Recurring Deposit Interest
- Recurring Deposit Interest Calculation
- Recurring Deposit Interest Rates In India
- Recurring Deposit Interest Formula
Recurring Deposit Interest Rates for 1 Year (as on 06 Mar 2021)
The highest interest rate is offered by North East Small Finance Bank Limited (for 12 months) at 7.5% and Utkarsh Small Finance Bank (for 12 months) at 7.25% followed by Suryoday Small Finance Bank (for 12 months) at 7.25%.
| Bank | Interest Rate (p.a.) | Calculate |
|---|---|---|
| Idfc Bank | 7.25% | |
| Indusind Bank | 7.00% | |
| Rbl Bank | 7.00% | |
| Yes Bank | 6.75% | |
| Allahabad Bank | 6.75% | |
| The Nainital Bank | 6.70% | |
| Dcb Bank | 6.50% | |
| United Bank Of India | 6.50% | |
| Standard Chartered Bank | 6.30% | |
| Laxmi Vilas Bank | 6.00% |
Recurring Deposit Interest Calculation
A recurring deposit, as the name suggests, is a continuing investment. The returns on these deposits can be challenging to track for investors. The interest is compounded quarterly, and there are several variables involved, which makes the calculations multipart. A recurring deposit is a type of term deposit offered by banks / financial institutes which assist people with regular incomes to deposit a fixed amount every month into.
Recurring Deposit Interest Rates for 2 Years (as on 06 Mar 2021)
- Recurring Deposit Calculator Use the RBL Bank Recurring Deposit calculator and find out the value of your money Want to know how much you can earn on recurring deposits? Here is a recurring deposits calculator by RBL Bank that lets you identify the maturity amount and the interest earned when you open a recurring Deposit.
- Most banks calculate interest on recurring deposits on a quarterly basis. The interest amount is compounded. The maturity amount is simply a sum of each installment and the corresponding accumulated interest amounts. RD calculations can be complex. Therefore, it may be best to use the many RD interest calculators online that will help you.
- Recurring Deposit, or more commonly known as RD, is a financial investment option that works like an FD but provides fairly high flexibility. By recurring, it means something that occurs repeatedly over a course of time. Thus, investing in an RD means investors can opt to invest in instalments rather than depositing a lump sum amount.
The highest interest rate is offered by North East Small Finance Bank Limited (for 2 years) at 8.00% and Utkarsh Small Finance Bank (for 2 years) at 7.25% followed by Suryoday Small Finance Bank (for 2 years) at 7.25%.
| Bank | Interest Rate (p.a.) | Calculate |
|---|---|---|
| Idfc Bank | 7.25% | |
| Indusind Bank | 7.00% | |
| Rbl Bank | 7.00% | |
| The Nainital Bank | 6.90% | |
| Dcb Bank | 6.80% | |
| Yes Bank | 6.75% | |
| Allahabad Bank | 6.60% | |
| United Bank Of India | 6.25% | |
| Standard Chartered Bank | 6.20% | |
| Bandhan Bank | 6.00% |
Recurring Deposit Interest Rates for 3 Years (as on 06 Mar 2021)
The highest interest rate is offered by Suryoday Small Finance Bank (for 3 years) at 8.10% and North East Small Finance Bank Limited (for 3 years) at 8.00% followed by RBL Bank Limited (for 3 years) at 7.25%.
Recurring Deposit Interest Rates In India
| Bank | Interest Rate (p.a.) | Calculate |
|---|---|---|
| Idfc Bank | 7.25% | |
| Rbl Bank | 7.25% | |
| Dcb Bank | 6.95% | |
| The Nainital Bank | 6.90% | |
| Yes Bank | 6.75% | |
| Indusind Bank | 6.75% | |
| Allahabad Bank | 6.50% | |
| United Bank Of India | 6.25% | |
| Standard Chartered Bank | 6.00% | |
| Laxmi Vilas Bank | 6.00% |
Recurring Deposit Interest Rates for 4 Years (as on 06 Mar 2021)
The highest interest rate is offered by Suryoday Small Finance Bank (for 4 years) at 7.75% and Fincare Small Finance Bank Ltd (for 4 years) at 7.30% followed by Utkarsh Small Finance Bank (for 4 years) at 7.25%.
| Bank | Interest Rate (p.a.) | Calculate |
|---|---|---|
| Idfc Bank | 7.25% | |
| Dcb Bank | 6.95% | |
| The Nainital Bank | 6.90% | |
| Indusind Bank | 6.75% | |
| Yes Bank | 6.75% | |
| Rbl Bank | 6.75% | |
| Allahabad Bank | 6.50% | |
| Laxmi Vilas Bank | 6.00% | |
| Standard Chartered Bank | 6.00% | |
| United Bank Of India | 6.00% |
Recurring Deposit Interest Rates for 5 Years (as on 06 Mar 2021)
The highest interest rate is offered by Suryoday Small Finance Bank (for 5 years) at 8.25% and Utkarsh Small Finance Bank (for 5 years) at 7.25% followed by DCB Bank Limited (for 5 years) at 6.95%.
| Bank | Interest Rate (p.a.) | Calculate |
|---|---|---|
| Idfc Bank | 7.25% | |
| Dcb Bank | 6.95% | |
| The Nainital Bank | 6.90% | |
| Indusind Bank | 6.75% | |
| Yes Bank | 6.75% | |
| Rbl Bank | 6.75% | |
| Allahabad Bank | 6.50% | |
| Deustche Bank | 6.25% | |
| Laxmi Vilas Bank | 6.00% | |
| Standard Chartered Bank | 6.00% |
Recurring Account Key Features
Recurring Deposit Interest Formula
- One of the best way of investment of your savings which is offered by almost all the banks in India.
- It facilitates small savings with flexible amounts and tenures.
- It inculcates a regular habit of saving for future needs.
- It is available from minimum of 6 months to a maximum of 10 years with monthly instalments of 12, 24, 36, 48, 60, 72, 84, 96, 108 and 120 months.
- It can be opened for monthly instalments of Rs 100 and thereafter, in multiples of Rs 100.
- Once the RD account becomes active, the customer can not change the amount of the installment or the tenure.
- Standing instruction for transferring the monthly instalments from the customer's SB / CA account is accepted.
- Very popular among the salaried class persons.
- Best for those who can afford to save only a few thousand rupees per month.
- Almost all the banks do quarterly compounding in case of RD.
- On maturity date, the RD holder is paid the maturity value i.e. the principal and the interest earned.
- RD accounts can be prematurely closed and banks generally deduct some penalty as per the clauses of the bank.
- Partial withdrawals are not allowed.
- A penalty is levied upon a delayed payment or missing installment.
- Some banks have a loan facility against the RD on pledging the RD as collateral.
- Nomination facaility is available.