IDBI Systematic Savings Plan (SSP) helps you to add your savings at your complete convenience. With your regular incomes, you can start saving any fixed amount from 100 to less than 2 crore every month. The amount as decided by you will be deducted every month from your savings account.
The IDBI Bank Systematic Savings Plan (SSP) Advantage
- No charges for executing your standard instruction
IDBI Bank Systematic Savings Plan (SSP) Features
A recurring deposit is a type of term deposit offered by banks / financial institutes which assist people with regular incomes to deposit a fixed amount every month into their RD account and earn interest at the rate applicable. Recurring deposit (RD) allows customers an opportunity to build their savings via regular monthly deposits of a fixed. Recurring Deposits - With Recurring Deposit Accounts from YES BANK avail attractive returns to the money you invest. Earn up to 7.10% interest rate & 0.50% extra for senior citizens on recurring deposits.
- Pre-planned saving for a future goal
- Regular savings for a certain period of time
- The period of deposit can be from 1 year to 10 years
- Deposit can be start with minimum amount of Rs. 100
IDBI Bank Systematic Savings Plan Plus (SSP Plus)
SSP Plus offers Regular Savings with Principal + Interest protection Plus Complimentary Insurance Cover and Reward Points.
The IDBI Bank SSP Plus Features :
- Complimentary one time redeemable Reward Points ( upto 1,000 points )
- Complimentary Personal Accidental Insurance Cover upto Rs.5 lakhs
- Minimum eligible Instalment Amount : Rs.5,000 and multiples of 100 thereof
- Minimum eligible tenor : 3 years and completed quarters, Maximum : 10 Years
- Can be availed by Individuals / HUF
For the detailed T & Cs and features of SSP Plus, Click here
How to Apply
Applying for a Systematic Savings Plan is absolutely simple. You can apply online through Net Banking /Go Mobile + App or visit our nearest Branch.
Find Dena Bank Recurring Deposit Interest Rates (as on 06 Mar 2021). An account in which the investor needs to deposit the pre-specified amount at periodical intervals (In instalments-usually monthly instalments) for a long term.
Bank RDs are offered by public sector banks, private sector banks, co-operative banks, foreign banks and regional rural banks. You are required to invest in regular instalments (usually monthly) which are pre-decided by you. Multiple tenure having different interest rates are there with the banks which you can opt for according to your need. Interest rates is calculated quarterly not annually and maturity amount is taxable.
Premature withdrawals, In recurring deposit partial withdrawals are not allowed, you can withdraw entire amount anytime but after charging a certain penalty, banks generally charge 1% as penalty.
Dena Bank Recurring Deposit
Dena Bank offers you an opportunity to build up capital through regular monthly deposits of fixed sum over a period of time. It offers you various options of RD with period of deposit of minimum 12 months to maximum 120 months. There is no cap on maximum deposit amount of an RD. You need to give instructions for disposal of maturity proceeds at the time of opening of your RD account. Loans or OD facility of up to 90% of deposited amount is available. Rate of interest on RD is same as applicable to term deposits. The rate applicable to all Senior Citizens of age 60 years and above will be 0.50% above the applicable rate of general customers.
Investing in Dena Bank is a great option for those who have fewer earnings. The benefit in RDs is that you get the same interest rate during the whole RD tenure, even if the future RD rates are lower.
Tax Implication on Recurring Deposit (RD)
Taxability of Interest Earned
Recurring Deposit In Sbi
Interest earned is taxable based on account holder's tax bracket and therefore, he/ she is liable to pay tax on interest earned. Interest earned is taxable under the head 'Income from Other Sources'.
Applicability of TDS
No TDS will be made on total interest earned upto Rs. 10,000. Whenever total interest earned exceeds Rs 10,000 in a financial year, 10% TDS is made. You are free to claim for refund of any extra TDS made. Earlier, there was no TDS on RD but with effect from 1st June 2015, applicability of TDS on RD has been made under Section 194A.
More Rate of TDS
In absence of a valid PAN or if you fail to provide the PAN information to the bank/ post office, TDS at the rate of 20% is made.
Avoiding TDS
In case, the RD account holder does not have a taxable income, he/ she can submit Form 15G/ Form 15H to the bank/ post office where RD account is opened so that TDS can be avoided. Form 15G is used for people who are under 60 years of age while Form 15H is just similar to Form 15G, but it can only be used for people who are 60 years and above (senior citizens).
Dena Bank Recurring Interest Rates (as on 06 Mar 2021)
| Maturity Period | Interest Rate (p.a.) |
|---|---|
| Year 1 | 5.10% |
| Year 2 | 5.10% |
| Year 3 | 5.10% |
| Year 4 | 5.30% |
| Year 5 | 5.30% |
Recurring Deposit Usa
Disclaimer: The Recurring Deposit Interest Rates keep on changing. You are advised to check the interest rates with banks before making your FD. Source: Bank WebsitesOther Banks Recurring Interest Rates List
| Bank Name | 1 Year (p.a.) | 5 Years (p.a.) | Calculate |
|---|---|---|---|
| North East Small Finance Bank | 7.50% | 6.50% | |
| Idfc Bank | 7.25% | 7.25% | |
| Utkarsh Small Finance Bank | 7.25% | 7.25% | |
| Suryoday Small Finance Bank | 7.25% | 7.25% | |
| Equitas Small Finance Bank | 7.10% | 6.75% | |
| Rbl Bank | 7.00% | 6.65% | |
| Indusind Bank | 7.00% | 6.65% | |
| Esaf Small Finance Bank | 7.00% | 6.00% | |
| Fincare Small Finance Bank Ltd | 6.95% | % | |
| Allahabad Bank | 6.75% | 6.50% | |
| Yes Bank | 6.75% | 6.75% | |
| The Nainital Bank | 6.70% | 6.90% | |
| Dcb Bank | 6.50% | 6.95% | |
| Capital Small Finance Bank | 6.50% | 6.25% | |
| United Bank Of India | 6.50% | 6.00% | |
| Ujjivan Small Finance Bank | 6.50% | 5.55% | |
| Standard Chartered Bank | 6.30% | % | |
| Laxmi Vilas Bank | 6.00% | 6.00% | |
| Tamilnad Mercantile Bank | 5.90% | 5.75% | |
| Bandhan Bank | 5.75% | 5.75% | |
| Punjab And Sind Bank | 5.55% | 5.55% | |
| City Union Bank | 5.50% | 5.25% | |
| Karur Vysya Bank | 5.50% | 5.65% | |
| Karnataka Bank | 5.50% | 5.70% | |
| Au Small Finance Bank | 5.50% | 6.50% | |
| South Indian Bank | 5.50% | 5.60% | |
| Federal Bank | 5.45% | 5.60% | |
| Andhra Bank | 5.40% | 5.45% | |
| Canara Bank | 5.40% | 5.30% | |
| Corporation Bank | 5.40% | 5.45% |