Gramin Banks also offer Recurring Deposit Facility to their customers as their bank products in addition to Gramin Bank Fixed Deposit. Gramin Banks Recurring Deposit Interest Rate varies for different tenures. Gramin banks provides RD on higher interest rates as compared to other commercial banks.
It is always a good practice to compare the interest rates offered by different banks before making a final decision of opening a bank RD with any particular bank. In order to show you interest rates offered by various Gramin Banks, we are providing following table of Gramin Banks Recurring Deposit Interest Rate 19 Feb 2019. You can use Gramin Bank Recurring Deposit Calculator to calculate interest and maturity value of your RD.
Gramin Banks Recurring Deposit Interest Rate
Bank Recurring Deposit (RD) is a special kind of bank product offered to its customers which allows them to deposit a fixed amount every month for a fixed pre-decided tenure and earn attractive interest which is similar to bank fixed deposit. Bank RD is suitable product for those persons who can invest regularly and do not want to take risk.
Minimum Period of RD is 6 months and maximum Period of RD is 10 years. Even minors and senior citizens can open their RD accounts and get better returns than simple savings account.
Investors are free choose the tenure of the recurring deposit and the minimum monthly payment they can make as per their convenience. The tenure and amount of monthly deposit basically depends upon following factors:
- Financial Objective
- Interest rate
- Risk bearing capacity
With the help of bank RD, individuals can accomplish many of their long term financial objectives such as buying an asset, marriage of children, education of kids, funds to go on a vacation, etc.