ICICI Bank Revises Recurring Deposit Interest Rates; What Others Pay

ICICI Bank recently revised its recurring deposits interest rates. Recurring Deposit or RD is a kind of term deposit under which one needs to deposit a fixed amount at fixed interval, which generates interest income. On maturity, the depositor is paid a lump-sum amount which includes his/her periodic investments and the interest income earned on them. Recurring deposit interest rates, once determined, do not change during the tenure. In fact, the Reserve Bank of India ensures that strict guidelines are followed by banks. Institutions such as small finance banks and post offices also offer the facility of recurring deposit.

ICICI Bank recently revised its recurring deposits interest rates. Recurring Deposit or RD is a kind of term deposit under which one needs to deposit a fixed amount at fixed interval, which generates interest income. On maturity, the depositor is paid a lump-sum amount which includes his/her periodic investments and the interest income earned on them. Recurring deposit interest rates, once determined, do not change during the tenure. In fact, the Reserve Bank of India ensures that strict guidelines are followed by banks. Institutions such as small finance banks and post offices also offer the facility of recurring deposit.

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

ICICI Bank

Recurring deposit rates offered by ICICI Bank:

HDFC Bank

Recurring deposit rates offered by HDFC Bank:

State Bank of India

RD interest rates according to the bank's website - sbi.co.in:

However, small finance banks generally offer higher interest rates as compared to many leading banks.