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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 46 1 2 3 4 5
    • SBI 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
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jul 07, 2017
    • ICICI Bank 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.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 30, 2017
    • Corporation Bank 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.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 24, 2017
    • Corporation Bank 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.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 24, 2017
    • 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.
      Was this review helpful? 3
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 2
      , 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? 3
      , 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.
      Was this review helpful? 0
      , 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? 5
      , 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? 3
      , 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? 7
      , 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
      , 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? 13
      , 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? 8
      , 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
      , 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
      , 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
      , 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
      , 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? 10
      , hyderabad
      Reviewed on May 10, 2017
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