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

Recurring deposit interest rates, once determined, do not change during the tenure.

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Recurring Deposit Interest Rates: Here's What Top Banks 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 his/her 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), Yes Bank, HDFC Bank and ICICI Bank:

State Bank of India

The following RD interest rates revised from July 30, 2018, according to the bank's website - sbi.co.in:

TermInterest rate for general public (% per annum)Interest rate for senior citizens (% per annum)
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 year6.77.2
2 years to less than 3 years6.757.25
3 years to less than 5 years6.87.3
5 years and up to 10 years6.857.35

 

Yes Bank

Recurring deposit (RD) rates offered by Yes Bank, revised from June 5, 2018:

PeriodInterest Rate(per annum)Senior Citizen Rates (per annum)
6 Months6.70%7.20%
9 Months6.70%7.20%
12 Months7.10%7.60%
15 Months7.10%7.60%
18 Months7.10%7.60%
21 Months7.10%7.60%
24 Months7.10%7.60%
Above 2 years up to 10 Years7.10%7.60%

 

HDFC Bank

Recurring deposit (RD) rates offered by HDFC Bank, revised from August 6, 2018:

PeriodInterest Rate (per annum)Senior Citizen Rates (per annum)Effective From
6 Months6.25%6.75%June 06,2018
9 Months6.75%7.25%August 06,2018
12 Months7.25%7.75%August 06,2018
15 Months7.25%7.75%August 06,2018
24 Months7.25%7.75%August 06,2018
27 Months7.10%7.60%August 06,2018
36 Months7.10%7.60%August 06,2018
39 Months7.10%7.60%August 06,2018
48 Months7.10%7.60%August 06,2018
60 Months7.10%7.60%August 06,2018
90 Months6.00%6.50%Jan 06,2017
120 Months6.00%6.50%Jan 06,2017

 

ICICI Bank

Recurring deposit (RD) rates offered by ICICI Bank:

Maturity PeriodRate of Interest (% p.a.) w.e.f August 14, 2018 
 GeneralSenior Citizen
6 months66.5
9 months6.57
12 months6.757.25
15 months77.5
18 months77.5
21 months77.5
24 months77.5
27 months7.257.75
30 months7.257.75
33 months7.257.75
36 months7.257.75
Above 3 years up to 5 years7.257.75
Above 5 years up to 10 years77.5

 

However, small finance banks generally offer higher interest rates as compared to many leading banks.

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