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Indian Bank Recurring Deposit scheme can be considered as one of the best RD schemes to invest as a first time investor. An Indian Bank RD account can be opened for a tenure ranging from 6 months to one year. The minimum deposit amount needed is just Rs. 25 and the interest rate that you can earn ranges from 5.50% to 7.40% p.a. Check more details about Indian Bank.

Indian Bank Recurring Deposit Interest Rates – For Deposits Less than 2 Crore

TenureInterest rate for General CitizensInterest Rate for Senior Citizens
180 days6.50% p.a.7% p.a.
181 days to less than 9 months6.50% p.a.7% p.a.
9 months or less than 1 year6.50% p.a.7% p.a.
1 year6.75% p.a.7.25% p.a.
Above 1 year to less than 2 years6.60% p.a.7.1% p.a.
2 years to less than 3 years6.50% p.a.7% p.a.
3 years to less than 5 years6.75% p.a.7.25% p.a.
5 years6.90% p.a.7.4% p.a.
Above 5 years6.50% p.a.7% p.a.

RD Interest Rates for Indian Bank – For 2 Crore to 5 Crore Deposit

TenureInterest rate for General CitizensInterest Rate for Senior Citizens
180 days6.25% p.a.6.75% p.a.
181 days to less than 9 months6.25% p.a.6.75% p.a.
9 months to less than 1 year6.25% p.a.6.75% p.a.
1 year6.50% p.a.7% p.a.
Above 1 year to less than 2 years6.35% p.a.6.85% p.a.
2 years to less than 3 years6.25% p.a.6.75% p.a.
3 years to less than 5 years6.50% p.a.7% p.a.
5 years6.65% p.a.7.25% p.a.
Above 5 years5.50% p.a.6% p.a.

Indian Bank RD Rates – Special Features

  • The account can be opened with a minimum deposit of Rs. 25.
  • The tenure ranges from 6 months to 120 months
  • Customers can enjoy an interest rate of up to 7.40% p.a.
  • Nomination facility is provided by the bank to any family member or spouse to receive the final maturity amount
  • Life insurance cover is also available
  • An Indian Bank RD account can be opened by visiting any nearest Indian Bank branch

Types of Indian Bank RD Accounts

Insured Recurring Deposit: Apart from the interest earned on your investment, this RD scheme provides you with life insurance cover. This account can be opened with a minimum amount of Rs. 100 for a period ranging from 3 years to 5 years.

Variable Recurring Deposit: Under this scheme, one gets the flexibility to change the monthly installments. This account can be opened with a minimum deposit amount of Rs. 25 or a maximum of Rs. 1 lakh. The best thing about this scheme is no penalties are imposed if there’s any delay in the monthly installments.

Indian Bank RD Calculator

The maturity amount on Indian Bank RD depends on certain factors entailing the tenure, deposit amount, rate of interest. One can make use of the Indian Bank RD calculator to get the exact maturity amount. There are a plethora of websites offering RD calculator; you can use any of those to calculate the interest earned on the deposited amount. Recurring deposits are one of the best low-risk with a decent return of investment options available.

Usually, you get an option of premature withdrawal, i.e. braking the RD before the maturity period, but the stated interest can get hampered and you might end up with less interest rate depending on how early you break the RD from the maturity date.

Indian Bank RD Deposit Interest Calculator

Under the Indian Bank periodic interest payout option, the bank would transfer the interest earned at each interval (for instance, quarterly) to your bank account. The interest remains the same throughout the tenure of the deposit. The principal amount is transferred to your account o upon maturity of your RD (unless the deposit is renewed).

Indian Bank RD Premature Withdrawal Rules

Indian bank allows premature withdrawal of the deposited amount but the interest earned on the amount will differ in that case (depends on bank rules). Partial withdrawal is not allowed.

Indian Bank RD Interest Rate for Senior Citizens

Senior citizens can avail attractive rates of interest with the Indian Bank recurring deposit account. An additional interest rate over a regular rate is offered in case you fall into the senior citizen bracket.

NRE Recurring Deposit Interest Rates

NRI’s can also open a recurring deposit account in Indian Bank through Non-Resident Rupee (NRE) account. This account can be opened for a minimum of 1 year to a maximum of 10 years. The interest rate NRI’s can earn on short-term recurring deposits of less than 1 crore ranges from 6.50% to 7.25% per annum and 7% per annum on short term deposits of Rs. 1 crore to Rs. 5 crores.

On the other hand, the Indian Bank RD interest rates 2020 for medium-term and long term recurring deposits of less than 1 crore is 7.25% per annum. On medium-term and long term deposits of Rs. 1 crore to Rs.. 5 crores, one can earn an interest rate of 7% per annum.

Documents Needed to Open an Indian Bank RD Account

  • Application form prescribed by the bank
  • Pan Card copies or Form 60/61 (in case you don’t have a pan card)
  • 2 passport size photos of the applicant
  • Identity proof (any)
  • Address Proof (any)
  • Other documents (Depends on applicant’s profile)

On a Closing Note

Recurring Deposits are indeed one of the best ways to invest a part of your hard-earned money that can provide you a decent return on investment. Indian Bank RD interest rates are one of the most sought-after schemes for its higher rate of return and other benefits. Not to mention, reading the terms and conditions before proceeding with any sort of investment is necessary as the interest rates and other terms can be revised by the bank anytime.

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