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    • Recurring Deposit for Senior Citizens

    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%

    Read More Article on Recurring Deposit

    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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    • Page 1 of 46 1 2 3 4 5
    • Indian Bank 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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      , chennai
      Reviewed on Jun 22, 2017
    • Axis Bank 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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      , bangalore
      Reviewed on Jun 22, 2017
    • ICICI Bank 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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      , kolkata
      Reviewed on Jun 20, 2017
    • Karnataka Bank 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.
      Was this review helpful? 2

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      , bangalore
      Reviewed on Jun 17, 2017
    • ICICI Bank 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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      , pune
      Reviewed on Jun 15, 2017
    • ICICI Bank 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.
      Was this review helpful? 1

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      , delhi
      Reviewed on Jun 13, 2017
    • HDFC Bank 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.
      Was this review helpful? 1

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      , jabalpur
      Reviewed on Jun 05, 2017
    • SBI 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.
      Was this review helpful? 4

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      , guwahati
      Reviewed on May 31, 2017
    • IOB 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.
      Was this review helpful? 4

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      , bhiwadi
      Reviewed on May 25, 2017
    • SBI 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.
      Was this review helpful? 10

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      , bhiwadi
      Reviewed on May 25, 2017
    • Kotak 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.
      Was this review helpful? 7

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      , bangalore
      Reviewed on May 18, 2017
    • HDFC Bank Recurring Deposit
      "Better "
      HDFC BANK
      0.5 4.0/5 "Great!"
      I had closed the recurring deposit account with the HDFC bank and the services offered by them was exemplary. Rate of interest is a nominal one with them and the lock in period was around one year of time. There were no penalty charges absolutely for the premature withdrawal. On top of all that, Customer service provided by HDFC Bank is really fantastic.
      Was this review helpful? 3

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      , pune
      Reviewed on May 18, 2017
    • HDFC Bank Recurring Deposit
      "Conveneint saving process"
      HDFC BANK
      0.5 4.0/5 "Great!"
      HDFC Recurring deposit interest rate is low, I should deposit the amount of Rs.5000 every month for RD account its for the period of 15 months. Initially HDFC were providing the interest rate of 6.9% now it got less . But I am sure they will be providing assured interest rate.
      Was this review helpful? 5

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      , faridabad
      Reviewed on May 15, 2017
    • ICICI Bank Recurring Deposit
      "Safety locker"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I hold a recurring deposit with ICICI bank and I got it around 6 months ago. I get good benefits with this very good savings plan. It is flexible because when I need in money anytime, I can with draw and I can switch the amount to savings account, Which is helpful for the safety purposes. The rate of interest I am getting is nominal here.
      Was this review helpful? 3

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      , mumbai
      Reviewed on May 15, 2017
    • HDFC Bank Recurring Deposit
      "Services are excellent"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had closed the recurring deposit account with the HDFC bank and I had it for a period of one year of time. Interest rate was very minimal at that time. Net banking facilities are nice one and also its easy to track the account, also its really pretty fast to open this HDFC account.
      Was this review helpful? 3

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      , mumbai
      Reviewed on May 10, 2017
    • ICICI Bank Recurring Deposit
      "Very good services in deposit"
      ICICI BANK
      0.5 4.5/5 "Excellent!"
      I am having the recurring deposit account with the ICICI bank and the interest rate was around 7% per annum. Services were good and I would like to say for deposit ICICI bank is up to the mark. Its easy to track the account through online and mobile application.
      Was this review helpful? 8

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      , hyderabad
      Reviewed on May 10, 2017
    • Bank of Baroda Recurring Deposit
      "Good Bank"
      BANK OF BARODA
      0.5 5.0/5 "Blown Away!"
      I had Recurring Deposit account with Bank of Baroda. RD period was one year and every month I used to pay 2500 rupees. The interest rate was around 6% which is the same like other banks I believe. At the end of the year, they were able to release the amount on time.
      Was this review helpful? 4

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      , hyderabad
      Reviewed on May 09, 2017
    • Bank of Baroda Recurring Deposit
      "Nice Bank"
      BANK OF BARODA
      0.5 5.0/5 "Blown Away!"
      Recently I invested in Recurring Deposit account with Bank of Baroda. The monthly payment was around 1000 rupees, therefore they did not deduct anything from my salary account. The tenure period is for five years. After five years, they would return my money 86000 rupees. Interest rate provided by them is very much nominal.
      Was this review helpful? 5

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      , bangalore
      Reviewed on May 09, 2017
    • Dena Bank Recurring Deposit
      "Smooth services"
      DENA BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a recurring deposit at Dena bank and I would give them five stars on this experience. It was not a long process to get this account done and the rate of interest they offer on this facility is good. There are no charges as well. In all a nice experience.
      Was this review helpful? 2

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      , mysore
      Reviewed on May 08, 2017
    • IDBI Recurring Deposit
      "Satisfactory Service"
      IDBI BANK
      0.5 4.0/5 "Great!"
      As my salary account is with IDBI bank, based on it I opened recurring deposit account. I had opened this for one year. They offered good interest rate for my RD account. I have ecs mode of payment as my salary account is with the same bank.
      Was this review helpful? 4

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      , indore
      Reviewed on May 04, 2017
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