Want To Invest In Recurring Deposits? Here's How Much Interest Top Lenders Pay
Recurring Deposit (RD) is a kind of term deposit under which customers need to deposit a fixed amount at regular intervals, which generates interest income. On maturity, the depositor is paid a lump-sum amount. Recurring deposit interest rates, once determined, do not change during the term. Last week, private sector lender Kotak Mahindra Bank revised it fixed and recurring deposit interest rates. Institutions such as small finance banks and post office also offer the facility of recurring deposit.
Here is a comparison of recurring deposit (RD) rates offered by Kotak Mahindra Bank, State Bank of India, HDFC Bank and ICICI Bank:
Kotak Mahindra Bank
Recurring deposit rates offered by Kotak Mahindra Bank:
| Recurring Deposit rates effective from February 21, 2019 | ||
|---|---|---|
| Term | Interest Rate p.a. | Senior Citizen Rates p.a. |
| 6 Months | 6.75% | 7.25% |
| 9 Months | 7.00% | 7.50% |
| 12 Months | 7.30% | 7.80% |
| 15 Months | 7.30% | 7.80% |
| 18 Months | 7.30% | 7.50% |
| 21 Months | 7.30% | 7.50% |
| 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% |
State Bank of India:Â
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) | ||
HDFC Bank
Recurring deposit rates offered by HDFC Bank:Â
| Period | Interest Rate (per annum) | Senior Citizen Rates (per annum) | Effective From |
|---|---|---|---|
| 6 Months | 6.25% | 6.75% | June 06, 2018 |
| 9 Months | 6.75% | 7.25% | August 06, 2018 |
| 12 Months | 7.30% | 7.80% | November 06, 2018 |
| 15 Months | 7.30% | 7.80% | November 06, 2018 |
| 24 Months | 7.30% | 7.80% | November 06, 2018 |
| 27 Months | 7.40% | 7.90% | November 06, 2018 |
| 36 Months | 7.40% | 7.90% | November 06, 2018 |
| 39 Months | 7.25% | 7.75% | November 06, 2018 |
| 48 Months | 7.25% | 7.75% | November 06, 2018 |
| 60 Months | 7.25% | 7.75% | November 06, 2018 |
| 90 Months | 6.50% | 7.00% | November 06, 2018 |
| 120 Months | 6.50% | 7.00% | November 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 up to 5 years | 7.25 | 7.75 |
| Above 5 years up to 10 years | 7 | 7.5 |
Also read: Recurring deposit interest rates offered by SBI, post office compared here
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