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Recurring Deposit Interest Rates

Recurring Deposit Interest Rates

A recurring deposit or an RD is an increasingly popular banking investment option. It allows you to make periodic, monthly deposits upon which you earn interest. A recurring deposit is quite useful for when you have an anticipated expense, such as an important event approaching in the future or an unexpected medical expense, for example. With a recurring deposit, you have an easier way to automate your savings, and more importantly, put your money to work. The investment that you make earns you returns at maturity, which is when you receive a lump sum amount.

Today, a wide range of banks offer a recurring deposit scheme. Mostly, this is due to its growing popularity among salaried individuals, especially those who are able to save a few thousand rupees each month. Therefore, the recurring deposit scheme is a huge financial advantage when it comes to helping those who do not have considerable savings, to start saving.

 

Factors to Consider

  • A few things to keep in mind when investing in a recurring deposit include factors, such as terms of tenure, which start from 6 months and go up to almost ten years, ranging from a bank to bank.

  • Another factor to consider is the investment limit - some banks specify their limits with an upper threshold.

  • A key factor to remember is the interest rate. The rate varies from bank to bank, and you can calculate how much your recurring deposit will get you at maturity with an interest calculator.

With one of these, all you need to do is input the following:

  1. Monthly deposit amount;

  2. Term of deposit, which is usually measured in months or years, depending on your bank;

  3. Applicable interest rate;

Once you’ve entered these details, you will be shown how much your investment would grow over the term of tenure along with interest earned.

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