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.
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 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.
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.
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.
Documents Needed to Open an RD Account with the IndusInd Bank
The following documents are necessary to open the account:
Types of RD Accounts from IndusInd Bank Based on Tenure
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.
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.
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:
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.