CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, 2nd Floor, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
Save money while enjoying a higher interest rate with Indian Overseas Bank Recurring Deposits. Indian Overseas Bank Recurring Deposit Interest Rates differ for resident and NRI customers. Indian Overseas Bank Senior Citizen RD Interest Rates are higher.
A long- term investment plan, Recurring Deposit (RD) is a systematic investment plan wherein you make regular instalments and earn interest at the end of the maturity period. It functions similarly to the Fixed Deposit scheme. Small amounts of deposit is made on a monthly basis for a specific period to help in saving money. A major difference between recurring deposit and Fixed Deposit (FD) is the size of investment to be made. In fixed deposit, one needs to deposit a huge amount in a single-go for a specific period instead of smaller instalments. Interest rates are however similar in both types of investments.
About Indian Overseas Bank Recurring Deposit Rate
Indian Overseas Bank offers recurring deposit scheme that helps salaried or a rural saver to invest in small amounts and earn returns. One can make monthly deposits in this scheme and achieve financial goals like children’s education or marriage. The depositor can decide the period of investment and the number of instalments. Indian Overseas Bank also offers loan facility against the recurring deposit.
Indian Overseas Bank offers interest rate on recurring deposit same as that of Fixed Term Deposit. The bank can change these rates at their discretion and hence it is recommended that you check on the current rates before opening an account.
*Minimum amount Rs. 1 lac
For Senior citizens, the bank offers an additional rate of 0.50%
The Indian Overseas Bank has categorized the people who could possible benefit from a recurring deposit Account:
Some of the advantages of having a recurring deposit account to put your savings are mentioned below:
1. What is the difference between recurring deposit and fixed deposit account?
In a recurring deposit account, you can make small investments on a regular basis to earn a lump sum amount at the end of the maturity period. In Fixed Deposit account, you need make an investment of huge amount in one-go and earn returns at the end of the tenure.
2. What is the minimum amount to put into a recurring deposit account?
With Indian Overseas Bank, you can start a recurring deposit account with a low amount of Rs. 50/- and then in multiples of Rs. 5/- thereafter.
3. Is there a minimum period of investment?
Yes, you will need to invest for a minimum period of 6 months.
4. Can I get a loan on the recurring deposit account?
The Indian Overseas Bank offers 90% loan on the deposit amount in the recurring deposit account. The Interest rate is also applicable accordingly.
5. Does Indian Overseas Bank offer any special privileges to senior citizens?
Yes, senior citizens get an additional interest rate of 0.50% over the card rate with Indian Overseas Bank.
6. How is the interest calculated in a recurring deposit account?
Interest is compounded on a quarterly basis and paid at the end of the maturity period.
Call Experience,Usefulness of information,
Andhra Bank Recurring Deposit Rate
Axis Bank Recurring Deposit Rate
Bandhan Bank Recurring Deposit Rate
Bank Of Baroda Recurring Deposit Rate
Bank Of India Recurring Deposit Rate
Bank Of Maharashtra Recurring Deposit Rate
Canara Bank Recurring Deposit Rate
Central Bank Of India Recurring Deposit Rate
Citibank Recurring Deposit Rate
City Union Bank Recurring Deposit Rate
Corporation Bank Recurring Deposit Rate
DCB Bank Recurring Deposit Rate
Deutsche Bank Recurring Deposit Rate
Dhanlaxmi Bank Recurring Deposit Rate
Federal Bank Recurring Deposit Rate
HDFC Bank Recurring Deposit Rate
ICICI Bank Recurring Deposit Rate
IDBI Bank Recurring Deposit Rate
Indian Bank Recurring Deposit Rate
IndusInd Bank Recurring Deposit Rate
Jammu Kashmir Bank Recurring Deposit Rate
Karnataka Bank Recurring Deposit Rate
Karur Vysya Bank Recurring Deposit Rate
Kotak Mahindra Bank Recurring Deposit Rate
Lakshmi Vilas Bank Recurring Deposit Rate
Oriental Bank Of Commerce Recurring Deposit Rate
Punjab National Bank Recurring Deposit Rate
Punjab Sind Bank Recurring Deposit Rate
RBL Bank Recurring Deposit Rate
SBI Recurring Deposit Rate
South Indian Bank Recurring Deposit Rate
State Bank Of Travancore Recurring Deposit Rate
SVC Bank Recurring Deposit Rate
Syndicate Bank Recurring Deposit Rate
Tamilnad Mercantile Bank Recurring Deposit Rate
UCO Bank Recurring Deposit Rate
Union Bank Of India Recurring Deposit Rate
Vijaya Bank Recurring Deposit Rate
YES Bank Recurring Deposit Rate
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.