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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Save money while enjoying a higher interest rate with Federal Bank Recurring Deposits. Federal Bank Recurring Deposit Interest Rates differ for resident and NRI customers. Federal Bank Senior Citizen RD Interest Rates are higher.
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A Recurring Deposit (RD) is a long-term investment plan wherein you make regular investments in a systematic scheme. These are small value amounts which allows the depositor to earn a pre-assured sum without any risk at the end of the maturity period. This is similar to Fixed Deposit scheme.
One of the major differences between recurring deposit and fixed deposit is that a recurring deposit allows you to make small investments on a regular basis whereas in a fixed deposit, one needs to make a huge lump sum amount for a specific period. You get similar interest rates as in fixed deposits.
About Federal Bank Recurring Deposit Rate
Federal Bank offers Federal Savings Fund which is a simple recurring deposit scheme to save small amounts of money on a monthly basis to help you achieve future goals like children’s education or marriage. The period and the instalment amount can be decided by the depositor. The bank also offers standing instruction facility and one can even avail a loan against the recurring deposit account.
This recurring deposit scheme helps you save money on a monthly basis and moreover it helps you get a loan against your savings scheme. Following are the features of RD Xtra Gain-
The Recurring Deposit interest rate are similar to the Fixed Term Deposit rates. Federal Bank has laid out the currently applicable Resident Term Deposits rate which includes the Federal Savings Fund. These interest rates are subject to revision by the bank at their discretion. Hence, it is advisable to visit their website to check the updated rates.
The interest rates for Resident Term Deposits effective from 7th December 2018 is:
| Period | Less than Rs.100 Lakhs |
|---|---|
| 7 days to 14 days | 3.50% |
| 15 days to 29 days | 4.50% |
| 30 days to 60 days | 5.00% |
| 61 days to 90 days | 5.70% |
| 91 days to 119 days | 6.00% |
| 120 days to less than 1 year | 6.50% |
| 1 year to 549 days | 7.30% |
| 550 days | 7.50% |
| 551 Days to 2 years | 7.30% |
| Above 2 years | 7.40% |
| Tenure | Interest Rates p.a. for NRE |
|---|---|
| 1 year | 7.30% |
| 2 years | 7.30% |
| 3 years | 7.40% |
| 4 years | 7.40% |
| 5 years | 7.40% |
| 6 years | 7.40% |
| 7 years | 7.40% |
| 8 years | 7.40% |
| 9 years | 7.40% |
| 10 years | 7.40% |
Federal Bank offers an online Recurring Deposits Interest calculator on its website. A very simple tool to use to calculate the maturity amount on the basis of monthly deposit amount, interest rate and deposit tenure. It will show the matured amount with the total interest earned. Thus, giving you a fair estimate of your investment.
The tool helps in deciding how much you need to invest to arrive at a certain savings. You can try various combinations of deposits, interest rates and tenures to arrive at the figure desired by you. It can be used multiple times and is very helpful in achieving your financial goals.
Federal Bank has laid out some guidelines on the category of people who can apply for a recurring deposit account:
1. What are the documents required to open a recurring deposit account?
The following documents needs to be submitted for opening a recurring deposit account:
2. What is the minimum amount to put into a recurring deposit account?
One can start a recurring deposit account with a minimum amount of Rs. 50/-
3. How can one apply for a recurring deposit account?
If you are an existing customer of Federal Bank, you can open a recurring deposit account through Net Banking. If you are not a customer of Federal Bank yet, you will need to open a savings bank account first and then open a recurring deposit Account that is linked to this savings account
4. Is there a minimum period for recurring deposit account?
Yes, the minimum period for a recurring deposit account is 7 days.
5. Do I get overdraft facility with this account?
Yes, the bank offers overdraft facility up to 90% with this account
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application