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  • Short Term Recurring Deposit

    Looking at taking that first step into the world of financial planning without floundering helplessly in a sea of financial jargon? Then a Recurring Deposit is just the tool you are looking for. A Recurring Deposit is a deposit plan that enables investors to set aside a certain fixed amount each month for a specific period of time. The amount earns a fixed amount of interest. On completion of the tenure, the total amount is returned to the individual, as well as any pending interest that has accrued.

    Recurring Deposits enable individuals to save in installments every month instead of making a lump sum investment at one go.

    A number of Recurring Deposits are for tenures of 4 years and above, which some individuals find hard to keep up with. This also means that your money is blocked for a long period of time, since there are harsh penalties associated with making a premature withdrawal of funds.

    A short term Recurring Deposit is a scheme where the deposit can be for a relatively short period of time.

    As the interest earned is identical to that earned by a Fixed Deposit without the strict rules that govern an FD, a short term Recurring Deposit makes for a balanced financial tool.

    Planning For Your Short Term Goals Using Recurring Deposits

    A Recurring Deposit, being a short term investment option, can be used by individuals who wish to save a certain amount of money for a specific goal or purpose. A Recurring Deposit helps you meet a short term goal as a fixed amount of money is set aside for the duration of the deposit, ensuring savings that are used to satisfy the goal.

    For example, if a short term goal is funding the purchase of a car, you can work towards its achievement by planning your RD accordingly. The cost of the car would be the target figure, and the time frame could be the duration of the RD, for example in two years’ time.

    A set amount would be deducted from your account every month towards fulfilling the set goal. On maturation of the tenure, the principal lump sum as well as the interest accrued on the amount would be available for withdrawal, thus ensuring the achievement of the goal.

    With the interest rate being similar to that of a Fixed Deposit, you would stand to receive a sizeable sum of money as interest, which would reduce the amount you would need to deposit each month.

    Tenure for Short Term Recurring Deposits

    A short term Recurring Deposit tenure is, as the title suggests, of a shorter duration as compared to a regular Recurring Deposit. With the average Recurring Deposit tenure being around 4-7 years, a short term RD could be from as little as 6 months to around 4 years.

    Recurring Deposit tenures vary from bank to bank, and comparing rates and tenures would enable you to make an informed decision regarding the RD best suited to your needs.

    The minimum requirement for a short term Recurring Deposit varies from bank to bank, with some banks keeping the minimum amount at as little as Rs.10. Some banks have a minimum deposit amount of Rs.100 whiles others keep it at Rs.500. The minimum amount could also differ if the RD is being opened by a senior citizen, in which case the amount could be relaxed or lowered.

    Eligibility Criteria for Short Term Recurring Deposits

    Individuals who wish to open a Recurring Deposit have to meet the eligibility criteria as defined by the specific bank. Individuals are also required to submit a set of documents for KYC compliance. The list of documents are mentioned below:

    • Proof of identity.
    • Proof of address.
    • Recent passport sized photograph.

    Short Term Recurring Deposit Interest Rates:

    In an effort to simplify the process of looking for short term Recurring Deposit rates and their respective tenures for banks, a short list has been compiled below:

    Short Term Recurring Deposit Interest Rates Table:

      ICICI Bank SBI HDFC Axis Bank
    Tenure Reg Sr Cit Reg Sr Cit Reg Sr Cit Reg
    3 months - - - - - - -
    6 months 7 7.50 - - 6.50 7 -
    9 months 7.25 7.75 - - 6.75 7.25 -
    12 months 7.40 7.90 7.25 7.50 7.50 8 7.50
    15 months 7.50 8 7.25 7.50 7.50 8 -
    18 months 7.50 8 7.50 7.75 7.50 8 -
    21 months 7.50 8 7.50 7.75 7.50 8 -
    24 months 7.50 8 7.50 7.75 7.50 8 7.50

    Please Note: Interest rates are subject to change at the discretion of the bank. Applicants are requested to check for current applicable rate at the time of application.

    Individuals can thus choose a Recurring Deposit based on the tenure as well as the interest rate being paid out to fulfill a goal or as a savings tool, allowing for a regular source of saving every month.

    Recurring Deposit by Banks
    Recurring Deposit by other Institutions

    RD Reviews

  • Page 1 of 49 1 2 3 4 5
    • HDFC Bank Recurring Deposit
      "Good service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had a Recurring Deposit with HDFC bank 3 years back, the services are very good with this bank and i did not find any issues with this bank. I pay an amount of Rs 4200 every month and the maturity period is after 5 years. Customer service was good and they responded on time. I get interest of 9% which is sufficient and i am happy with the returns.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 19, 2018
    • ICICI Bank Recurring Deposit
      "Good service"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I have a Recurring Deposit from ICICI bank from last 3 years, the services are pretty good when compared to all other banks. I pay an amount of Rs 1500 every month and the interest rate is satisfactory. Customer service is good and they responded on time. I am happy with the returns with this bank which is 9%.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 18, 2018
    • Axis Bank Recurring Deposit
      "Recurring Deposit with AXIS"
      AXIS BANK
      0.5 4.5/5 "Excellent!"
      As I'm holding my salary account with AXIS Bank I decided to maintain a Recurring Deposit account with them. Now I have this account for the past 1 year. They offer me 7 to 8% interest. The funds were auto debited from my salary account to RD account. The interest rates can be improved. Their customer care service is pretty good although they don't bother much about customer satisfaction. Despite being a salary account holder for 2+yrs, they haven't offered me any credit card so far. I am only having their Neo card which is the most basic one. NOT COOL AXIS !!!!!
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • 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
      "Good"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have taken a Recurring Deposit with HDFC Bank long back. Everything is renewed and reimbursed with them. I have chosen this bank, it was very easy to use the net banking and the interest rate was good. I have taken this account through online and I hardly visit the branch to exchange the foreign currency.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Dec 29, 2017
    • 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
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