Apart from banks, including the State Bank of India (SBI), ICICI Bank HDFC Bank, even post office offers RD.
Recurring deposit (RD) interest rate
The interest rates of RD depend on the tenure of the deposit. A three of five year RD will definitely fetch a higher interest rate.
SBI RD interest rates
SBI RD interest rates vary between 5.1%-5.5% for the general public and an additional interest rate hike of 50 basis points for senior citizens.
According to the SBI website, the rate of interest on RDs is as applicable to term deposits for public and senior citizens.
HDFC Bank RD interest rates
According to HDFC Bank website, “You can start with an investment of Rs1,000 and in multiples of Rs.100 after that." Interest rates vary from 3.5 to 5.60 percent for tenure ranging from 6 months to ten years.
ICICI Bank RD interest rates
ICICI Bank offers recurring deposit interest rate between 3.50-5.60 percent on various tenors.
Post Office RD interest rates
Post office RD has a maturity period of 5 years. The minimum monthly amount for opening Post Office RD is ₹10 per which can be increased in multiples in multiples of ₹5. However, there is no maximum limit on investment. The government decides the 5-year RD rate for Post Office.
5-Year Post Office Recurring Deposit Account (RD): 5.8 % per annum (quarterly compounded)
