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 the 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 State Bank of India (SBI), Kotak Mahindra 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 | ||
Kotak Mahindra Bank
Recurring deposit rates offered by Kotak Bank:
| Recurring Deposit rates effective from 10th December 2018 | ||
|---|---|---|
| Tenure | Interest Rate p.a. ( %) | Senior Citizen Rates p.a. ( %) |
| 6 Months | 7.00% | 7.50% |
| 9 Months | 7.00% | 7.50% |
| 12 Months | 7.30% | 7.80% |
| 15 Months | 7.25% | 7.75% |
| 18 Months | 7.25% | 7.75% |
| 21 Months | 7.25% | 7.75% |
| 24 Months | 7.25% | 7.75% |
| 27 Months | 7.25% | 7.75% |
| 30 Months | 7.25% | 7.75% |
| 33 Months | 7.25% | 7.75% |
| 3 years - less than 4 years | 7.10% | 7.60% |
| 4 years - less than 5 years | 7.00% | 7.50% |
| 5 years - 10 years | 6.50% | 7.00% |
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% | Jun 06,2018 |
| 9 Months | 6.75% | 7.25% | Aug 06,2018 |
| 12 Months | 7.30% | 7.80% | Nov 06,2018 |
| 15 Months | 7.30% | 7.80% | Nov 06,2018 |
| 24 Months | 7.30% | 7.80% | Nov 06,2018 |
| 27 Months | 7.40% | 7.90% | Nov 06,2018 |
| 36 Months | 7.40% | 7.90% | Nov 06,2018 |
| 39 Months | 7.25% | 7.75% | Nov 06,2018 |
| 48 Months | 7.25% | 7.75% | Nov 06,2018 |
| 60 Months | 7.25% | 7.75% | Nov 06,2018 |
| 90 Months | 6.50% | 7.00% | Nov 06,2018 |
| 120 Months | 6.50% | 7.00% | Nov 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 upto 5 years | 7.25 | 7.75 |
| Above 5 years upto 10 years | 7 | 7.5 |
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