Recurring Deposit: Are you thinking about starting a Recurring Deposit (RD) with a monthly installment of ₹3600 for 36 months? YES Bank and IndusInd Bank offer attractive options that might interest you. Let’s dive into the details of what you can expect in terms of maturity amount and benefits.
What is a Recurring Deposit?
A Recurring Deposit (RD) is a type of term deposit offered by banks, where you can deposit a fixed amount monthly and earn interest on it. It’s a great way to save regularly and accumulate a significant sum over time.
Key Features of RD in YES Bank and IndusInd Bank
Both banks offer competitive interest rates, which can help you grow your savings steadily. Here’s what you need to know:
| Feature | YES Bank | IndusInd Bank |
|---|---|---|
| Minimum Monthly Deposit | ₹1000 | ₹1000 |
| Tenure Range | 6 to 120 months | 12 to 120 months |
| Interest Rate | Up to 7.50%* | Up to 7.75%* |
| Premature Withdrawal | Allowed with Penalty | Allowed with Penalty |
| Nomination Facility | Yes | Yes |
| Loan Against RD | Yes | Yes |
Expected Returns on ₹3600 Monthly RD for 36 Months
If you invest ₹3600 monthly in a recurring deposit for 36 months:
YES Bank RD Maturity Calculation:
- Assuming an average interest rate of around 7%, your total investment would be ₹1,29,600.
- The maturity value will be approximately ₹1,41,900.
IndusInd Bank RD Maturity Calculation:
- With an interest rate of about 7.75%, your total investment of ₹1,29,600 could yield a maturity value of around ₹1,43,800.
Benefits of Opening an RD
- Safe Investment: Guaranteed returns with minimal risk.
- Easy to Start: Simple procedure and low minimum deposit requirement.
- Encourages Regular Saving: Helps build a habit of saving.
