• Sep 16, 2020 Tax on Recurring Deposits Like FD, investing in an RD also qualifies for taxation. For the money invested in a recurring deposit, tax is deducted at source, i.e. This tax is levied @ 10% p.a. If the deposit amounts to more than Rs.
  • Canara Dhanvarsha a flexible Recurring Deposit with facility to deposit additional instalments in a month and earn contracted rate of interst for additional installments also; clik here to know more details. Scheme available at all branches. Open a Recurring Deposit Account at.
  • 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.

Bank Of India Recurring Deposit Rates

How to calculate the Recurring Deposit maturity amount? For Recurring Deposits, the maturity amount is a sum of the principal amount and the interest earned over the investment period. The interest is compounded quarterly. However, you needn’t bother yourself with the complex calculations. To calculate your Recurring Deposit maturity amount.

More Calculators:

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 sum over a fixed period of time.

Recurring deposit matures on a specific date in the future along with all the deposits made every month

Recurring Deposit Rates

It is similar to a fixed deposit of a certain amount in month-to-month installments.

The minimum tenure of this deposit is six months and maximum is ten years.

Compound interest is added to recurring deposit at the end of every financial quarter.

Rate of interest of 5% to 7.25% is offered on RD by various financial institutions.

M =R[{(1+i)^n} – 1] ÷ 1-{(1+i)^(-1/3)}

M = Maturity value of the RD

R = Monthly RD installment to be paid

n = Number of months (tenure)

i = Rate of Interest / 400

Let’s consider an example to understand this better,

You invest a principal amount of 500 for a period of 60 months at an interest rate of 6% and it is compounded quarterly.

M =R[{(1+i)^(n/3)} – 1] ÷ 1-{(1+i)^(-1/3)}

M =500[{(1+(6/400))^(60/3)} – 1] ÷ 1-{(1+(6/400))^(-1/3)}

M =500[{(1+(0.015))^(20)} – 1] ÷ 1-{(1+0.015)^(-1/3)}

M =500[{(1.015)^(20)} – 1] ÷ 1-{(1+0.015)^(-1/3)}

M= 35,031.78

Maturity amount in this case at the end of 30 months will be 35,031.78.

Banks / Financial companies

Normal Interest Rates

Senior Citizen Interest

less than 5 Years

More than 5 Years

less than 5 Years

More than 5 Years

State Bank of India

5.30%

5.80%

5.40%

6.20%

AXIS Bank

5.50%

6.00%

5.50%

6.00%

ICICI Bank

5.35%

5.85%

5.50%

6.30%

HDFC Bank

5.35%

5.85%

5.50%

6.00%

Union Bank of India

5.45%

5.95%

5.45%

5.95%

IDBI Bank

5.30%

5.90%

5.30%

5.90%

Kotak Mahindra Bank

4.90%

4.50%

5.40%

5.00%

Yes Bank

7.00%

6.75%

7.75%

7.25%

Federal Bank

5.35%

5.50%

5.85%

6.00%

IndusInd Bank

6.75%

6.65%

7.25%

7.15%

Punjab National Bank

5.30%

5.30%

6.05%

6.05%

Bank of Baroda

5.30%

5.30%

5.80%

6.30%

Bank of Maharashtra

5.00%

5.00%

5.50%

5.50%

Indian Overseas Bank

5.45%

5.45%

5.95%

5.95%

IDFC Bank

6.75%

6.25%

7.25%

6.75%

Note: Please refer to the respective bank websites and confirm the interest rates before investing. The above chart is updated in August 2020.

High Interest rates.

Useful for short term goals.

A Flexible amount can be invested.

Loan on Recurring deposit

Penalty / Charges vary from bank to bank. However, it is observed that maximum of 2% of agreed upon interest rate is charged on premature withdrawing.

Please refer the below links for detailed chart on interest rates:

SBI – https://www.sbi.co.in/web/personal-banking/investments-deposits/deposits/recurring-deposit

Axis – https://www.axisbank.com/retail/calculators/recurring-deposit-calculator

ICICI – https://www.icicibank.com/Personal-Banking/account-deposit/recurring-deposits/index.page

HDFC – https://www.hdfcbank.com/personal/resources/rates

What

Union Bank – https://www.unionbankofindia.co.in/english/personal-recurring-deposit-scheme.aspx

IDBI Bank – https://www.idbibank.in/interest-rates.asp

Kotak Mahindra Bank – https://www.kotak.com/en/personal-banking/deposits/recurring-deposits/interest.html

Yes Bank – https://www.yesbank.in/personal-banking/yes-individual/deposits/recurring-deposit

Federal Bank – https://www.federalbank.co.in/deposit-rate

IndusInd Bank – https://www.indusind.com/in/en/personal/rates.html

Punjab National Bank – https://www.pnbindia.in/Interest-Rates-Deposit.html

Bank of baroda – https://www.bankofbaroda.in/interest-rates-charges.htm

Bank of Maharashtra – https://www.bankofmaharashtra.in/domestic_term_deposits

Indian OverSeas Bank – https://www.iob.in/Domestic_Rates

IDFC Bank – https://www.idfcfirstbank.com/content/dam/IDFCFirstBank/Interest-Rates/Interest-Rate-Retail.pdf

IDBI Systematic Savings Plan (SSP) helps you to add your savings at your complete convenience. With your regular incomes, you can start saving any fixed amount from 100 to less than 2 crore every month. The amount as decided by you will be deducted every month from your savings account.
The IDBI Bank Systematic Savings Plan (SSP) Advantage

  • No charges for executing your standard instruction


IDBI Bank Systematic Savings Plan (SSP) Features

Recurring Deposit Rates In Sbi

  • Pre-planned saving for a future goal
  • Regular savings for a certain period of time
  • The period of deposit can be from 1 year to 10 years
  • 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.
The IDBI Bank SSP Plus Features :
  • Complimentary one time redeemable Reward Points ( upto 1,000 points )
  • Complimentary Personal Accidental Insurance Cover upto Rs.5 lakhs
  • Minimum eligible Instalment Amount : Rs.5,000 and multiples of 100 thereof
  • Minimum eligible tenor : 3 years and completed quarters, Maximum : 10 Years
  • Can be availed by Individuals / HUF

Sbi Recurring Deposit Rates

For the detailed T & Cs and features of SSP Plus, Click here

How to Apply

Recurring Deposit Rates Of Sbi


Recurring Deposit Rates In Sbi

Applying for a Systematic Savings Plan is absolutely simple. You can apply online through Net Banking /Go Mobile + App or visit our nearest Branch.