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Save money while enjoying a higher interest rate with IDBI Bank Recurring Deposits. IDBI Bank Recurring Deposit Interest Rates differ for resident and NRI customers. IDBI Bank Senior Citizen RD Interest Rates are higher.
A Recurring Deposit (RD) is a safe and convenient investment that allows you to deposit a fixed amount on a regular basis with 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.
If it is similar to a fixed deposit in terms of interest rate, then what is the difference between the two? 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.
About IDBI Bank Recurring Deposit Rate
An RD in IDBI 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 fixed monthly installments to a IDBI Bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance.
IDBI Bank RD interest rates are similar to rates offered for FD accounts. You can get the best rates for a IDBI Bank Recurring Deposit by investing in any of its RD schemes. Following is an overview of IDBI Bank RD interest rates including IDBI Bank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in IDBI, it is advisable to check with the bank directly.
Senior citizens enjoy preferential rates, i.e., 0.50% more on the interest rate as applicable for a normal citizen of India.
You can make use of any reliable online RD Calculator to compute the interest and the maturity earned on your invested amount. Using an RD Calculator is easy—all you need to do is enter the instalment amount you want to invest monthly, the period, the interest rate, method of compounding (monthly, quarterly, half-yearly or annually) and the calculator will provide the maturity amount that you get at the time of maturity of the Recurring Deposit. Using an RD calculator helps you calculate how much you need to save monthly to achieve your financial goal.
1. What is the minimum amount required to open an RD with IDBI?
The minimum opening balance for a regular recurring deposit with IDBI Bank is Rs. 100.
2. What is the minimum and maximum deposit period?
The minimum deposit tenure is 1 year and the maximum period is 10 years.
3. How do I apply for a regular recurring deposit?
You can visit your nearest branch and submit the Deposit Account form. Alternatively, you can call the customer care number for help with your query.
4. What is the documentation required to open an RD account?
You will require the following documents:
5. I wish to discontinue my RD. Will it affect the interest payout?
No Interest is applicable if the Recurring Deposit is discontinued before three months. If RD is discontinued before one year but kept for at least 3 months with the Bank, then Interest rate applicable for Savings Bank is applicable.
6. I am a senior citizen. What are the consequences of premature closure of RD on the extra interest?
In case of premature closure of Recurring Deposit by a senior citizen, the additional 0.50% interest as applicable to seniors shall be made available only if the RD has been with the bank for complete 12 months from the date of the 1st installment.
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