IndusInd Bank RD Interest Rates

IndusInd Bank Ltd is one of India's new generation private sector banks. Corporate banking, retail banking, treasury, and foreign exchange investment banking, capital markets, non-resident Indian/high-net-worth individual banking, and information technology are among the bank's business lines.

Retail/Consumer Banking and Consumer Finance are two of the bank's business segments. Corporate & Commercial Banking, Transaction Banking Group, and Investment Banking are all part of the Global Markets Group. This bank also gives its customers the option of opening a recurring deposit account with the bank. 

IndusInd Bank RD Interest Rates 2024

This is a table to show the IndusInd Bank RD interest rates:

Tenure

IndusInd Bank RD rates for General Customers

Interest Rates for Senior Citizens

12 months

7.25%

7.75%

15 months

7.25%

7.75%

18 months

7.25%

7.75%

21 months

7.25%

7.75%

24 months

7.25%

7.75%

27 months

7.25%

7.75%

30 months

7.25%

7.75%

33 months

7.25%

7.75%

3 Years - 5 Years

7.15%

7.65%

5 years and more

7.05%

7.55%

IndusInd Bank RD

IndusInd provides you with an RD account, which allows you to save money on a regular basis by making little contributions. Simply set money aside on a regular basis to get the benefits of IndusInd RD. The duration of an IndusInd RD account spans from 12 to 120 months. You could open this account with a minimum deposit of Rs.500.

IndusInd Bank offers two separate Recurring Deposit (RD) plans. Aside from the standard monthly deposit, a Value Added Recurring Deposit is also available. The process of applying for an RD account is also fairly straightforward.

  1. a) General RD

IndusInd Bank offers ordinary RD accounts with terms ranging from 12 months to 120 months. The minimum deposit required to open a normal RD account is Rs.500. The facility for premature closure and nomination is provided under the normal RD account.

  1. b) Value Added RD

The Value Added Recurring Deposit is a collaboration between IndusInd Bank Limited and Thomas Cook, with the primary goal of creating a savings plan for vacationers. The holiday must be arranged at least 12 months in advance under this RD. The monthly deposit needed would vary depending on the program. When the RD matures, the available funds will be given to Thomas Cook to carry out the vacation package.

Characteristics of the RD from IndusInd Bank

  • A low minimum account starting balance of Rs.500 is required.
  • IndusInd Bank Recurring Deposit interest rate applicable for term deposits, including senior citizen benefits
  • Deposit terms range from 12 months to 120 months.
  • By standing order, ECS mandate, or regular direct remittance, a predetermined monthly sum will be transferred to your RD account.
  • TDS deductions on interest earned in accordance with current income tax legislation.
  • There is a nomination option available.
  • The RD account may be closed prematurely.
  • RDs can only be booked in multiples of 100.

Documents Needed to Open an RD Account with the IndusInd Bank

The following documents are necessary to open the account:

  1. A completed application form.
  2. A passport-sized photo.
  3. Identity proof, such as a PAN card, Aadhaar card, passport, government identification, driver's license, or senior citizen identification.
  4. Address evidence, such as a passport, an electric bill, a bank statement with a check, or a phone bill.
  5. A referral from an existing customer.

Types of RD Accounts from IndusInd Bank Based on Tenure

  1. a) Short Term Scheme

Short-term Recurring deposits have a deposit period ranging from six months to two years. IndusInd Bank offers 7.60% to 7.75% p.a. interest on short-term RDs to ordinary residents, while senior persons are offered up to 8.25% p.a.

  1. b) Medium Term Scheme,

Recurring deposits with a tenure of more than two years and up to five years, are classified as medium-term recurring deposits. For common people, the bank's rate of return ranges from 7.35% p.a. to 7.75% p.a. Senior adults can get interest rates ranging from 7.85% p.a. to 8.25% p.a. when they open a medium-term RD with IndusInd bank.

  1. c) Long-Term Scheme

Long-term RDs have been in their position for over five years. The interest rate on those RDs is 7.25% per annum. Senior folks receive an additional 0.50% p.a. interest rate, just like everyone else. IndusInd Bank's maximum tenure for long-term RDs is ten years.

FAQ

Q1. What is the procedure for opening an IndusInd Bank recurring deposit account?

It is simple to apply for a recurring deposit with IndusInd Bank. You can complete the application form at any of the bank's branches. The account can be opened immediately if you have the KYC paperwork on hand. The application form could also be found on the bank's website.

Q2. What is the highest interest rate paid on a recurring deposit account at IndusInd Bank?

Interest rates vary according to tenure and deposit amount. Currently, the highest rate available is 8% per year. This, however, is subject to change at any time. For further information, please visit the bank's website.

Q3. What are the prerequisites to open a recurring deposit account with IndusInd Bank?

In order to start a recurring deposit account with IndusInd Bank, the following documents are required:

  • Fill out the application form completely.
  • Proof of your current address.
  • The reference to an IndusInd Bank recurring deposit account (if requested by the bank).
  • Two passport-sized photos
  • Other bank documentation is required (contact your nearest branch to make more inquiries).

Q4. Are there any additional perks for senior persons on IndusInd Bank fixed deposits?

Yes, senior folks can receive 0.5% interest on their recurring deposits at IndusInd Bank.

Q5. Is it safe to open a recurring deposit account with IndusInd Bank?

Yes, the bank guarantees payment at the agreed-upon rate as well as principal at the conclusion of the term.

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