Tenure | Normal Citizen RD Rate | Senior Citizen RD Rate |
---|---|---|
3 Months to 6 Months | 3.50% | 4.00% |
6 Months to 9 Months | 3.85% | 4.35% |
9 Months to 1 Year | 4.50% | 5.00% |
1 Year to 2 Years | 6.30% | 6.80% |
2 Years to 3 Years | 6.70% | 7.20% |
3 Years to 5 Years | 6.25% | 6.75% |
5 Years to 10 Years | 6.10% | 6.60% |
Note: All interest rates shown above are as on 1st November 2023
Tenure | 6 Months - Above 5 Years |
Public Interest Rates | 3.50% to 6.70% |
Senior Citizen Interest Rates | 4.00% to 7.20% |
Minimum Deposit Amount | Rs. 100 |
Premature Withdrawal | 1% |
Highest Rates for Public | 6.70% |
Highest Rates for Senior Citizen | 7.20% |
Investment Amount | For 3 years with interest of 6.25% | For 5 years with interest of 6.10% |
---|---|---|
₹ 50,000 | ₹ 1,51,560 | ₹ 2,53,819 |
₹ 1 lakh | ₹ 3,03,120 | ₹ 5,07,638 |
₹ 2 lakh | ₹ 6,06,239 | ₹ 10,15,276 |
₹ 5 lakh | ₹ 15,15,598 | ₹ 25,38,190 |
₹ 10 lakh | ₹ 30,31,196 | ₹ 50,76,379 |
Maturity Amount | ₹ 3,03,120 | ₹ 3,02,621 |
Total Investment Amount | ₹ 3,00,000 | ₹ 3,00,000 |
Total Interest Gained | ₹3,120 | ₹ 2,621 |
Frequently Asked Questions
What is the current interest rate of RD in Indian Bank?
How to open rd account in Indian Bank?
How to close rd in Indian Bank?
How to calculate maturity and interest in Indian Bank recurring deposit ?
What is Indian Bank RD interest rates for 1 year in 2024 ?
₹1,00,000
Total Investment
0
Wealth Gained
Maturity Amount
Indian Bank recurring deposits RD allow investors to invest in small amounts regularly for a fixed tenure. The Indian Bank recurring deposit rate ranges between p.a. for regular citizens. For senior citizens, the RD interest rates range between p.a. Also, the Indian Bank recurring deposit interest rates are higher than their saving account rates.
Indian Bank RDs have interest rates that range between p.a.. for a tenure of 6 months to above 5 years. Also, for senior citizens, the interest rates range between p.a.. Indian Bank offers additional interest rates to senior citizens on their RD investments. Also, the Indian Bank recurring deposit interest rates are higher than their saving account rates. Indian Bank pays interest on the minimum balance between the 10th day and last day of the month. Furthermore, one can estimate the returns from Indian Bank RDs using an Indian Bank RD Calculator. Also, Indian Bank RD interest rates are dependent on the age of the investor, tenure of the investment, RBI policies and current economic condition in the country.
Furthermore, interest income from Indian Bank RDs is taxable as per the individual investor’s income tax slab rates. Investors have to file the interest income under the head ‘Income from other Sources’ while filing their income tax returns. Moreover, Indian Bank deducts a TDS of 10% if the interest income exceeds INR 40,000 (INR 50,000 for senior citizens). Also, Indian Bank cuts 20% if the investor doesn’t submit PAN Card details.
Following are the key features of Indian bank recurring deposits:
Indian offers the following recurring deposit schemes:
It is a regular monthly savings scheme that has the capability to grow into a large sum. This helps investors in meeting their financial goals and also needs at the end of the investment tenure.
The variable recurring deposit scheme comes with the option of varying monthly instalments.
To be able to open an Indian Bank RD account, one has to be eligible. Following is the eligibility for investing in Indian Bank RD:
Following are the documents required to invest in Indian Bank RDs:
Investment in Indian Bank RDs is not eligible for tax deduction under Section 80C of the Income Tax Act, 1961. Moreover, the Indian RD interest income is taxable as per the investor’s income tax slab rates. Furthermore, investors of Indian Bank RD have to show their interest income under the head ‘Income from Other Sources’.
Also, the interest income is subject to TDS. The Indian Bank cuts TDS based on whether the investor has disclosed the PAN details or not.
If the investor submits the PAN Card details to Indian Bank, then the applicable TDS rate is10%. Also, Indian Bank cuts TDS if the interest income exceeds INR 40,000 for regular citizens and INR 50,000 for senior citizens.
If the investor doesn’t submit the PAN Card details, then the applicable TDS rate is 20%. Also, Indian Bank cuts TDS if the interest income exceeds INR 40,000 for regular citizens and INR 50,000 for senior citizens.
Indian Bank RDs are considered as a good investment for investors who want to save a small amount of money regularly. Through Indian Bank RDs, investors can invest monthly in the scheme. Since Indian RD scheme guarantees income at the time of maturity, it is a low-risk investment. Hence investors who are looking for guaranteed returns form their investment, can invest in Indian Bank recurring deposits. However, they have to take into consideration the tax that they have to pay on the interest income from Indian Bank RDs.
Yes, Indian Bank recurring deposit account requires a minimum deposit amount of INR 100 per month, and also there is no maximum limit on the deposit amount.
Yes, a minor can open Indian Bank recurring deposit account, however under the guardianship of their parents or legal guardian.
One can open an Indian Bank recurring deposit account through offline and also online modes. For online mode, one has to visit the Indian Bank website. And for offline mode, one has to visit the nearest branch of Indian Bank.
To be able to invest in Indian Bank RD, one needs to have the following valid documents. For identity proof, one needs to have the following: a driving license, voter ID, Aadhar card, PAN card, senior citizen card, and any Government ID card. For residence proof, one needs to have the following: a passport, utility bills, bank statement with cheque, and certificate given by Post Office.
No, it is not possible to renew an Indian Bank RD account.
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