Top Lenders Pay These Interest Rates On Recurring Deposit Accounts
Recurring deposit (RD) is a kind of term deposit that enables investors to contribute a fixed amount of money at regular intervals, and generates a guaranteed 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. On maturity, the depositor is paid a lump-sum amount which includes the periodic investments and the interest income earned on them. The interest rates applicable to RD accounts vary from bank to bank, and are subject to change from time to time.
Here is a comparison of recurring deposit (RD) interest rates paid by State Bank of India (SBI), Punjab National Bank (PNB) ICICI Bank and HDFC Bank:
State Bank of India RD interest rates
SBI offers the following interest rates on RD accounts with effect from May 9, 2019, according to the bank's website - sbi.co.in:
| Tenors | General public (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| 1 year to less than 2 year | 6.8 | 7.3 |
| 2 years to less than 3 years | 6.8 | 7.3 |
| 3 years to less than 5 years | 6.8 | 7.3 |
| 5 years and up to 10 years | 6.85 | 7.35 |
Punjab National Bank RD interest rates
PNB offered the following interest rates on RDs with effect from May 1, 2019, according to the bank's website - pnbindia.in:
| Tenors | General public (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| 180 days to 270 Days | 6.35 | 6.85 |
| 222 days | 6.6 | 7.1 |
| 271 days to less than 1 year | 6.35 | 6.85 |
| 333 days | 6.95 | 7.45 |
| 1 year | 7 | 7.5 |
| 555 days | 6.85 | 7.35 |
| above 1 year & up to 3 years | 6.75 | 7.25 |
| above 3 year & up to 5 years | 6.25 | 6.75 |
| above 5 years & up to 10 years | 6.25 | 6.75 |
IndusInd Bank RD interest rates
IndusInd Bank the following RD interest rates with effect from April 25, 2019 according to the lender's website, indusind.com:
| Tenors | General public (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| 12 Months | 7.6 | 8.1 |
| 15 Months | 7.6 | 8.1 |
| 18 Months | 7.75 | 8.25 |
| 21 Months | 7.75 | 8.25 |
| 24 Months | 7.75 | 8.25 |
| 27 Months | 7.75 | 8.25 |
| 30 Months | 7.75 | 8.25 |
| 33 Months | 7.75 | 8.25 |
| 3 years - less than 5 years | 7.35 | 7.85 |
| 5 years - 10 years | 7.25 | 7.75 |
HDFC Bank RD interest rates
HDFC Bank offers the following interest rates on RD investments, according to the lender's website - hdfcbank.com:
| Tenors | General public (% p.a.) |
Senior citizens (% p.a.) |
Effective From |
|---|---|---|---|
| 6 Months | 6.25 | 6.75 | June 06, 2018 |
| 9 Months | 6.75 | 7.25 | August 06, 2018 |
| 12 Months | 7.30 | 7.80 | November 06, 2018 |
| 15 Months | 7.30 | 7.80 | November 06, 2018 |
| 24 Months | 7.30 | 7.80 | November 06, 2018 |
| 27 Months | 7.40 | 7.90 | November 06, 2018 |
| 36 Months | 7.40 | 7.90 | November 06, 2018 |
| 39 Months | 7.25 | 7.75 | November 06, 2018 |
| 48 Months | 7.25 | 7.75 | November 06, 2018 |
| 60 Months | 7.25 | 7.75 | November 06, 2018 |
| 90 Months | 6.50 | 7.00 | November 06, 2018 |
| 120 Months | 6.50 | 7.00 | November 06, 2018 |
ICICI Bank RD interest rates
ICICI Bank offers the following interest rates on RD accounts with effect from March 7, 2019 according to the lender's website - icicibank.com:
| Tenors | General public (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| 6 months | 6.25 | 6.75 |
| 9 months | 6.5 | 7 |
| 12 months | 6.9 | 7.4 |
| 15 months | 7.1 | 7.6 |
| 18 months | 7.1 | 7.6 |
| 21 months | 7.1 | 7.6 |
| 24 months | 7.1 | 7.6 |
| 27 months | 7.5 | 8 |
| 30 months | 7.5 | 8 |
| 33 months | 7.5 | 8 |
| 36 months | 7.5 | 8 |
| Above 3 years up to 5 years | 7.25 | 7.75 |
| Above 5 years up to 10 years | 7 | 7.5 |
Institutions such as small finance banks and post offices also offer the facility of recurring deposit account.
