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List of recurring deposit rates across all banks in India
A Recurring Deposit (RD) is a safe and convenient way of saving money while also earning interest on it. An RD allows you to deposit a fixed amount on a regular basis with your bank, and it is similar to a Fixed Deposit (FD) in that you enjoy a higher rate of interest than a savings account for the same principal amount.
The main difference between an FD and an RD is that a recurring deposit allows you to make ongoing periodic investments in the deposit, whereas in a fixed deposit, you need to deposit the entire lump amount at the time you open the FD account. It is ideal for those who are not capable of investing a huge amount at one go. It is often recommended for starters to invest in a Recurring Deposit Scheme.
About Central Bank of India Recurring Deposit
An RD in Central Bank of India instills a habit of regular savings, where in you can invest a fixed amount every month for a fixed number of months. You can make these installments to a Central Bank of India Bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance. The RD scheme is much recommended to those who are salaried and regular income people.
(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with the bank directly.)
Central Bank of India Bank RD interest rates are similar to rates offered for FD accounts. You can get the best rates for a Central Bank of India Recurring Deposit by investing in any of its RD schemes. Following is an overview of Central Bank of India RD interest rates including Central Bank of India Short-Term RD Interest Rates. For the latest and accurate RD interest rates in Central Bank, it is advisable to check with the bank directly.
The interest rate will be as per prevailing term deposit card rate. It is calculated on a daily basis and credited every half year in June / December. It is advisable to contact the bank directly for the revised and up to date interest rates as they fluctuate on a regular basis
Senior citizens enjoy preferential rates, i.e., 0.50% more on the interest rate as applicable for normal customers. For the latest revised or updated interest rates, it is advisable to contact the bank directly.
1.Who is eligible to open an RD account with Central Bank of India?
The following are eligible to open an RD with Central Bank:
2. What is the minimum and maximum amount required to open an RD with Central Bank of India Bank?
The minimum opening balance for a regular recurring deposit with Central Bank of India Bank is Rs. 100.
3. What is the minimum deposit period?
The minimum deposit tenure is 6 months and can go up to as high as 120 months.
4. How do I apply for a regular recurring deposit?
If you are a new customer, you can start with opening a savings account, which can be linked with an RD account.
Alternately, you can visit your nearest branch and submit the Deposit Account form.
5. What is the maximum monthly installment for minor RD?
The maximum monthly installment is restricted to Rs.500 with the maturity value not exceeding Rs.50000 at any given time.
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