Recurring Deposit Rates
- Recurring Deposit Rates India
- Recurring Deposit Rate Calculator
- Kotak Bank Recurring Deposit Rates
- Recurring Deposit Benefits
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 their RD account and earn interest at the rate applicable. Recurring deposit (RD) allows customers an opportunity to build their savings via regular monthly deposits of a fixed. In general, the recurring deposit interest rates typically range between 6%-9%. This is a general range and individual banks may offer a higher or lower interest rate depending on the amount that you invest and the period that you have invested for.
A Recurring Deposit, commonly known as RD, is a unique term-deposit that is offered byShriram City Union Finance Ltd. Recurring deposits enable you make regular deposits and earnbest in segment returns on the investment. Due to the regular deposit factor and an interestcomponent, it often provides flexibility and ease of investments to investors. Similar toFixed deposits, Recurring Deposits are also a contract between you and the Shriram City forthe approved interest rate from the date of investment till maturity.
However, unlike Fixed Deposit in Recurring Deposits you invest amount on regular intervalsunlike one-time investment in Fixed Deposit. Shriram City comes with about 45 years ofunchallenged trust in the Indian market, with over 5 million trusted customer base acrossthe length and breadth of the nation. With investment tenure ranging from 12 months to 60months, Shriram City's RecurringDeposits come with a 'MAA+/ with Stable Outlook' rating byICRA (Indicates high credit quality). However, it is essential to know that Shriram CityRecurring Deposits are different from Shriram City Fixed Deposits. RDs are flexible in mostaspects. An RD account holder can choose to invest a fixed amount each month while earningdecent interest on the amount similar to SIP’s (Systematic Investment Plans). RDs are anideal saving-cum-investment instrument which encourages wealth building habits toindividuals.
Deposit can be start with minimum amount of Rs. 100 IDBI Bank Systematic Savings Plan Plus (SSP Plus) SSP Plus offers Regular Savings with Principal + Interest protection Plus Complimentary Insurance Cover and Reward Points.
Shriram City offers a lucrative 9%. interest rate on Recurring Deposits. With a high-interest rate and stable return, it becomes easy for you to build your wealth and plan a financially secured future inculcating the saving habits to individuals. The rate of interest as applicable to the SBI annuity scheme is the same as SBI FD. (Mint) SBI annuity scheme vs fixed deposit vs recurring deposit: Investment cheat sheet.
Find Dena Bank Recurring Deposit Interest Rates (as on 06 Mar 2021). An account in which the investor needs to deposit the pre-specified amount at periodical intervals (In instalments-usually monthly instalments) for a long term.
Bank RDs are offered by public sector banks, private sector banks, co-operative banks, foreign banks and regional rural banks. You are required to invest in regular instalments (usually monthly) which are pre-decided by you. Multiple tenure having different interest rates are there with the banks which you can opt for according to your need. Interest rates is calculated quarterly not annually and maturity amount is taxable.
Premature withdrawals, In recurring deposit partial withdrawals are not allowed, you can withdraw entire amount anytime but after charging a certain penalty, banks generally charge 1% as penalty.
Dena Bank Recurring Deposit
Dena Bank offers you an opportunity to build up capital through regular monthly deposits of fixed sum over a period of time. It offers you various options of RD with period of deposit of minimum 12 months to maximum 120 months. There is no cap on maximum deposit amount of an RD. You need to give instructions for disposal of maturity proceeds at the time of opening of your RD account. Loans or OD facility of up to 90% of deposited amount is available. Rate of interest on RD is same as applicable to term deposits. The rate applicable to all Senior Citizens of age 60 years and above will be 0.50% above the applicable rate of general customers.
Investing in Dena Bank is a great option for those who have fewer earnings. The benefit in RDs is that you get the same interest rate during the whole RD tenure, even if the future RD rates are lower.
Tax Implication on Recurring Deposit (RD)
Recurring Deposit Rates India
Taxability of Interest Earned
Interest earned is taxable based on account holder's tax bracket and therefore, he/ she is liable to pay tax on interest earned. Interest earned is taxable under the head 'Income from Other Sources'.
Applicability of TDS
No TDS will be made on total interest earned upto Rs. 10,000. Whenever total interest earned exceeds Rs 10,000 in a financial year, 10% TDS is made. You are free to claim for refund of any extra TDS made. Earlier, there was no TDS on RD but with effect from 1st June 2015, applicability of TDS on RD has been made under Section 194A.
More Rate of TDS
In absence of a valid PAN or if you fail to provide the PAN information to the bank/ post office, TDS at the rate of 20% is made.
Avoiding TDS
In case, the RD account holder does not have a taxable income, he/ she can submit Form 15G/ Form 15H to the bank/ post office where RD account is opened so that TDS can be avoided. Form 15G is used for people who are under 60 years of age while Form 15H is just similar to Form 15G, but it can only be used for people who are 60 years and above (senior citizens).
Recurring Deposit Rate Calculator
Dena Bank Recurring Interest Rates (as on 06 Mar 2021)
Kotak Bank Recurring Deposit Rates
| Maturity Period | Interest Rate (p.a.) |
|---|---|
| Year 1 | 5.10% |
| Year 2 | 5.10% |
| Year 3 | 5.10% |
| Year 4 | 5.30% |
| Year 5 | 5.30% |
Other Banks Recurring Interest Rates List
| Bank Name | 1 Year (p.a.) | 5 Years (p.a.) | Calculate |
|---|---|---|---|
| North East Small Finance Bank | 7.50% | 6.50% | |
| Idfc Bank | 7.25% | 7.25% | |
| Utkarsh Small Finance Bank | 7.25% | 7.25% | |
| Suryoday Small Finance Bank | 7.25% | 7.25% | |
| Equitas Small Finance Bank | 7.10% | 6.75% | |
| Rbl Bank | 7.00% | 6.65% | |
| Indusind Bank | 7.00% | 6.65% | |
| Esaf Small Finance Bank | 7.00% | 6.00% | |
| Fincare Small Finance Bank Ltd | 6.95% | % | |
| Allahabad Bank | 6.75% | 6.50% | |
| Yes Bank | 6.75% | 6.75% | |
| The Nainital Bank | 6.70% | 6.90% | |
| Dcb Bank | 6.50% | 6.95% | |
| Capital Small Finance Bank | 6.50% | 6.25% | |
| United Bank Of India | 6.50% | 6.00% | |
| Ujjivan Small Finance Bank | 6.50% | 5.55% | |
| Standard Chartered Bank | 6.30% | % | |
| Laxmi Vilas Bank | 6.00% | 6.00% | |
| Tamilnad Mercantile Bank | 5.90% | 5.75% | |
| Bandhan Bank | 5.75% | 5.75% | |
| Punjab And Sind Bank | 5.55% | 5.55% | |
| City Union Bank | 5.50% | 5.25% | |
| Karur Vysya Bank | 5.50% | 5.65% | |
| Karnataka Bank | 5.50% | 5.70% | |
| Au Small Finance Bank | 5.50% | 6.50% | |
| South Indian Bank | 5.50% | 5.60% | |
| Federal Bank | 5.45% | 5.60% | |
| Andhra Bank | 5.40% | 5.45% | |
| Canara Bank | 5.40% | 5.30% | |
| Corporation Bank | 5.40% | 5.45% |