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Save money while enjoying a higher interest rate with IndusInd Bank Recurring Deposits. IndusInd Bank Recurring Deposit Interest Rates differ for resident and NRI customers. IndusInd Bank Senior Citizen RD Interest Rates are higher.
Reccuring deposits are accounts where you can deposit a fixed amount of money each month and earn a decent rate of interest on your investment. These accounts are ideal for those with a regular monthly income from which they want to set aside a fixed amount each month.
Recurring deposits are similar to fixed deposits that they earn a good rate of interest from a secure investment. The difference lies in the fact that in a fixed deposit, you deposit a lumpsum amount while in an recurring deposit you can make monthly deposits.
About Indusind Bank Recurring Deposit Rate
IndusInd Bank offers you a recurring deposit investment, which motivates you to save regularly. You can make your deposits by visiting the branch and depositing the money yourself. You can use facilities such as net banking and ECS to deposit the money directly into your recurring deposit account every month.
IndusInd Bank also offers a value-added service with recurring deposits called the Holiday Saving Plan. Under this plan, the individual selects a holiday destination for the coming year. Once the holiday is finalized, the investor opens a recurring deposit with IndusInd Bank thereby paying for the holiday in advance instalments. The proceeds of the recurring deposit will be channelled to fund the holiday. This scheme is being offered in collaboration with Thomas Cook.
Here are the interest rates offered by IndusInd Bank effective from 05-10-2018. Please note that these rates are subject to change at any time at the sole discretion of the bank.
The interest rates of senior citizens are higher by 0.5%. These interest rates have been approved by the IndusInd Bank. Once again, they are subject to change at any time.
*interest rates are compounded quarterly
*Tenor of recurring deposit is in multiples of quarters. Minimum Value of recurring deposit is RS 500 and thereafter, in multiples of 100.
The IndusInd Bank’s recurring deposit calculator helps you to calculate your interests and the amount earned on your maturity account. IndusInd Bank has made the calculator simple and easily accessible. To use the calculator, simply input your details e.g. the recurring deposit opening date or the monthly investment date, the amount you wish to deposit each month and the tenure. The calculator automatically gives you instant information about the maturity amount you will get at maturity.
1. Are there any extra benefits for senior citizens on fixed deposit of IndusInd Bank?
Yes, senior citizens can get extra benefits of 0.5% interest rates on their recurring deposit in IndusInd Bank
2. What is the process for opening and recurring deposit account with IndusInd Bank?
Applying for a recurring deposit with IndusInd Bank is simple. You can visit any bank branch and fill out the application form. If you have your KYC documents with you, the account can be opened immediately. The application form is also available on the bank website.
3. What is the highest interest earned on IndusInd Bank’s recurring deposit account?
Interest rates vary with tenure as well as amount of deposit. Currently the highest rate you can earn is 8% per annum. However, this is subject to change at any time. Please visit the bank website for more details.
4. What are the requirements to open an IndusInd Bank recurring deposit account?
The following documents are required to open a recurring deposit account with IndusInd Bank -
5. Is opening a recurring deposit account with IndusInd Bank safe?
Yes, the bank guarantees payment at the agreed rate along with principal amount at the end of the term.
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