RD or Recurring Deposit Calculator

Recurring Deposits or RD are the deposits that allows a person to make deposit recursively at a regular intervals of time.

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What is RD or Recurring Deposit?

Recurring Deposit is best form of investment that is secure and helps build a huge corpus by small contributions every month . Most Banks provide a return of around six percent to seven percent on your recurring deposits. The returns are to happen for sure and you get a lump sum amount after the locking period is over.

What are some Important features of Recurring Deposits

Recurring deposits can be started at as small as 100 rupees per month and can be adjusted in multiples of 10. There is no upper limit set for your recurring deposits. Minimum locking period for recurring deposits is 12 months and can go up to 120 months as per your requirement. The investor can very easily extract a loan or an overdraft of 90% of available amount against his recurring deposit without having to disturb the ongoing investments.

Though it’s a safe investment but its fully taxable like any other fixed deposit until you can submit Form 15H under which you can be exempted or get your deductions returned. One can also dissolve his or her recurring deposits earlier than maturity period however there is a penalty applicable as per the norms in different banks where your recurring deposit was established. One need to nominate his recurring deposit to his relative while opening it and once you have successfully established your recurring deposit you will receive a passbook.

Terms and Conditions to open a recurring deposit

When a depositor fails to pay any installments of recurring deposit there is no reminders sent out by the bank for the same and a penalty charge may be applicable depending on your bank for non-deposit of that monthly installment. Its best to have a standing instruction through your net banking in your account to deficit the amount and submit it into your recurring deposit account.

Sometimes your bank may apply a service charge to process your recurring deposit, this service charge is as little as INR 10 per account.

In case the depositor fails to deposit six continuous deposits then the account will be closed on its own and the balance will be paid to the depositor’s savings account which is linked to that recurring deposit account.

One need to carefully go through all the instructions for disposal of maturity amount while opening a recurring deposit to avoid any confusions later.

Best RD or Recurring Deposit rates by Private Sector Banks in India

Recurring Deposit range in interest rates right from 5.75% to 8.05% with minimum deposit amount starting from 100 rupees, Hence anyone and everyone could start a investment into a recurring deposit from their monthly saving and slowly build a corpus while earning interest on that deposit.

Below are the best options for Recurring Deposit if you are looking for a Private Bank for your RD
  • AXIS Bank - 6.35%
  • HDFC Bank - 6.25%
  • ICICI Bank - 6.25%
  • Yes Bank - 6.25%
  • Kotak Bank - 5.75%

Below are the best Recurring Deposit interest rates in India if you are looking for a Private Bank for your long term RD (For Senior Citizen, RD Interest Rate)
  • AXIS Bank - 7.35% - 8.25%
  • HDFC Bank - 6.75% - 7.90%
  • ICICI Bank - 6.75% - 8.00%
  • Yes Bank - 7.60% - 7.75%
  • Kotak Bank - 7.00% - 7.80%

Best RD or Recurring Deposit Rates by Nationalize Banks in India

RD or Recurring Deposit is one of the best way to accumulate wealth and build a corpuss while keeping risks aside as you tend to get the returns as promised during start of it by the bank. Plus a small amount every month tend to build up into good corpus over a period. Although RD are fully taxable at the time of maturity but it is one of the best way to accumulate wealth. Let's see how various banks provides returns on your Recurring Deposit Schemes.

Below are the best options for Recurring Deposit if you are looking for a Nationalize Bank for your shorter period RD (one year)
  • Bandhan Bank - 7.15%
  • Nainital Bank - 7.50%
  • SBI Bank - 6.70%
  • Punjab National Bank - 6.25%
  • Bank of Baroda- 6.50%

Below are the best Recurring Deposit interest rates in India if you are looking for a Nationalize Bank for your long term RD (5 years)
  • Bandhan Bank - 6.80%
  • Nainital Bank - 7.50%
  • SBI Bank - 6.85%
  • Punjab National Bank - 6.25%
  • Bank of Baroda- 6.25%