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. 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:
| Tenors | Revised For Public w.e.f. 28.11.2018 | Revised for Senior Citizens w.e.f. 28.11.2018 |
|---|---|---|
| 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 |
Canara Bank
The following RD interest rates are offered by Canara Bank, according to the bank's website - canarabank.in:
| Term Deposits | General Public | Senior Citizen |
|---|---|---|
| 180 days to 269 days | 6.35 | 6.85 |
| 270 days to less than 1 year | 6.4 | 6.9 |
| 1 year only | 7 | 7.5 |
| Above 1 year to less than 2 years | 7 | 7.5 |
| 2 years & above to less than 3 years | 6.7 | 7.2 |
| 3 years & above to less than 5 years | 6.2 | 6.7 |
| 5 years & above to less than 8 years | 6.2 | 6.7 |
| 8 years & above to 10 years | 6.2 | 6.7 |
| 444 Days (Canara Shikhar Deposit) | 7.05 | 7.55 |
| 555 Days (Canara Shikhar Deposit) | 7.1 | 7.6 |
IndusInd Bank
The following RD interest rates are offered by IndusInd Bank, according to the bank's website - indusind.com:
| Tenure | Interest Rate p.a.(%) | Senior Citizen Rates p.a.(%) |
|---|---|---|
| 12 Months | 8 | 8.5 |
| 15 Months | 8 | 8.5 |
| 18 Months | 8 | 8.5 |
| 21 Months | 8 | 8.5 |
| 24 Months | 7.5 | 8 |
| 27 Months | 7.5 | 8 |
| 30 Months | 7.5 | 8 |
| 33 Months | 7.5 | 8 |
| 3 years - less than 5 years | 7.5 | 8 |
| 5 years - 10 years | 7.25 | 7.75 |
HDFC Bank
The following RD interest rates are offered by HDFC Bank, according to the bank's website - hdfcbank.com:
| Period | Interest Rate (per annum) | Senior Citizen Rates (per annum) | 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
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 Period | General | Senior Citizen |
| 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.