IndusInd Bank RD Interest Rates

IndusInd Bank RDs provide a great opportunity to build your money consistently. Our RD plan offers competitive interest rates, various deposit alternatives, and a user-friendly interface to help you accomplish your financial objectives. The bank offers a recurring deposit investment option to encourage persistent savings’ habit. You may deposit directly at your nearest branch or use the online ECS services to deposit your money at the comfort of your home.

Explore our page to learn about the benefits, current interest rates, and how to simply start an RD account now!

The highest return on a recurring deposit at IndusInd Bank is upto 8.00% interest

Note: the above rate of interest is subject to market risks, economic shifts and thus is susceptible to changes.

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IndusInd Bank RD Rates

IndusInd Bank offers competitive interest rates on its Recurring Deposits (RDs), making it an attractive choice for those looking to grow their savings. So here is the table showing the interest rates given by IndusInd Bank based on the customer’s specified tenure.

Benefits of IndusInd Bank RD Account

• The interest rate received on a recurring deposit account is equal to that of a fixed deposit. A fixed deposit account offers greater interest rates than most other types of accounts.
• It allows you to make monthly deposits rather than a big sum.
• It guarantees that your money is at the lowest possible risk.
• There are several tenure schemes to select from.
• It is the most effective method of structured, systematic savings.

Features of IndusInd Bank RD Account

• They provide flexible manner of deposit
• A low initial account balance of Rs.500 is required.
• Deposit tenures range from 12 to 120 months.
• Premature withdrawals are allowed subject to a deduction of the penalty.
• A nomination facility is provided.
• TDS deductions on interest generated in accordance with current income tax laws.
• IndusInd Bank’s Recurring Deposit interest rate applies to term deposits, including senior citizen benefits.
• A specified monthly amount will be deposited to your RD account via a standing order, ECS mandate, or regular direct remittance.
• RDs may only be booked in groups of 100.

How to open a recurring deposit account

There is only one way as of now provided by the bank, to open a RD account which is by visiting the nearest branch and submitting your deposit account form. Once submitted the representative will take you through the procedures to open a recurring deposit account.

Eligibility to open a RD account

To open a RD account there are few criteria that the customer should have , which are:

Here are the documents needed to start an RD account:

1. Completed the application form.
2. A passport-sized photo.
3. Valid KYC documents may include any of the following:

Required documents: passport, driver’s licence, and proof of Aadhaar number ownership.

• Voter Identity Card issued by the Election Commission of India.
• Job card issued by NREGA, duly signed by a state government officer.
• A letter from the National Population Register containing the name and address.

Premature withdrawal of RD account

According to bank laws, the bank may make one withdrawal before the RD’s maturity term, with a maximum withdrawal value of 50% of the total deposit amount. Premature withdrawal is allowed only if the RD has been in operation for at least a year and has received 12 monthly contributions. There is a one-month lockout period for IndusInd RD. If IndusInd RD is closed prematurely within one month, no interest rate will be offered.

Calculate RD Interest

The IndusInd Bank recurring deposit calculator allows you to determine your interest and the amount earned on your maturity account. IndusInd Bank has made the calculator simple and easy to use. To use the RD Online calculator, simply enter your data, such as the recurring deposit beginning date or monthly investment date, the amount you want to deposit each month, and the duration. The calculator provides quick information on the maturity amount you will receive at maturity.

The formula for calculating the RD interest rate is mentioned below:

A = P x (1 + r/100)^nt

Here,
A = Total amount by the end of the period
P = Principal amount from which compounding will start
r = Annual rate of interest
n = number of times the interest compounds in a year
t = number of years

IndusInd Bank RD

IndusInd Bank provides two different recurring deposit (RD) options. Aside from the normal monthly payment, a Value Added Recurring payment is also offered.

• Value Added Recurring payment

IndusInd Bank provides standard RD accounts with a period ranging from 12 to 120 months. The minimum deposit required to create a regular RD account is Rs. 500, at IndusInd. The typical RD account includes the ability to terminate and nominate accounts early. The monthly deposit required will vary based on the program. When the RD matures, the available money will be sent to Thomas Cook to complete the vacation package.

• Value added RD

The Value Added Recurring Deposit is a partnership between IndusInd Bank Limited and Thomas Cook, with the primary purpose of developing a savings plan for tourists. This RD requires that the holiday be planned at least 12 months in advance.

Types of RD accounts in IndusInd Bank

• Short term Scheme

Short-term Recurring deposits have a deposit duration of six months to two years. IndusInd Bank pays ordinary residents 7.60% to 7.75% p.a. interest on short-term RDs, while senior citizens can earn up to 8.25% p.a.

• Medium-term scheme

Medium-term recurring deposits have a duration of more than two years but no longer than five years. For ordinary individuals, the bank’s rate of return varies from 7.35% to 7.75% each year. When senior citizens create a medium-term RD with IndusInd Bank, they can receive interest rates ranging from 7.85% to 8.25% per year.

• Long Term Scheme

Long-term RDs have held their job for more than five years. The interest rate on those RDs is 7.25% per year. Seniors, like everyone else, receive an extra 0.50% annual interest rate. IndusInd Bank’s maximum period for long-term RDs is ten years.