Here Are Recurring Deposit Interest Rates Of Top Lenders

RD interest rates: SBI, ICICI Bank and HDFC Bank offer higher rate of interest to senior citizens compared to general public

Here Are Recurring Deposit Interest Rates Of Top Lenders

RD rate of interest: Last week, private sector lender ICICI Bank revised its interest rates

A recurring deposit or RD account enables the investor to contribute a fixed amount of money at regular intervals, and generates interest income. Unlike a fixed deposit (FD) account, in which a lump-sum amount is locked in for a defined period against a fixed return, an RD account allows the investor to put in a fixed amount of funds at regular intervals; for instance, every month. RD interest rates are subject to change from time to time. Last week, private sector lender ICICI Bank revised its RD interest rates.

(Also read: Latest fixed deposit interest rates paid by banks)

Here is a comparison of RD interest rates paid by State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank and ICICI Bank:

State Bank of India

SBI offers the following interest rates on RDs with effect from May 9, 2019, according to the bank's website - sbi.co.in:

TenorsGeneral public (% p.a.) Senior citizens (% p.a.)
1 year to less than 2 year6.87.3
2 years to less than 3 years6.87.3
3 years to less than 5 years6.87.3
5 years and up to 10 years6.857.35

Punjab National Bank

PNB offers the following interest rates on RDs with effect from May 1, 2019, according to the bank's website - pnbindia.in:

TenorsGeneral public (% p.a.)Senior citizens (% p.a.)
180 days to 270 Days6.356.85
222 days6.67.1
271 days to less than 1 year6.356.85
333 days6.957.45
1 year77.5
555 days6.857.35
above 1 year & up to 3 years6.757.25
above 3 year & up to 5 years6.256.75
above 5 years & up to 10 years6.256.75

HDFC Bank

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HDFC Bank offers the following interest rates on RDs with effect from March 6, 2019, according to the lender's website - hdfcbank.com:

TenorsGeneral public (% p.a.)Senior citizens (% p.a.)
6 months6.256.75
9 months6.757.25
12 months7.307.80
15 months7.307.80
24 months7.307.80
27 months7.407.90
36 months7.407.90
39 months7.257.75
48 months7.257.75
60 months7.257.75
90 months6.507.00
120 months6.507.00

ICICI Bank

ICICI Bank offers the following interest rates on RDs with effect from June 17, 2019 according to the lender's website - icicibank.com:

TenorsGeneral public (% p.a.)Senior citizens (% p.a.)
6 months66.5
9 months6.57
12 months6.97.4
15 months77.5
18 months77.5
21 months77.5
24 months77.5
27 months7.37.8
30 months7.37.8
33 months7.37.8
36 months7.37.8
Above 3 years up to 5 years7.257.75
Above 5 years up to 10 years77.5

However, interest rates offered by small finance banks are often higher compared to commercial banks, and other financial institutions such as designated post offices.