily close the account whenever you want and the amount would be disbursed immediately to your account. The netbanking facility can make things happen easily.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 01, 2017
    • HDFC Bank Recurring Deposit
      "Excellent service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a Recurring deposit.I have been banking with them for last one year.The rate of interest is 6.67% ,its beneficiary to the customer.I maintain a minimum balance of Rs 5000.Net banking is convenient to use.The phone banking service is comfortable to use.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 28, 2017
    • SBI Recurring Deposit
      "Good"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have my car loan with SBI 3 years . The loan amount was5 lakhs and the rate of interest was 9.8% which was satisfactory .The customer service and responses was good . The pre closure is after 1 year and the processing fee was 1100. My overall experience was good.
      Was this review helpful? 3
      , pune
      Reviewed on Nov 20, 2017
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have most of my banking products with HDFC bank. As I'm an employee as well as I liked HDFC bank's services I decided to start a reccurring deposit for my future savings with HDFC bank itself. If we book recurring deposit through online then we will get offers some like free deal, provogue bags or watches, vouchers. Annually I pay Rs. 3000 and I get an interest of 7.75%.
      Was this review helpful? 0
      , jammu
      Reviewed on Nov 20, 2017
    • ICICI Bank Recurring Deposit
      "Great banking service"
      ICICI BANK
      0.5 4.0/5 "Great!"
      It was almost seven years now with the ICICI bank on recurring deposit. The website was very good where I can get my statement. Android app could be better. I pay monthly around 8K via online banking. I like them for the service since I maintained my saving and salary account. The things could have been better with respective of email intimation.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 18, 2017
    • SBI Recurring Deposit
      "Good service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      As I'm a long time customer with State bank of India for around 12 years and as I liked their banking services so I started a recurring deposit with State bank of India 5 years ago. I pay Rs. 3000 monthly and keep on renewing it after every year when the tenure ends.
      Was this review helpful? 7
      , faridabad
      Reviewed on Nov 18, 2017
    • IDBI Recurring Deposit
      "Average service"
      IDBI BANK
      0.5 3.0/5 "Satisfactory"
      I have a savings account with IDBI bank for the past 5 years. As a long time customer with IDBI bank I trusted them and invested some money recurring deposit with IDBI itself. I renew this recurring deposit account every year. I get a interest of 7% which is very less.
      Was this review helpful? 2
      , delhi
      Reviewed on Nov 17, 2017
    • SBI Recurring Deposit
      "Good service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      As I have a savings account with State Bank of India I started a recurring deposit account with them. But I'm really not sure about the interest rates they provide me but it's good for both my RD accounts in this State bank of India as well as the other bank IOC.
      Was this review helpful? 3
      , kolkata
      Reviewed on Nov 17, 2017
    • Kotak Recurring Deposit
      "Satisfactory & happy"
      KOTAK MAHINDRA BANK
      0.5 4.5/5 "Excellent!"
      They are giving 6% interest rate for the Recurring Deposit. It was a very good service with Kotak. The request has been placed online. I have chosen Kotak because they are giving more benefits and high potentials. The customer service and response is good.
      Was this review helpful? 2
      , kolkata
      Reviewed on Nov 16, 2017
    • SBI Recurring Deposit
      "Excellent in service , hike in interest rate"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have invested in recurring deposit and the return value is good based on the pre tax which was levied and it was levied based on certain circumstances. I would like to say that the customer service is good one with them, also I really dont have any issues on it.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 16, 2017
    • Tamilnad Mercantile Bank Recurring Deposit
      "Excellent "
      TAMILNAD MERCANTILE BANK
      0.5 4.5/5 "Excellent!"
      The rate of interest is higher for RD with Tamilnad Mercantile Bank compared to others, I will get a good return. I pay 2000rupees per month.The statements will be sent out to my mobile number or email address . For the maturity period they will inform the customer 1 week before. Manager will call the customer directly. There is no compulsion for the customer it is based up on their own interest. It is a tenure of 7 years.
      Was this review helpful? 2
      , madurai
      Reviewed on Nov 13, 2017
    • HDFC Bank Recurring Deposit
      "Secure Deposit"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have taken a recurring deposit with HDFC bank. The total tenure for this deposit is for 60 months. They have given a rate of interest of 7.90% and now its lowered to 6.75 percentage. Monthly from my HDFC savings account they will deduct that amount.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 08, 2017
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