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Save money while enjoying a higher interest rate with DCB Bank Recurring Deposits. DCB Bank Recurring Deposit Interest Rates differ for resident and NRI customers. DCB Bank Senior Citizen RD Interest Rates are higher.
A Recurring Deposit (RD) helps you put away money on a regular basis your bank, and earn interest income on it. It is similar to a Fixed Deposit (FD) where 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.
Investing in an RD account is a safe and secure way to save money for your short-term or long-term goals. Imagine stashing away some money to put in your piggy bank on a monthly basis. A recurring deposit works exactly like that except that it earns interest for the amount deposited in the account.
About DCB Bank Recurring Deposit Rate
An RD in DCB 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 fixed monthly installments to an DCB bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance.
DCB bank RD interest rate is similar to rates offered for FD accounts. You can get the best rates for an DCB Bank Recurring Deposit by investing in any of its RD schemes. Following is an overview of DCB bank RD interest rates including DCB Bank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in DCB, it is advisable to check with the bank directly. Click here
The current RD Interest rate ranges from 6% to 7% for normal Indian residents including minors and HUF. It is advisable to contact the bank directly for the revised and up to date interest rates.
Senior citizens enjoy preferential rates, i.e., 0.50% more on the interest rate as applicable for a normal citizen of India.
1. What is the minimum amount required to open an RD with DCB?
The minimum opening balance for a regular recurring deposit with DCB bank is Rs. 500.
2. What is the minimum and maximum deposit period?
The minimum deposit tenure is 12 months and the maximum period is 120 months. Yes, there is a nomination facility on the recurring deposit account.
3. What is the interest pay-out option?
Interest is paid only when the deposit account is closed, and on maturity.
4. How do I apply for a regular recurring deposit?
You can open a Regular Recurring Deposit online. You can visit the DCB website and apply through their site. Simply fill in your details in the online form and submit it. A bank representative will get in touch with you to process your request further. Alternately, you can visit your nearest branch and submit the Deposit Account form.
5. What is the documentation required to open an RD account?
You will require the following documents:
6. Is partial withdrawal of RD allowed?
Partial withdrawal is not allowed.
7. I missed an instalment. Do I have to pay penalty?
There are no penal charges for missing an instalment. The account remains active and operational. However, the maturity amount would differ from the amount mentioned on the RD certificate / passbook due to non-payment of your instalment amount.
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