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Best Recurring deposit rates in India – Jan-2013, Recurring deposit rates in India

Best Recurring deposit rates in India – Jan-2013

There are various investment options where an investor can invest a fixed amount per month. Though there are best Mutual funds SIP’s , Debt mutual funds, monthly income plan mutual funds etc. investment in recurring deposits is continued to be one of the best investment plans for several investors.

Why investors are choosing recurring deposits?

I see several investors keep enquiring about best recurring deposit rates.  Recurring deposits have become prominent due to various features.

  • Recurring deposits can be opened with any bank with a click of a button
  • These deposits can be closed at any time  and amount would credited back to our bank account within 24 hours. Some banks offer online closure facility
  • The recurring deposit can be opened with Rs 100 and recurring amount as low as Rs 100 per month. Small savings can convert into lacs of rupees over the years.
  • Since interest rates are already indicated, the returns are known well ahead of time.

Recurring deposits can make you millionaire / Crorepathi?

Yes, if you refer my article I have written 2 months back which has the top hits in my blog, recurring deposits can be make you millionaire / crorepathi . Do you know that if you invest Rs 6,100 per month, you can become crorepathi in 30 years ?

How to maximize returns from recurring deposits?

Choosing the best recurring deposit rates may not be the only option to maximize returns, but still you can gain more by following few tips.

  • Invest in recurring deposits with multiple banks instead of opening in a single bank. This way, you can make this as safe investment option.
  • Invest in banks, where interest rates are high. If you do not have bank account, try opening the bank account. It does not take any extra money for you, except that you need to maintain minimum balance of Rs 1,000. This would be good when you invest lacs of rupees and loose Rs 1,000 as minimum balance to be maintained.
  • Invest in variable recurring deposits (VRD). I have a VRD in Indian bank where in I opted to invest for Rs 1,000 minimum recurring deposit to be done every month. Whenever I have any surplus money, I would invest in this bank account and would still get benefit of highest interest rate which they have been offering for the past 2 years. The interest rates offered by them 2 years back were 9.75% whereas the current interest rates for recurring deposit / FD is 9.25%.

Best Recurring deposit rates in India for Jan 2013

Best Recurring deposit rates in India – Jan-2013; Recurring deposit rates in India

Conclusion : No doubt, these best recurring deposit rates would provide a good opportunity to multiply your money with less risk. Small savings in best bank recurring deposits would make you crorepathi.

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Suresh
Best recurring deposit rates in India

22 comments

  • Praveen Jaiswal

    Hi Suresh,

    I want to start savings for my 1 year old son. I'm confused between Debt Mutual funds/ RDs/Child plans.

    My aim is to do disciplined savings & with guranteed returns.

    From my research i have found, Debt mutual funds give an avg return of around 8-9%.

    RD returns are also around same 8-9%

    Which option should i go for???

     

    • Praveen, RD’s indicate how much you would get. Debt funds are indicative numbers. You may get even more. Also these are tax efficient compared to RD. Hence you should prefer debt funds. However they come with some risk (low risk). If you want to take small risk, go for debt funds or even for balanced mutual funds. If you do not want to go for risk, invest in RD

  • Ghosh

    hi,

    i want to accumulate 1 lack with in 1 year by reccuring every month. it may be by bank RD or any other type ( ready to take modarate risk also). please suggest me the way……. thank you.

  • jata

    If I started RD in any bank, and After completion of RD (Say 3 yrs) is the matured amount is taxable like FD in which the investor has to pay tax after maturity ?

  • mano

    Already I have rd in HDFC they give 8.75% , I invest 1000 pm .now I wants to know wich bank gives maximum interest rate for the period of 3 years
    Regards
    Mano

  • Mani

    Hi

    When I checked with some of the banks, the maximum term for the RD is only 10 years. You mentioned that by investing 6100/month for 30 years @ 8.5%, we can have 1crore. which bank will offer 30 years. It will be great if you could guide me here. Thanks in advance…

     

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