RD Interest Rate Calculator: Check how much interest or maturity value you can get under RD Schemes by SBI ✓ HDFC Bank ✓ Lakshmi Vilas Bank ✓ Axis Bank ✓ Post Office ✓ Saraswat Bank ✓ PNB ✓ Union Bank ✓ Bank of Baroda ✓ United Bank ✓ Dena Bank ✓ Citibank ✓ Vijaya Bank ✓ Ratnakar Bank for 3, 6, 9, 12, 15, 18, 24 months or 1 year, 2 year, 3 years.
Top Bank’s which offers highest Interest rates on Recurring Deposit’s in India – January 2017
|SBI||7.00% – 7.75%|
|HDFC||7.65% – 7.90%|
|Ratnakar Bank||8.50% – 8.90%|
|Union Bank||7.50% – 7.75%|
|lakshmi vilas bank||8.20%|
|Karnataka Bank||7.50% – 7.75%|
|Axis Bank||7.50% – 7.90%|
|Dena Bank||7.60% – 7.75%|
Check or Find – Highest Interest Rate on Recurring Deposits (RD) January 2017
Details of Major Banks Recurring Deposit Rates:
lakshmi Vilas Bank
Save in dribbles – receive a lump sum.” Suitable for Tax planning, Annual payment commitments like Insurance premium, long-term requirements like purchase of consumer articles/ durables, house construction, children’s education….
Key Features of lakshmi Vilas Bank Recurring Deposit
✓ Minimum deposit amount is Rs. 100/-
✓ Deposit period ranges from 12 months to 120 months
✓ Loan facility/ Nomination facility available.
✓ Individual Deposit/ Joint Deposit / Deposit in the name of Minors can be made
✓ Interest Rates = 8.20% p.a
Post Office RD Interest Rates
For more than 150 years, the Department of Posts (DoP) has been the backbone of the country’s communication and has played a crucial role in the country’s socio-economic development. It touches the lives of Indian citizens in many ways: delivering mails, accepting deposits under Small Savings Schemes, providing life insurance cover under Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) and providing retail services like bill collection, sale of forms, etc. The DoP also acts as an agent for Government of India in discharging other services for citizens such as Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) wage disbursement and old age pension payments. With 1, 55,015 Post Offices, the DoP has the most widely distributed postal network in the world.
Key features of Post Office RD Accounts
✓ Interest Rates – 8.4% per annum (quarterly compounded)
✓ Minimum INR 10/- per month or any amount in multiples of INR 5/-. No maximum limit.
✓ Account can be opened by cash/cheque
✓ Account can be transferred from one post office to another.
✓ Joint account can be opened by two adults.
✓ If in any RD account, there is monthly default(s) the depositor has to first pay the defaulted monthly deposit with default fee and then pay the current month deposit. This will be applicable for both CBS and non CBS Post offices.
✓ Full maturity value allowed on R.D. Accounts restricted to that of INR. 50/- denomination in case of death of depositor subject to fulfilment of certain conditions.
✓ One withdrawal upto 50% of the balance allowed after one year.
SBI (State Bank of India) RD Deposit Schemes
✓ Maturity from 12 to 120 Months
✓ Nomination facility available
✓ Minimum Monthly Amount – Rs.100/-
✓ Loan against RD is available at 0.5% p.a. above the rate of deposit
✓ No TDS (Tax deduction at source) on interest income
✓ 0.25% extra interest for senior citizens
✓ Interest Rate: 7.00% to 7.50% for General, 7.25% to 7.75% for senior citizens
Uco Bank RD Deposit Schemes
Uco bank offers 2 schemes under recurring deposits. UCO Sowbhagya Recurring Deposit Scheme (Scheme Code – RDUSS) & UCO Sunshine Recurring Deposit Scheme (Scheme Code – TD 144)
The ‘UCO Sowbhagya RD Scheme’ offers all facilities of a Normal Recurring Deposit along with the flexibility of varying monthly installments for a higher yield on maturity.
✓ Minimum amount Rs. 100/- in a month and
✓ Maximum amount Rs. 10 lac in a month.
✓ RDUSS Deposits would be accepted for a Minimum period of 12 months and Maximum period of 60 months only.
Deposits Period shall be in blocks of either of 12 months, 24 months, 36 months, 48 months and upto 60 months only.
✓ Loans shall be granted subject to a maximum of 90% of the RDUSS amount deposited and the interest charged by the Bank will be 2% above the deposit rates.
UCO Sunshine Recurring Deposit Scheme with add-on benefits like anywhere banking, standing instructions etc., is designed to give additional facilities to those customers who desire to make a SYSTEMATIC INVESTEMENT PLAN on a monthly basis with higher returns and to accumulate a pre-determined corpus in a specified period.
✓ Minimum monthly installment Rs. 500/- AND in multiples thereof.
✓ Maximum monthly installment amount of Rs. 10 lac.
✓ Minimum 12 monthly installments, and thereon in the blocks 24 months, 36 months, 48 months and upto 60 months.
✓ Loans may be granted subject to a maximum of 90% of the USRDS amount.
✓ The minimum amount of loan, shall not be less than Rs. 2500/- and at least 6 monthly installments should have been paid.
Bank of Baroda RD Schemes
A basic saving plan, which helps you regulate your savings and reap its benefits from time to time. Also avail up to 95% of the deposit amount by way of loan/overdraft.
Key features of BOB RD Schemes
✓ Loan/Overdraft facility up to 95% of the deposit amount
✓ Minimum amount required to open an account – Rs. 50/- (rural and semi-urban) and Rs. 100/- (Urban and Metro).
✓ Deposit Tenure: Minimum – 6 months, Maximum – 120 months.
✓ On pre-matured withdrawal of your deposit amount, interest will be calculated at 1% below the rate applicable for the period of deposits.
Union Bank RD Schemes
Union bank monthly plus scheme comes with with flexibility of Step Up and Step Down options, with monthly installment.
Key features of Union Bank RD Schemes
✓ Minimum Core Amount is Rs.100/- & Maximum Rs.1,00,000/-
✓ The period of deposit will be from 6 month to 60 months, in multiple of one month
✓ The Scheme offers flexibility of depositing monthly installment amount, by way of Step Up & Step Down options.
✓ No penalty will be charged in case of premature closure
✓ Nomination facility is available, like other Deposit Scheme
✓ Loan facility is permitted upto 75 % of the deposit amount, at the time of availing loan, at 2 % ODR
✓ The Scheme is available to Individuals / Institutions / Corporates / Proprietorship / Partnership / Trust / HUF et
United Bank RD Schemes
Individual RD can be opened only by individuals singly or jointly with other individuals / in name of minor to be operated by his natural or legal guardian / illeterate person / blind persons.
✓ A Term Deposit Account for a period of 6 months to 120 months.
✓ Fixed monthly installment of Rs. 50 and multiples thereof.
✓ Interest payable on maturity and Interest earned under this scheme is subject to Tax Deducted at source w.e.f. 01 June 2015 as per directives of Income Tax Authority u/s 194A.
ICICI Bank RD Schemes
ICICI bank offers flexible RD schemes. No penalty for missed payments with iWish a flexible RD.
Key features of ICICI Bank RD Schemes
✓ Deposit a minimum of Rs. 500 per month and thereafter, deposit in multiples of 100
✓ Nominate a single nominee to your account proceeds, whether held solely or jointly. Applicants are required to fill a form prescribed under the Banking Companies (Nomination Rules), 1985. For more details, visit your nearest ICICI Bank branch.
✓ Make deposits for a minimum period of 6 months and thereafter in multiples of 3 months. Maximum tenure of Recurring Deposit would be 10 years.
✓ Loan against deposit
✓ High rates of interest (identical to the fixed deposit rates)
✓ Interest Rates – 7.00% to 8.40%
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