DCB Bank Recurring Deposit Rate

Introduction

A Recurring Deposit (RD) helps you put away money on a regular basis your bank, and earn interest income on it. It is similar to a Fixed Deposit (FD) where you enjoy a higher rate of interest than a savings account for the same principal amount.

The main difference between an FD and an RD is that a recurring deposit allows you to make ongoing periodic investments in the deposit, whereas in a fixed deposit, you need to deposit the entire lump amount at the time you open the FD account.

Investing in an RD account is a safe and secure way to save money for your short-term or long-term goals. Imagine stashing away some money to put in your piggy bank on a monthly basis. A recurring deposit works exactly like that except that it earns interest for the amount deposited in the account.

Advantages to opening an RD account

• Ideal for people who cannot deposit a large initial lump sum, but want to deposit small amounts on a regular basis.
• An RD account can be opened with small minimum amount.
• Lump sum received at maturity, similar to an FD
• The rate of interest is higher as compared to an ordinary saving bank account
• Interest Rate earned is generally equal to that of an FD
• Flexible tenures to suit the budget of the individual
• Recurring Deposit Interest rate is fixed so you are assured of a fixed return
• Loan / overdraft facility available with some banks.
• Safe and secure.

Disadvantages

• The interest earned might be lower than other, riskier, forms of investment, say investing in stock market etc. But the money is safe from market fluctuations.
• Penalty charges may apply if you wish to withdraw your RD prematurely.

DCB Bank Recurring Deposit

An RD in DCB instills a habit of regular savings, where in you can invest a fixed amount every month for a fixed number of months. You can make fixed monthly installments to an DCB bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance.

Features of DCB RD Account

• Save and deposit small amounts every month.
• Allows you to safely deposit small amount of money on a regular basis rather than a bulky one-time payment at opening of the RD.
• Ideal for people with a regular, steady income who may not be able to spare enough money for the minimum amount to open an FD.
• Flexible tenure – you can choose tenures which can range from a few months to several years.
• Offers a higher rate of interest than a savings bank account—similar to an FD—but with a smaller ongoing investment.
• Is a safe, low-risk form of investment.
• Secure from fluctuations.

Types of Recurring Deposits Offered by DCB Bank

DCB Bank Recurring Deposit Interest Rates

DCB bank RD interest rate is similar to rates offered for FD accounts. You can get the best rates for an DCB Bank Recurring Deposit by investing in any of its RD schemes. Following is an overview of DCB bank RD interest rates including DCB Bank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in DCB, it is advisable to check with the bank directly. Click here

DCB bank recurring deposit interest rates 2015 – 2016

The current RD Interest rate ranges from 6% to 7% for normal Indian residents including minors and HUF. It is advisable to contact the bank directly for the revised and up to date interest rates.

DCB Bank Senior Citizen RD Interest Rates

Senior citizens enjoy preferential rates, i.e., 0.50% more on the interest rate as applicable for a normal citizen of India.

DCB Bank RD FAQs