Recurring deposit (RD) is a kind of term deposit that enables investors to contribute a fixed amount of money at regular intervals, and generates a guaranteed 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, an RD account allows the investor to put in 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.
Recurring deposit (RD) is a kind of term deposit that enables investors to contribute a fixed amount of money at regular intervals, and generates a guaranteed 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, an RD account allows the investor to put in 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.
Recurring deposit (RD) is a kind of term deposit that enables investors to contribute a fixed amount of money at regular intervals, and generates a guaranteed 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, an RD account allows the investor to put in 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.
The interest rates applicable to RD accounts vary from bank to bank, and are subject to change from time to time. Earlier this week, private sector lender Axis Bank revised its interest rates on deposits on select maturities.
Here is a comparison of RD interest rates paid by State Bank of India (SBI), Punjab National Bank (PNB), Axis Bank, HDFC Bank and ICICI Bank:
State Bank of India RD interest rate
SBI offers the following interest rates on RD accounts with effect from May 9, 2019, according to the bank's website - sbi.co.in:
Punjab National Bank RD interest rate
PNB offers the following interest rates on RDs with effect from May 1, 2019, according to the bank's website - pnbindia.in:
Axis Bank RD interest rate
Axis Bank offers the following interest rates on RDs with effect from May 29, 2019, according to the bank's website - axisbank.com:
HDFC Bank RD interest rate
HDFC Bank offers the following interest rates on RD investments, according to the lender's website - hdfcbank.com:
ICICI Bank RD interest rate
ICICI Bank offers the following interest rates on RD accounts with effect from March 7, 2019 according to the lender's website - icicibank.com:
Institutions such as small finance banks and post offices also offer the facility of recurring deposit account.
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