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Recurring Deposit (RD) Interest Rates: Here's What Top Lenders Offer

Recurring Deposit (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 (RD) Interest Rates: Here's What Top Lenders Offer

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


Recurring Deposit (RD) is a kind of term deposit under which one needs to deposit a fixed amount at fixed interval, which 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, a recurring deposit (RD) account allows the investor to invest 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.

Given below are the recurring deposit (RD) rates offered by State Bank of India (SBI), Canara Bank, IndusInd Bank, HDFC Bank and ICICI Bank:

State Bank of India (SBI)

The following RD interest rates are offered by SBI, according to the bank's website - sbi.co.in:

TenorsRevised For Public w.e.f. 28.11.2018Revised for Senior Citizens w.e.f. 28.11.2018
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

 

Canara Bank

The following RD interest rates are offered by Canara Bank, according to the bank's website - canarabank.in:

Term DepositsGeneral PublicSenior Citizen
180 days to 269 days6.356.85
270 days to less than 1 year6.46.9
1 year only77.5
Above 1 year to less than 2 years77.5
2 years & above to less than 3 years6.77.2
3 years & above to less than 5 years6.26.7
5 years & above to less than 8 years6.26.7
8 years & above to 10 years6.26.7
444 Days (Canara Shikhar Deposit)7.057.55
555 Days (Canara Shikhar Deposit)7.17.6

 

IndusInd Bank

The following RD interest rates are offered by IndusInd Bank, according to the bank's website - indusind.com:

TenureInterest Rate p.a.(%)Senior Citizen Rates p.a.(%)
12 Months88.5
15 Months88.5
18 Months88.5
21 Months88.5
24 Months7.58
27 Months7.58
30 Months7.58
33 Months7.58
3 years - less than 5 years7.58
5 years - 10 years7.257.75

 

HDFC Bank

The following RD interest rates are offered by HDFC Bank, according to the bank's website - hdfcbank.com:

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

The following RD interest rates are offered by ICICI Bank, according to the bank's website - icicibank.com:

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

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



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