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Save money while enjoying a higher interest rate with Indian Bank Recurring Deposits. Indian Bank Recurring Deposit Interest Rates differ for resident and NRI customers. Indian Bank Senior Citizen RD Interest Rates are higher.
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A Recurring Deposit (RD) is a safe and convenient way of saving money while also earning interest on it. An RD allows you to deposit a fixed amount on a regular basis with your bank, and it is similar to a Fixed Deposit (FD) in that 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. It is ideal for starters and recommended to those who have a regular fixed income.
About Indian Bank Recurring Deposit Interest Rates
An RD in Indian Bank instills a habit of regular savings, where in you can invest a fixed amount every month for a fixed number of months as per your savings needs. You can make these installments to a Indian Bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance. The money saved through an RD could possibly fund your dream vacation, an expensive gadget or down payment of your dream car—you could open multiple RDs for different financial goals.
Indian Bank RD interest rates are similar to rates offered for FD accounts. You can get the best rates for an Indian Bank Recurring Deposit by investing in any of its RD schemes. Following is an overview of Indian Bank RD interest rates including Indian Bank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in Indian Bank, it is advisable to check with the bank directly.
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 as they fluctuate on a regular basis.
Senior citizens enjoy preferential rates, i.e., 0.50% more on the interest rate as applicable for normal customers. For the latest revised or updated interest rates, it is advisable to contact the bank directly.
How to apply for an RD in Indian Bank:
If you are not a customer of Indian Bank, then you will need to open a Indian Bank Savings Account and have your RD account linked with it. Opening one is simple and quick. You can visit your nearest branch and have a bank representative help you with the process.
You can make use of any trusty online RD Calculator to compute the interest and the maturity earned on your invested amount. Using an RD Calculator is easy— you need to enter the instalment amount you want to invest monthly, the duration, the interest rate, method of compounding (monthly, quarterly, half-yearly or annually) and the calculator will provide the maturity amount that you get at the time of maturity of the Recurring Deposit.
Using an RD calculator helps you find out how much you need to save monthly to reach your financial goal. You can try various amount combinations to arrive at the amount that helps achieve your financial goal and suits your budget.
1. What is the eligibility criteria to open an RD account with PNB?
Following are eligible to open an RD with Indian Bank:
2. What is the minimum and maximum amount required to open an RD with Indian Bank?
The minimum opening balance for a regular recurring deposit with Indian Bank is Rs. 100.
3. What is the minimum deposit period?
The minimum deposit tenure is 6 months and can go up to as high as 120 months.
4. How do I apply for a regular recurring deposit?
If you are a new customer, you can start with opening a savings account, which can be linked with an RD account. Alternately, you can visit your nearest branch and submit the Deposit Account form.
5. What is the documentation required to open an RD account?
You will require the following documents:
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