FAQs
Which bank is best for RD in 2023? ›
ICICI Bank offers recurring deposit interest rates between 4.75% to 7.10% for tenures of 6 months to 10 years for general citizens. The highest interest rate of 7.10% is offered on tenure of 15 months, 18 months, 21 and 24 months. The rates are applicable from February 24, 2023.
Can NRI invest in recurring deposit? ›Yes, an NRI can definitely invest in a recurring deposit account. A recurring deposit is basically a facility available to NRIs in order to convert a small amount of monthly savings in the form of a sizeable amount. It is an excellent form of savings for the NRI customers in the fixed monthly income groups.
Can NRE account be continued after returning to India? ›NRE accounts are ideal for inward remittances (foreign earnings) and freely repatriable. However, upon your return to India permanently, you will have to convert your existing NRO / NRE savings account and deposits into resident savings account and deposits.
What is the interest rate for recurring deposit in bank of India 2023? ›| Tenure | Interest rate of general public (p.a.) | Interest rate of senior citizens (p.a.) |
|---|---|---|
| 24 months to less than 36 months | 6.75% | 7.25% |
| 36 months to less than 60 months | 6.50% | 6.40% |
| 60 months to less than 84 months | 6.00% | 6.50% |
| 84 months to 120 months | 6.00% | 6.50% |
SBI offers Recurring deposits at interest rates of 6.50% to 7% p.a. to other depositors, and 7.35% to 7.5% to senior citizens with a minimum monthly deposit of ₹100. The tenure for SBI RD ranges from 1 year to 10 years.
How much is 5000 per month in RD for 5 years? ›| Monthly Investment | Interest Earned | Total Corpus |
|---|---|---|
| Rs. 1000 | Rs. 11,366 | Rs. 71,366 |
| Rs. 2000 | Rs. 22,732 | Rs. 1,42,732 |
| Rs. 3000 | Rs. 34,097 | Rs. 2,14,097 |
| Rs. 5000 | Rs. 56,829 | Rs. 3,56,829 |
Deposits in NRE accounts are Tax-Free, i.e. the principal amount, and the interest earned thereon, is exempt from tax. The interest earned in NRO accounts is subject to TDS or Tax deductible at Source.
What is Flexi RD for NRI? ›Flexigain RD enables NRIs to save money as per availability of funds for a pre-agreed period. At the end of pre-determined period the customer is paid back a lump sum amount including the principal and interest.
What is the millionaire recurring deposit scheme? ›Salient features of the Scheme are as under :
Under the Maha Millionaire RD scheme, the depositor will receive at least one Million Rupees (i.e., Rs. 10 lakh) on maturity. Accounts can be opened for minimum period of one year and in multiples of years. Maximum period is 10 years.
NRE Account is denominated in Indian Currency. There is no limit assigned for amount to be kept in NRE Account. Interest earned on NRE Account is fully exempt from tax in India. In short, NRI can keep any amount in an NRE Account without any restrictions.
What are the disadvantages of NRE account in India? ›
- Limited Investment Options. NRE Accounts are usually limited to investment options such as fixed deposits and savings accounts.
- Restrictions on Withdrawals. ...
- Domestic Transactions. ...
- Currency Risk. ...
- Account Closure.
Latest Income Tax Rules for NRIs
They do not depend on the gender, age, or other specification of the individual. All incomes of NRIs are charged irrespective of any threshold value for TDS. Nominal deductions are not applicable on investment income, except under specific situations.
| Bank | General Interest Rates | Senior Citizen Interest Rates |
|---|---|---|
| IDFC First Bank | 6.75% – 7.25% | 6.75% – 7.25% |
| PNB | 4.40% – 5.30% | 4.90% – 6.05% |
| IDBI Bank | 7.00% – 7.15% | 7.50% –7.65% |
| Citibank | 2.75% – 3.00% | 3.25% – 4.00% |
Bank of India's existing customers can simply open a BOI RD account with an online method – Internet Banking.
What is the minimum period for recurring deposit? ›The minimum tenure for Recurring Deposit (RD) is 6 months. Most banks provide RD schemes for a minimum tenure of 6 months to 12 months.
Which bank is giving best RD rates? ›| Bank Name | Normal Interest Rate | Senior Citizen Interest Rate |
|---|---|---|
| HDFC Bank | 7.10% | 7.60% |
| ICICI Bank | 7.00% | 7.50% |
| Indusind Bank | 7.50% | 8.25% |
| Kotak Mahindra Bank | 7.10% | 7.60% |
| Bank | General Interest Rates | Senior Citizen Interest Rates |
|---|---|---|
| IDBI Bank | 7.00% – 7.15% | 7.50% –7.65% |
| Citibank | 2.75% – 3.00% | 3.25% – 4.00% |
| Canara Bank | 4.45% – 5.25% | 4.95% –5.75% |
| Indian Bank | 6.25% – 6.30% | 6.75% – 6.80% |
HDFC Bank RD interest rates
The highest interest rate of 7.10% is available for a 15-month term. ICICI Bank offers recurring deposit interest rates between 4.75% to 7.10% for tenures of 6 months to 10 years. The highest interest rate of 7.10% is offered on tenure of 15 months, 18 months, 21 and 24 months.
The highest interest rate of 8.50 per cent is being offered on FDs maturing between two years and less than three years. The rates are effective from April 14, 2023. Jana Small Finance Bank offers interest rates between 3 per cent and 8.50 per cent for tenure ranging from seven days to 10 years.