Recurring Deposit (RD) is a kind of term deposit under which one needs to deposit a fixed amount at fixed interval, which generates 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, a recurring deposit (RD) account allows the investor to invest 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.
Here is a comparison of recurring deposit (RD) rates offered by State Bank of India, Yes Bank, ICICI Bank and HDFC Bank:
State Bank of India:
The following RD interest rates are offered by SBI, according to the bank's website - sbi.co.in:
| Tenors | Revised For Public w.e.f. 22.02.2019 | Revised for Senior Citizens w.e.f. 22.02.2019 |
|---|---|---|
| 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 |
Yes Bank
The following RD interest rates are offered by Yes Bank, according to the bank's website - yesbank.in:
| RD rates from March 5, 2019 | ||
|---|---|---|
| Period | Interest Rate (per annum) | Senior Citizen Rates (per annum) |
| 6 Months | 6.85% | 7.35% |
| 9 Months | 7.15% | 7.65% |
| 12 Months | 7.25% | 7.75% |
| 15 Months | 7.25% | 7.75% |
| 18 Months | 7.25% | 7.75% |
| 21 Months | 7.25% | 7.75% |
| 24 Months | 7.25% | 7.75% |
| Above 2 years up to 10 Years | 7.25% | 7.75% |
ICICI Bank
The following RD interest rates are offered by ICICI Bank with effect from March 7, 2019 according to the bank's website - icicibank.com:
| 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 |
HDFC Bank
The following RD interest rates are offered by Yes Bank, according to the bank's website - hdfcbank.com:
| Period | Interest Rate (per annum) | Senior Citizen Rates | 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 |
Institutions such as small finance banks and post offices also offer the facility of recurring deposit.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
