Recurring Deposit Interest Rates Paid By Key Banks Compared
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 park a 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.
Here is a comparison of recurring deposit (RD) rates offered by State Bank of India (SBI), IndusInd Bank, HDFC Bank and ICICI Bank:
State Bank of India
Recurring deposit rates offered by SBI:
Tenors | Revised For Public w.e.f. 28.11.2018 | Revised for Senior Citizens w.e.f. 28.11.2018 |
---|---|---|
7 days to 45 days | 5.75 | 6.25 |
46 days to 179 days | 6.25 | 6.75 |
180 days to 210 days | 6.35 | 6.85 |
211 days to less than 1 year | 6.4 | 6.9 |
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 |
(Source: sbi.co.in) |
IndusInd Bank
Recurring deposit rates offered by IndusInd Bank:
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
Recurring deposit rates offered by HDFC Bank:
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
Recurring deposit rates offered by ICICI Bank:
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 |
Recurring deposit interest rates, once determined, do not change during the tenure. Institutions such as small finance banks and post offices also offer the facility of recurring deposit.