Deutsche Recurring Deposit Interest Rates
Deutsche Bank Recurring Deposit
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.
Advantages to opening an RD account:
- Interest Rate earned is generally equal to that of an FD
- Safe and secure form of investment
- Secure from fluctuations and volatility
- Ideal for people who cannot deposit a large initial lump sum, but want to deposit small amounts on a regular basis
- Can be opened with small minimum amount.
- Lump sum received at maturity, including the interest
- The rate of interest is higher as compared to an ordinary saving bank account
- Recurring Deposit Interest rate is fixed so you are assured of a fixed return
- Loan / overdraft facility available with some banks.
Deutsche Recurring Deposit
An RD in Deutsche Bank 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 Deutsche Bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance.
Key Features of Deutsche Bank RD Account
- Allows you to safely deposit small amount of money on a regular basis rather than a bulky one-time payment at opening of the RD.
- Ideal for people with a regular, steady income who may not be able to spare enough money for the minimum amount to open an FD.
- Flexible tenure – you can choose tenures which can range from a few months to several years depending on your financial goal
- Attractive interest rates: Offers a higher rate of interest than a savings bank account—similar to an FD—but with a smaller ongoing investment.
- Is a safe, low-risk form of investment.
- Quick liquidity options and access to your funds when you need it; nominal penal charges apply.
Types of Recurring Deposits Offered by Deutsche Bank:
Regular Recurring Deposit:
- Minimum Opening Balance for Deutsche Bank RD account: Rs. 5000 and in multiples of Rs. 1000 thereof
- Maximum ceiling of Rs. 200,000
- Minimum tenure 12 months in multiples of 1 month thereof
- The maximum tenure is 60 months
- Preferential interest rate for senior citizens
- TDS on Interest is applicable
- Nomination facility available
- Premature Closure of RD Allowed; a penal rate of 1 % would be charged
- Loan / Overdraft against deposit is available
Deutsche Recurring Deposit Interest Rates
Deutsche Bank RD interest rates are similar to rates offered for FD accounts. You can get the best rates for a Deutsche Bank Recurring Deposit by investing in any of its RD schemes. Following is an overview of Deutsche Bank RD interest rates including Deutsche Bank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in Deutsche bank, it is advisable to check with the bank directly.
Deutsche Bank recurring deposit interest rates 2015 – 2016
The current RD Interest rate ranges from 4% 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 as they fluctuate on a regular basis. The interest rate offered for an Recurring deposit in Deutsche bank is equal to that of a Fixed Deposit.
Deutsche Bank Senior Citizen RD Interest Rates
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.
How to apply for an RD in Deutsche Bank:
You can apply for an RD online. You would be required to submit an online application form and a bank representative will get in touch with you. Alternatively, you can visit your nearest branch directly and submit the required documentation along with the application form.
Deutsche Bank Recurring Deposit Calculator:
You can make use of any trusty online RD Calculator to compute the interest and the maturity earned on your invested amount. Using an RD Calculator is easy and helps compute how much you need to save monthly in order to make your RD instalments. It also lets you visualize the maturity amount and invest accordingly. Using an RD calculator helps you find out how much you need to save. You can try various amount and opt for the one that helps achieve your financial goal and suits your budget.
Deutsche Bank RD FAQs
What is the minimum and maximum amount required to open an RD with Deutsche Bank?
The minimum opening balance for a regular recurring deposit with Deutsche Bank is Rs. 5000, capped at Rs. 200,000
What is the minimum deposit period?
The minimum deposit tenure is 6 months. The maximum tenure is 60 months
How do I apply for a regular recurring deposit?
You can apply for an RD with Deutsche bank online. You would be required to submit an online application form and a bank representative will get in touch with you. Alternatively, you can visit your nearest branch directly and submit the required documentation along with the application form.
What is the documentation required to open an RD account?
You will require the following documents:
- Filled-in application form
- Passport size photograph
- Proof of residence, PAN Card, ID Proof
- Any other KYC documents as required by the bank