Recurring Deposit (RD) is a special kind of Term Deposit that allows customers to deposit a fixed amount every month in an RD account and earn interest at a fixed rate. RD is a systematic savings plan that offers guaranteed returns.
Who can open an RD account?
Any individual can open RD account. The product is available for Resident and Non-Resident clients and applicable for Personal, Premium, Priority, Non-Resident, Employee banking and Private banking segments.
How can clients place a request to open an RD?
Clients can book an RD via:
- Online banking
- Mobile banking
- Contact centre
- Any branch operating in India
What are the basic product features of RD account?
- Type of offering – Resident RD, Non-Resident RD, Senior Citizen RD
- Currency – Indian Rupee only
- Instalment option – Monthly
- Minimum instalment amount- INR 1,000 / per month
- Maximum instalment amount – INR 100,000 / per month
- Instalment amount can be in multiples of INR 100/-
- Tenure – 12 months, 15 months, 18 months, 21 months, 24 months
- Minimum holding period – a) Resident/Senior citizen– 3 months, b) NR RD – 1 year
- Premat upliftment penalty – 1% on prevailing interest rate (for more details refer below)
- Instalment dates – Instalment dates should be between 1st and 28th of the month
Interest Rates
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Eligibility & Documents
Eligibility
Any individual can open Recurring Deposit. Product is available for Resident and Non Resident clients
- Type of offering – Resident Recurring Deposit, Non-Resident Recurring Deposit, Senior Citizen Recurring Deposit.
- Currency – Indian Rupee only
- Minimum instalment amount- INR 1,000 / per month
- Maximum instalment amount – INR 100,000 / per month
- Instalment amount can be in multiples of INR 100/-
- Tenure – 12 months, 15 months, 18 months, 21 months, 24 months
- Minimum holding period – a) Resident/Senior citizen – 3 months, b) NR RD – 1 year
- Premat upliftment penalty – 1% on prevailing interest rate (for more details refer below)
- Instalment dates – Instalment dates should be between 1st and 28th of the month
Interest earned on RD will be credited to underline CASA account on maturity date along with principal amount.
Following is mandatory for RD account set up:
- PAN.
- FATCA & CRS declaration.
- KYC completion.
- There should not any transaction hold on the funding account.
- Joint savings account holders can open Recurring Deposits online.
- Senior citizens can open Recurring Deposits online.
- Applicable for ‘either or survivor’ joint account holders only, subject to FATCA & CRS information being updated on the bank’s system for both the account holders.