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Want To Invest In Recurring Deposits? Here's How Much Interest Top Lenders Pay

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

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Want To Invest In Recurring Deposits? Here's How Much Interest Top Lenders Pay

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


Recurring Deposit (RD) is a kind of term deposit under which customers need to deposit a fixed amount at regular intervals, which generates interest income. On maturity, the depositor is paid a lump-sum amount. Recurring deposit interest rates, once determined, do not change during the term. Last week, private sector lender Kotak Mahindra Bank revised it fixed and recurring deposit interest rates. Institutions such as small finance banks and post office also offer the facility of recurring deposit.

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

Kotak Mahindra Bank

Recurring deposit rates offered by Kotak Mahindra Bank:

Recurring Deposit rates effective from February 21, 2019
TermInterest Rate p.a.Senior Citizen Rates p.a.
6 Months6.75%7.25%
9 Months7.00%7.50%
12 Months7.30%7.80%
15 Months7.30%7.80%
18 Months7.30%7.50%
21 Months7.30%7.50%
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%

 

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)

 

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%June 06, 2018
9 Months6.75%7.25%August 06, 2018
12 Months7.30%7.80%November 06, 2018
15 Months7.30%7.80%November 06, 2018
24 Months7.30%7.80%November 06, 2018
27 Months7.40%7.90%November 06, 2018
36 Months7.40%7.90%November 06, 2018
39 Months7.25%7.75%November 06, 2018
48 Months7.25%7.75%November 06, 2018
60 Months7.25%7.75%November 06, 2018
90 Months6.50%7.00%November 06, 2018
120 Months6.50%7.00%November 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 up to 5 years7.257.75
Above 5 years up to 10 years77.5

 

Also read: Recurring deposit interest rates offered by SBI, post office compared here



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