Recurring Deposit Rates

  1. Kotak Bank Recurring Deposit Rates
  2. Union Bank Recurring Deposit Rates

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.

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. 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. 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 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)

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. Meskwaki bingo calendar. 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).

Dena Bank Recurring Interest Rates (as on 06 Mar 2021)

Maturity Period Interest Rate (p.a.)
Year 15.10%
Year 25.10%
Year 35.10%
Year 45.30%
Year 55.30%
Disclaimer: The Recurring Deposit Interest Rates keep on changing. You are advised to check the interest rates with banks before making your FD. Source: Bank Websites

Other Banks Recurring Interest Rates List

Bank Name1 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 Bank7.25%7.25%
Suryoday Small Finance Bank7.25%7.25%
Equitas Small Finance Bank 7.10%6.75%
Rbl Bank 7.00%6.65%
Indusind Bank7.00%6.65%
Esaf Small Finance Bank 7.00%6.00%
Fincare Small Finance Bank Ltd6.95%%
Allahabad Bank6.75%6.50%
Yes Bank6.75%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 India6.50%6.00%
Ujjivan Small Finance Bank 6.50%5.55%
Standard Chartered Bank6.30%%
Laxmi Vilas Bank6.00%6.00%
Tamilnad Mercantile Bank 5.90%5.75%
Bandhan Bank 5.75%5.75%
Punjab And Sind Bank5.55%5.55%
City Union Bank 5.50%5.25%
Karur Vysya Bank5.50%5.65%
Karnataka Bank 5.50%5.70%
Au Small Finance Bank 5.50%6.50%
South Indian Bank5.50%5.60%
Federal Bank5.45%5.60%
Andhra Bank5.40%5.45%
Canara Bank5.40%5.30%
Corporation Bank5.40%5.45%
Disclaimer: The Recurring Deposit Interest Rates keep on changing. You are advised to check the interest rates with banks before making your FD. Source: Bank Websites
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

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

Kotak

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:

Kotak Bank Recurring Deposit 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

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

Union Bank Recurring Deposit Rates

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