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Save money while enjoying a higher interest rate with South Indian Bank Recurring Deposits. South Indian Bank Recurring Deposit Interest Rates differ for resident and NRI customers. South Indian Bank Senior Citizen RD Interest Rates are higher.
Specific amounts of money may be transferred into an account - called the Recurring Deposit (RD) account every month to earn a good rate of return. Recurring deposit accounts allow individuals to periodically deposit their monthly savings into an account that can earn them up to 6% interest per annum and offer them a tidy lump sum amount at the maturity.
Recurring deposits are similar to fixed deposits that they give a fixed rate of interest for a fixed tenure. The difference between the two accounts is that while in a fixed deposit you have to deposit a lump sum right at the start with no interim deposits; in a recurring deposit you can deposit the amount over a period from 7 days to several months or even years.
About South Indian Bank Recurring Deposit Rate
Recurring deposits inculcate a habit of saving which gives you a stable source of funds when you need them the most. Though fixed deposits offer much the same, you may not have a large amount of money to invest in fixed deposits whereas you can invest an amount as low as INR 500 in recurring deposits.
The following are the features of the South Indian Bank recurring deposit account -
The South Indian Bank Recurring Deposit account offers you the following benefits -
The following are the interest rates applicable on South Indian Bank Recurring Deposit Account. Please bear in mind that interest rates are subject to change by the bank authorities at any time. As such it would be advisable to visit the bank branch or website for the current rates.
The rates given below are applicable from October 5th, 2018.
The South Indian Bank website has a recurring deposit calculator that helps you to estimate the amount you will receive if you deposit a certain sum of money for a certain period at applicable interest rates. This will give you an idea of how much cash you will have at a certain time in future and you can plan your finances accordingly.
There are many advantages to opening a recurring deposit account. Some of these include -
1. What is the minimum amount required to open a recurring deposit with South Indian Bank?
The minimum amount required to open a recurring deposit account is INR 500.
2. What is the minimum and maximum deposit period?
The minimum term for a recurring deposit with South Indian Bank is 6 months. The maximum is 10 years.
3. How do I apply for a regular recurring deposit?
You can open a recurring deposit account either through net banking, or by downloading the application form from the website and submitting it along with all necessary documents to the bank branch. The application form is also available at all branch offices of the bank.
4. What is the documentation required to open a recurring deposit account?
The following documents will be required for opening a recurring deposit account -
Some other documents may be requested by the branch depending on individual cases.
5. Does the recurring deposit have a lock-in period?
Yes, the recurring deposit accounts have a minimum lock-in period of one month.
6. I want to close the recurring deposit account, but it has only been one month. What are the charges?
You cannot withdraw your recurring deposit for a period of 1 month after opening the account. At the end of the first month if you wish to close the account, your deposits will be refunded and no interest will be paid.
7. Can I avail an Overdraft facility?
South Indian Bank offers an overdraft of up to 90% of the amount in deposited in a recurring deposit account.
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