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RD interest in India is calculated using compound interest formula on quarterly basis. For example, if you deposit ₹5,000 monthly at 6.5% annual interest for 5 years, you'll earn approximately ₹1,87,000 in interest on total deposits of ₹3,00,000.
RD interest rates in 2026 typically range from 5.5% to 7.5% per annum for regular citizens and up to 8% for senior citizens. Rates vary among banks and are subject to periodic revisions by RBI monetary policy.
Yes, premature withdrawal is allowed after completion of minimum period (usually 6 months). However, banks charge penalty ranging from 0.5% to 1% on applicable interest rate and may have different terms for partial withdrawals.
Missing RD installments attracts penalty charges typically ₹5-25 per default. Banks provide grace period of 15-30 days, and account may be closed if defaults exceed permissible limits, usually 4-6 consecutive months.
Yes, RD interest is fully taxable as per your income tax slab. Banks deduct TDS at 10% if annual interest exceeds ₹40,000 (₹50,000 for senior citizens). You can submit Form 15G/15H to avoid TDS if total income is below taxable limit.