State Bank of India (SBI), the largest lender of the country, has recently revised its fixed deposit interest rates. The interest rates on its recurring deposits are the same as those on its fixed deposits. Post offices also offer the option of opening an RD.
Given below is a comparison of interest rates on recurring deposits offered by SBI, post offices:
Interest rates offered by SBI on recurring deposits
SBI requires customers to make monthly deposits of minimum Rs.100 and in multiples of Rs 10, according to sbi.co.in. There is no maximum limit. The minimum period of SBI RDs is 12 months and the maximum is 120 months.
(All figures in % per annum)
|Tenors||Existing for Public w.e.f. 28.03.2018||Revised For Public w.e.f. 28.05.2018||Existing for Senior Citizens w.e.f. 28.03.2018||Revised for Senior Citizens w.e.f. 28.05.2018|
|7 days to 45 days||5.75||5.75||6.25||6.25|
|46 days to 179 days||6.25||6.25||6.75||6.75|
|180 days to 210 days||6.35||6.35||6.85||6.85|
|211 days to less than 1 year||6.4||6.4||6.9||6.9|
|1 year to less than 2 year||6.4||6.65||6.9||7.15|
|2 years to less than 3 years||6.6||6.65||7.1||7.15|
|3 years to less than 5 years||6.7||6.7||7.2||7.2|
|5 years and up to 10 years||6.75||6.75||7.25||7.25|
Post offices allow you to open recurring deposit accounts via cheque/cash, according to India Post's website indiapost.gov.in. Any number of accounts can be opened in any post office and can also be transferred from one post office to another.
Post offices offer 6.9 per cent interest rate per annum (quarterly compounded). On maturity, a Rs 10 account fetches Rs 717.43. Post offices RD accounts can be continued for another five years on year-to-year basis.
Post offices also offer fixed deposits, national savings certificates, senior citizen savings schemes, Sukanya Samriddhi Accounts, public provident fund accounts, savings accounts, Kisan Vikas Patra, and a monthly income scheme account.
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