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Recurring Deposit Interest Rates: Here's What Top Lenders Pay

Recurring Deposit or RD is a kind of term deposit under which one needs to deposit a fixed amount at fixed interval, which generates interest income.

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Recurring Deposit Interest Rates: Here's What Top Lenders Pay

Institutions such as small finance banks and post offices also offer the facility of recurring deposit.


Recurring Deposit or RD is a kind of term deposit under which one needs to deposit a fixed amount at fixed interval, which generates interest income. On maturity, the depositor is paid a lump-sum amount which includes the periodic investments and the interest income earned on them. Recurring deposit interest rates, once determined, do not change during the tenure. In fact, the Reserve Bank of India ensures that strict guidelines are followed by banks. Institutions such as small finance banks and post offices also offer the facility of recurring deposit. 

Here is a comparison of recurring deposit (RD) rates offered by State Bank of India (SBI), Kotak Mahindra Bank, HDFC Bank and ICICI Bank:

State Bank of India

Recurring deposit rates offered by SBI:

TenorsRevised For Public w.e.f. 28.11.2018Revised for Senior Citizens w.e.f. 28.11.2018
7 days to 45 days5.756.25
46 days to 179 days6.256.75
180 days to 210 days6.356.85
211 days to less than 1 year6.46.9
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
Source: sbi.co.in

 

Kotak Mahindra Bank

Recurring deposit rates offered by Kotak Bank:

Recurring Deposit rates effective from 10th December 2018 
TenureInterest Rate p.a. ( %)Senior Citizen Rates p.a. ( %)
6 Months7.00%7.50%
9 Months7.00%7.50%
12 Months7.30%7.80%
15 Months7.25%7.75%
18 Months7.25%7.75%
21 Months7.25%7.75%
24 Months7.25%7.75%
27 Months7.25%7.75%
30 Months7.25%7.75%
33 Months7.25%7.75%
3 years - less than 4 years7.10%7.60%
4 years - less than 5 years7.00%7.50%
5 years - 10 years6.50%7.00%

 

HDFC Bank

Recurring deposit rates offered by HDFC Bank:

PeriodInterest Rate (per annum)Senior Citizen Rates (per annum)Effective From
6 Months6.25%6.75%Jun 06,2018
9 Months6.75%7.25%Aug 06,2018
12 Months7.30%7.80%Nov 06,2018
15 Months7.30%7.80%Nov 06,2018
24 Months7.30%7.80%Nov 06,2018
27 Months7.40%7.90%Nov 06,2018
36 Months7.40%7.90%Nov 06,2018
39 Months7.25%7.75%Nov 06,2018
48 Months7.25%7.75%Nov 06,2018
60 Months7.25%7.75%Nov 06,2018
90 Months6.50%7.00%Nov 06,2018
120 Months6.50%7.00%Nov 06,2018

 

ICICI Bank

Recurring deposit rates offered by ICICI Bank:

Rate of Interest (% p.a.) w.e.f November 15, 2018
Maturity PeriodGeneralSenior Citizen
6 months6.256.75
9 months6.57
12 months6.97.4
15 months7.17.6
18 months7.17.6
21 months7.17.6
24 months7.17.6
27 months7.58
30 months7.58
33 months7.58
36 months7.58
Above 3 years upto 5 years7.257.75
Above 5 years upto 10 years77.5

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