Recurring Deposit for Senior Citizens

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Several Banks offer Recurring Deposit for Senior Citizens for a tenure ranging from a minimum period of 6 months up to a maximum period of 10 Years. The tenure can be chosen by the depositor, in multiples of 3 months. Senior Citizens can avail special benefits on recurring deposit schemes, such as an additional interest rate of 0.25% to 0.75% over and above the regular interest rate offered by most banks. Once the amount of installment and tenure is fixed, it cannot be changed once the account is opened. Interest on the recurring deposit scheme is compounded on a quarterly basis.

The interest rate applicable on the recurring deposit is similar to that applicable on the Fixed Deposits, for a similar tenure. Financial institutions like Bank of India offers 0.5% additional interest rate on recurring deposit, compared to the fixed deposit available for the same tenure. Usually, the minimum recurring deposit amount can be a minimum of Rs 100 per month. However, this varies from bank to bank.

Defaulting on deposits can lead to penalty charges on your recurring deposit account and if there is defaulted payment of multiple installments, the bank at its discretion, can close the recurring deposit account and reimburse the investment to the depositor.

Several banks also offers loans against recurring deposit or offer an overdraft facility against the amount that is available in an individual’s Recurring Deposit account. In this case, the rate of interest applicable will be 0.5% - 1% more than the interest applicable on recurring deposit. Another factor is that, senior citizen recurring deposit accounts are also subject to a penalty fee if they make a premature withdrawal from the account.

Interest Rate on Senior Citizen Recurring Deposits

Banks	ROI for Tenure 1 Year	ROI for Tenure 2 Years	ROI for Tenure 3 Years	ROI for Tenure 4 Years	ROI for Tenure 5 Years	ROI for Tenure 5+ Years
Andhra Bank	8.25%	8.25%	8.25%	8.25%	8.25%	8.25%
Allahabad Bank	8.00%	8.00%	7.75%	7.75%	7.75%	7.75%
Axis Bank	8.40%	8.25%	8.25%	8.25%	8.25%	8.00%
Bank of Baroda	7.80%	7.80%	7.80%	7.80%	7.80%	7.80%
Bandhan Bank	9.00%	9.00%	8.75%	8.75%	8.75%	8.50%
Bank of India	7.80%	7.80%	7.80%	7.80%	7.80%	7.75%
Canara Bank	8.25%	8.25%	8.25%	8.25%	8.25%	8.00%
Bank of Maharashtra	8.10%	8.00%	8.00%	8.00%	8.00%	7.75%
Catholic Syrian Bank	8.10%	8.10%	8.10%	8.10%	8.10%	8.10%
City Union Bank	8.25%	8.00%	8.00%	8.00%	8.00%	7.75%
Central Bank of India	8.25%	8.25%	8.00%	8.00%	8.00%	8.00%
Corporation Bank	8.00%	8.00%	8.00%	8.00%	8.00%	8.00%
Dena Bank	8.00%	8.00%	8.00%	8.00%	8.00%	7.85%
DCB Bank	8.40%	8.65%	8.70%	8.70%	8.70%	8.50%
Dhanalakshmi Bank	7.90%	7.90%	7.90%	7.75%	7.75%	8.00%
HDFC Bank	8.40%	8.15%	8.25%	8.15%	8.15%	8.25%
Federal Bank	8.10%	8.00%	8.00%	8.00%	8.00%	8.00%
ICICI Bank	8.25%	8.40%	8.25%	8.25%	8.25%	8.00%
IDFC Bank	8.50%	8.25%	8.00%	8.00%	8.00%	8.00%
IDBI Bank	8.25%	8.00%	8.00%	8.00%	8.00%	8.00%
Indian Bank	7.75%	7.75%	7.75%	7.75%	7.75%	7.75%
Indus Ind Bank	8.50%	8.25%	8.25%	8.25%	8.25%	8.00%
Indian Overseas Bank	8.00%	7.75%	7.75%	7.75%	7.75%	7.75%
J&K Bank	8.50%	8.50%	8.50%	8.50%	8.50%	8.25%
Karur Vysya Bank	8.25%	8.25%	8.25%	8.25%	8.25%	8.25%
Karnataka Bank	8.25%	8.00%	8.00%	8.00%	8.00%	8.00%

News About Recurring Deposit for Senior Citizens

Senior Citizens Can Avail Interest of 8% for 10 Year Tenure

Interest rates can decline any time and to protect the senior citizens from such a situation, Narendra Modi stated that they will be able to enjoy an interest rate of 8% fixed on their deposits of more than Rs.7.5 lakh with a tenure of 10 years.

Monthly interest can be availed by the senior citizens under this particular scheme. As per Arun Jaitley, this is a very good news for all the senior citizens of India. At present, the banks offer 0.50% extra interest to the senior citizen customers. The largest lender in India, State Bank of India, gives 7% interest to all the customers who are senior citizens. This rate is available for tenures that range between 5 years and 10 years. Post demonetisation, the banks are reducing their rates of interest with fixed deposits which will affect everyone including the senior citizens. At post offices under the SCSS (Senior Citizen Savings Scheme), interest rate of 8.5% can be availed for deposits of Rs.15 lakh with a maturity tenure of 5 years.

31st December, 2016

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RD Reviews

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Recurring Deposit

"Wonderful"
HDFC BANK

0.5 4.0/5 "Great!"

I am having the recurring deposit account with the HDFC bank and the response is very good one. Interest rate is good one with the HDFC bank like and their online banking facilities are good one with them.

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PRAKASH KUMAR PK , kottayam
Reviewed on Sep 22, 2017
Recurring Deposit

"Wonderful"
ICICI BANK

0.5 5.0/5 "Blown Away!"

I had the recurrent deposit account with the ICICI bank and their customer service is good one for me. I would like to say that the online banking services are also good one with the ICICI bank and I have not faced any issues with them till now.

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SURESH KUMAR , madurai
Reviewed on Sep 22, 2017
Recurring Deposit

"Its Average"
HDFC BANK

0.5 3.5/5 "Pretty good"

I had account issue with my saving account, hence their staff informed me to open recurring deposit with them. Therefore I opened RD before six months, every month I am making the payment of Rs.1000 it has tenure of six months. Finally I got the total amount Rs.6102 there was no benefit.

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NIYAS N , kollam
Reviewed on Sep 21, 2017
Recurring Deposit

"Excellent service"
HDFC BANK

0.5 5.0/5 "Blown Away!"

I have got a Recurring deposit with HDFC bank . I have got the RD account for 10 months but I have closed within 5months itself. I have close the RD account because of my emergency need. The rate of interest is nominal with HDFC RD account . I didn't got much difference in the amount when I closed RD account , I am satisfied with eh RD account from HDFC bank.

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NAGARAJ RAMA MOORTHY , chennai
Reviewed on Sep 20, 2017
Recurring Deposit

"Good returns on long term investment"
ICICI BANK

0.5 4.0/5 "Great!"

For people like me who spend a lot, best option to save some money is by starting to save first and spend later. In order to achieve this I have invested in recurring deposits for 3 times in ICICI bank.you can do this instantaneously without any documentation using your phone if you have a savings account and phone banking.interest rates are as per government

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Aparna Vadlamudi , hyderabad
Reviewed on Sep 20, 2017
Recurring Deposit

"Reccure the deposit"
HDFC BANK

0.5 4.0/5 "Great!"

With HDFC bank i hold a Recurring deposit. As my salary account is with HDFC they directly deduct the recurring deposit amount. The amount which is deducting is 1000 rs. After one year we can withdraw that amount with a rate of interest 12 percentage.

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RAJ KUMAR , krishnagiri
Reviewed on Sep 18, 2017
Recurring Deposit

"Its Good"
LAKSHMI VILAS BANK

0.5 5.0/5 "Blown Away!"

I have a RD with Lakshmi Vilas, I am investing Rs. 3000 on monthly basis it has minimum tenure of one year, more than a year, I am holding it. They giving 8% of interest for the same bank staff , for others 7.5% of RD Holder, now I hope they reduced around 7%.

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RAVIVARMAN R , rajapalayam
Reviewed on Sep 13, 2017
Recurring Deposit

"RD is also good"
HDFC BANK

0.5 5.0/5 "Blown Away!"

HDFC RD is also very good. There is an option here, where one can transfer the funds on a monthly basis. Interest rate is one and the same as FD. I had given auto debit options where the funds would be transferred from my account to this RD. I dont get any tax benefit here and its a short term RD.

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AJAY PRASAD , jaipur
Reviewed on Sep 12, 2017
Recurring Deposit

"RD is also good"
HDFC BANK

0.5 5.0/5 "Blown Away!"

HDFC RD is also very good, the reason for choosing HDFC RD was because I hold an account with the same bank. I heard of this bank RD has got good benefits. It was taken for a limited duration . We earn an interest of rs 500 it was for a short duration of time which is 15 months and I earn an interest of 15% approximately for RD.

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MANOHARAN VAISHNAVI , chennai
Reviewed on Sep 07, 2017
Recurring Deposit

"Easy process"
ICICI BANK

0.5 5.0/5 "Blown Away!"

Six months ago, I applied for a recurring deposit and I opened this account online. The process was simple and I am pleased with the interest rate I earn on it. There are no charges taken and when I close the account, I would get the funds in my account immediately.

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VISHAL BHARDWAJ , delhi
Reviewed on Aug 31, 2017
Recurring Deposit

"Prompt Service"
FEDERAL BANK

0.5 5.0/5 "Blown Away!"

I do have recurring deposit with Federal bank. I forgot the interest rate for this RD account. But this is a long time process. I felt more comfortable in opening recurring account with federal because all my financial accounts are in this bank only. Till date the bank service is very prompt.

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GOPAKUMAR VIJAY MENAN , pune
Reviewed on Aug 23, 2017
Recurring Deposit

"Good bank to go for RD"
ICICI BANK

0.5 5.0/5 "Blown Away!"

I have Recurring deposit with ICICI, I am investing monthly amount of Rs. 1000 for the period of six months. If I receive the good interest then I continue it.. I opened the RD through netbanking its easy and also I could view the RD summary in it.

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DILAWAR KHAN , new delhi
Reviewed on Aug 19, 2017
Recurring Deposit

"Veyr good RD very efficient"
KOTAK MAHINDRA BANK

0.5 5.0/5 "Blown Away!"

My salary account is with KOTAK therefore I had setup RD ,it is very easy to book RD using their mobile application or through their net banking. There is no need to visit the branch as all things are made online and it is very easy as even RD calculator is available online.

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ABHISHEK BISWAS , kolkata
Reviewed on Aug 17, 2017
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