An RD or recurring deposit is a kind of term deposit wherein a fixed amount of money is deposited at fixed intervals, 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. Earlier this week, ICICI Bank revised its interest rates on both recurring deposits and fixed deposits. Recently, big banks such as State Bank of India, HDFC Bank have also revised their interest rates. The revision in interest rates have come after the Reserve Bank of India hiked the repo rate to 6.5 per cent.
An RD or recurring deposit is a kind of term deposit wherein a fixed amount of money is deposited at fixed intervals, 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. Earlier this week, ICICI Bank revised its interest rates on both recurring deposits and fixed deposits. Recently, big banks such as State Bank of India, HDFC Bank have also revised their interest rates. The revision in interest rates have come after the Reserve Bank of India hiked the repo rate to 6.5 per cent.
An RD or recurring deposit is a kind of term deposit wherein a fixed amount of money is deposited at fixed intervals, 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. Earlier this week, ICICI Bank revised its interest rates on both recurring deposits and fixed deposits. Recently, big banks such as State Bank of India, HDFC Bank have also revised their interest rates. The revision in interest rates have come after the Reserve Bank of India hiked the repo rate to 6.5 per cent.
Here is a comparison of recurring deposit (RD) rates offered by ICICI Bank, State Bank of India (SBI), HDFC Bank and Punjab National Bank (PNB):
Recurring deposit (RD) rates offered by ICICI Bank:
Recurring deposit (RD) rates offered by State Bank of India:
Revised from July 30, 2018:
Recurring deposit (RD) rates offered by HDFC Bank:
Revised from August 6, 2018:
Recurring deposit (RD) rates offered by Punjab National Bank (PNB):
Domestic TD less than Rs 1 crore w.e.f. August 1, 2018:
However, small finance banks generally offer higher interest rates as compared to many leading banks.
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