IndusInd is one of the reputed private sector banks in India. The bank offers a wide range of personal banking services including loans, cards, deposits, insurance, etc. In this post, I will tell you all about IndusInd Bank Recurring Deposit Interest Rate.
What is Recurring Deposit (RD)?
Recurring Deposit is a continuing investment instrument. Recurring Deposits are almost similar to fixed deposits. The difference between the two is that you deposit a lump sum amount in FD while you make monthly deposits in RD.
RD accounts are ideal for the people who can partake with little amount from their monthly income. These accounts inculcate and encourage saving habits among earning individuals.
IndusInd Bank Recurring Deposit (RD)
IndusInd offers you an RD account, which helps you to build up your savings through regular, small deposits. Just put your savings aside regularly to enjoy returns with IndusInd RD.
IndusInd RD account comes with a tenure ranges from 12 to 120 months. You can open this account with minimum deposits starting at Rs.500.
Features of IndusInd RD Account
1. A fixed monthly installment will be remitted to your RD account by standing order, ECS mandate, or by regular direct remittance.
2. Low minimum account opening balance of Rs.500.
3. IndusInd Bank Recurring Deposit interest rate as applicable for term deposits including the benefits of senior citizens.
4. The deposit tenure ranging between 12 months and 120 months.
5. Nomination facility is available.
6. Premature closure of the RD account is allowed.
7. RDs can be booked in multiples of 100 only.
8. TDS deductions on interest earned as per the existing income tax regulations.
Also Read: Top 6 Best Safe Investment Options in India
IndusInd Bank Recurring Deposit Interest Rate
Given below are the recurring deposit interest rates IndusInd bank for different tenures of RD.
|Tenure||Interest Rate for General Citizens (% p.a.)||Interest Rate for Senior Citizens (% p.a.)|
|1 Year and 3 Months||7||7.5|
|1 Year and 6 Months||7||7.5|
|1 Year and 9 Months||7||7.5|
|2 Years and 3 Months||7||7.5|
|2 Years and 6 Months||7||7.5|
|2 Years and 9 Months||7||7.5|
|3 years to below 61 months||6.75||7.25|
|61 month and above||6.65||7.15|
Note: These are the recurring deposit interest rates IndusInd bank as of 18 October 2020. The rate on interest mentioned in the above table are subject to change.
Click here for the latest IndusInd Bank Recurring Deposit Interest Rate.
Eligibility Criteria for IndusInd RD Account
The account can be opened by any individuals.
To open the account, the following documents required:
1. The application form.
2. Passport-size photograph.
3. Identity proof such as PAN card, Aadhaar card, passport, government Id, driving license, or senior citizen Id.
4. Address proof such as passport, electricity bill, bank statement with cheque, telephone bill.
5. Introduction by an existing customer.
How to apply for IndusInd RD Account?
You can choose any of the following options if you are an existing customer:
1. Internet Banking
2. Mobile Banking
3. Visiting Bank Branch
New customers can open the account either online or offline. Just follow the steps given below to open it using online mode.
1. First of all, visit the official website of the bank. Click here.
2. Click on the “Apply Now” button.
3. Fill in your details.
4. Submit your form.
5. The bank executive will get back to you for the further KYC process.
Alternatively, visit a bank branch near you. Submit the duly filled deposit account form along with relevant documents.
Also Read: List of Banks in India
The tenure of IndusInd RD Account ranges from 12 to 120 months. IndusInd Bank Recurring Deposit interest rate is equivalent to that of term deposits including the benefits of senior citizens. So invest a fixed amount of your savings in an RD with IndusInd and enjoy great returns.
Also Read: How to invest in Mutual Funds?