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Recurring Deposit Account

The first step towards securing your future is setting aside finances to achieve your goals. A recurring deposit is one of the many ways to earn on your idle funds. We offer multiple RD schemes. Choose the one best-suited to meet your needs and help you earn more for your future. Once you open your account with us, you instantly gain access to our schemes and benefits like competitive interest rates, minimum duration of 6 months, and a minimum instalment amount of just ₹100. Read More

So, start earning more as you enjoy the many benefits of an IDFC FIRST Bank recurring deposit account.Read Less

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Multiply your earnings with IDFC FIRST Bank Recurring Deposit

Earn up to 7.25%

ELIGIBILITY

Who can apply?

  • RD cannot be opened without a linked Savings account. Once a Savings account is opened, no documentation is required for opening an RD

Documentation

  • Aadhaar Card
  • Passport
  • Voter’s Identity Card (Election Card)

Eligiblity Image

Are you a Senior Citizen ?
Interest Rate

5%

Deposit Amount

100 75K

Maturity Date :
Maturity Value : /-
Aggregate Interest Amount : /-

Invalid Inputs : Please choose proper inputs

Tax Deducted at Source (TDS) will be applicable on the interest earned as per the prevailing rate for your RD.

  • Bigyan Choudhury
    Bigyan Choudhury

    "It's comforting to know IDFC FIRST bank is with us. We've been impressed with their personalized service and attention to our business."

  • Ramesh Chandra Das
    Ramesh Chandra Das

    "My close relatives & friends have been banking with IDFC FIRST Bank since its inception in Odisha. I can easily conclude that we all are extremely pleased with the excellent customer service provided to Senior citizens which are in line with the RBI s current instructions. I recommend people to switch to IDFC FIRST Bank."

  • Mahesh Chandra Dash
    Mahesh Chandra Dash

    "I became a part of IDFC First Bank as a privileged customer during the pandemic in July 2020. In this short span of time, I’m truly overwhelmed with the kind of service rendered by the whole team. Overall, the performance of IDFC FIRST Bank with respect to the rate of interest, pro-active team response, personalized offering service to the less privileged is really impressive."

FREQUENTLY ASKED QUESTIONS

What is a Recurring Deposit (RD)?

A Recurring Deposit is a term deposit that allows customers to build up savings through periodic deposits for a pre-specified period. Interest rates on RDs are generally higher than the interest rates offered by a Savings Account. 

What are the various modes of operation available for booking RD?

A RD can be opened in different modes of operation – Single, Joint, Either or Survivor, Former or Survivor OR Any or Survivor. 

How often is interest paid out on RDs?

Interest is paid at maturity of the RD. 

Is nomination facility available in RDs?

Yes, nomination facility is available for Recurring Deposits. However there can be only one nominee for a deposit account whether held singly or jointly.  

What is the minimum and maximum monthly instalment amount to be invested in an RD at IDFC FIRST Bank?

The minimum deposit amount per month is Rs. 100 and max. is Rs. 75,000/-

Is the interest earned on my Recurring Deposit taxable?

As per Section 194A of Income Tax Act 1961, TDS shall be deducted at the rate of 10% when interest payable or reinvested on Fixed Deposit & Recurring Deposit per customer, across all Branches, is likely to exceed Rs. 40,000/- (or Rs. 50,000/- for Senior Citizens) in a Financial Year, unless otherwise exempt under law.

What is the minimum and maximum tenure for recurring deposits with IDFC FIRST Bank?

For RDs the minimum tenure is 6 months while the maximum tenure is 10 years at the Bank. 

How much interest can I earn through a Recurring Deposit account?

Please click here to check interest rate applicable for Recurring Deposit.eed a guarantor to apply for house loan. 

What is the eligibility to open a recurring deposit with IDFC FIRST Bank?

Any customer (including NRI) who has an existing Savings Account or Current Account with the Bank can open a Recurring Deposit with the Bank. However, in case any joint holder in NRE/NRO RD is an Indian resident then only ‘Former or Survivor’ can be the mode of operation. A Resident Indian cannot be the primary holder in an NRE/NRO RD. 

Can I open a Recurring Deposit online?

Yes, RD can be opened online through Net Banking or Mobile Banking App of the Bank as well at the Bank’s branches.  

Can I stop / close a RD before the maturity date?

Yes, premature withdrawal of Recurring Deposit is allowed. However, penalty if any, may be applicable. Please visit the nearest branch to know more. 

Can I partially withdraw funds from my RD?

No, partial withdrawal of funds from RD is not permissible. 

Will I be charged if I miss monthly installments?

No, IDFC FIRST Bank does not levy penalty charges for missing monthly installments.

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