Recurring Deposit: Invest fixed sum of amount on monthly basis in Recurring Deposit and obtain attractive interest rates. Build up your savings through regular monthly deposits of a hard and fast sum over a period of your time with Recurring Deposit. this is often an excellent option for those that have fewer earnings because the monthly deposit amount is extremely less in your checking account .
Recurring Deposit allows customers with an opportunity to build up their wealth securely through regular monthly deposit of fixed sum over a period of time.
Key Benefits of Recurring Deposit
| FEATURES | BENEFITS |
| Attractive Interest Rates |
|
Flexible Tenor Options
|
|
| Minimum Amount | As low as ₹ 100 |
| Deposit Multiples | As low as ₹ 100 |
| Ease of Booking | Open RD on click of a button using internet or mobile banking. |
Common Terms and Conditions on RD Account:
- The interest is computed based on the actual number of days in a year i.e. 365 days for a non- leap year and 366 days for a leap year. The tenor of Deposit is calculated in number of days.
- In case of premature withdrawal of the recurring deposit, penalty will be applied on the applicable rate of interest for the duration which the deposit is maintained with us.
- For delayed and/or missed monthly payment:
- a. A Penalty on the instalment amount will be levied
- b. This penalty will be levied on actual basis i.e. on the number of days of delay
- c. Grace period of 5 days will be provided to the customer to make the instalment payment to avoid the penal charges
- Bank reserves the right to close the recurring deposit in case the customer misses 5 consecutive recurring deposit instalments.
- The minimum tenor of Recurring Deposit should be 6 months.
- The minimum instalment amount should be ₹ 100.
- The instalment amount should be in multiples of ₹ 100.
List of Banks Offering RD
| State Bank of India | HDFC Bank | ICICI Bank | Axis Bank |
| Indian Bank | RBL Bank | IDBI Bank | IDFC Bank |
| Corporation Bank | Andhra Bank | PNB Bank | Canara Bank |
| Union Bank of India | Central Bank | Bank of India | Bank of Baroda |
| Jana Bank | AU Bank | Equitas Bank | UCO Bank |
| Suryoday Bank | Allahabad Bank | Kotak Mahindra Bank |
How to Apply
- Existing customers can open Recurring Deposit through his bank Mobile Banking Application and Internet Banking.
- Visit the nearest Bank branch and open Recurring Deposit
- You can also contact your bank Customer Care Executive will fix a service appointment with our Relationship Manager to help you with the application process.
Recurring Deposit: Special Features
- Nomination facility is available so you can nominate your family members or spouse as the receiver of the final amount
- Loan facility is available up to 90% of your RD amount. Some times you bank also allows you to take an overdraft on the RD amount
- The deposit tenure ranges from 12 months to 120 months
- The minimum amount can be deposited in multiples of Rs. 100
- This service is available in every bank branch. You can visit your nearest branch to start an RD account
- TDS deductions are subject to the existing income tax rules as at the time of opening the RD account
- A penalty in case of delay in payment of an installment of RD is Rs 1.50 for every Rs. 100, per month
Documents Required to Open RD Account
Proof of Identity
- Aadhaar Card
- Passport
- PAN card
- Voter ID card
- Driving license
- Government ID card
- Photo ration card
- Senior citizen ID card
Address proof
- Aadhaar Card
- Passport
- Telephone bill
- Electricity bill
- Bank Statement with Cheque
- Certificate/ ID card issued by Post office
RD Interest Rates in India
The Recurring Deposit interest rate in India varies from bank to bank and depends on the RD scheme chosen, the tenure, and the monthly deposit amount. You may check RD Interest Rates by click on bank link provided in above table.
