Recurring deposit interest rate: A recurring deposit (RD) is one of the most popular risk-free investment options. It allows an investor to make periodic, monthly deposits upon which bank gives risk-free interest in return. RD investment is quite useful when an investor has an anticipated expense, like an important event approaching or an emergency medical expense, etc. With an RD account, an investor has an easier way to put one's money at work.
Today, when various Indian banks offer recurring deposit account to its customers at various recurring deposit interest rates, we list out top 4 private sector banks that offers promising recurring deposit interest rate:
1] Yes Bank: This private sector bank offers recurring deposit account for tenor — 6 months to 10 years. Yes Bank RD interest rate offered for these tenors’ ranges from 5 per cent to 6.50 per cent. The private lender is offering 50 bps to 75 bps additional RD interest rate to senior citizen recurring deposit account holders as well. It is offering 50 bps additional RD rate on tenor up to 33 months. For tenor 36 months to 10 years, senior citizen RD interest rate will be 775 bps higher than RD interest rate being offered to recurring deposit account holders below 60 years of age.
2] RBL Bank: This private lender offers recurring deposit account for tenor — 6 months to 10 years. RBL Bank offers recurring deposit interest rate from 5.25 to 6.75. It offers an additional 50 bps RD interest rate to its senior citizen recurring deposit account holders. One can open RBL recurring deposit account with a minimum deposit of ₹1000 per month. RBL Bank has revised its RD interest rate effect from 1st September 2021.
2] RBL Bank: This private lender offers recurring deposit account for tenor — 6 months to 10 years. RBL Bank offers recurring deposit interest rate from 5.25 to 6.75. It offers an additional 50 bps RD interest rate to its senior citizen recurring deposit account holders. One can open RBL recurring deposit account with a minimum deposit of ₹1000 per month. RBL Bank has revised its RD interest rate effect from 1st September 2021.
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3] Axis Bank: This private lender gives option to its account holders to open recurring deposit account online via net banking. It allows recurring account holders to deposit minimum monthly installment of ₹500 for tenor — 6 months to 10 years. The private sector bank has revised its interest rates on domestic term deposits that became applicable from 23rd September 2021.
4] IDFC First Bank: This private lender bank allows an investor to open recurring deposit account with a minimum of ₹100 monthly deposit to maximum ₹75,000 monthly deposit. It is allowing RD for tenor — 6 months to 10 years with interest rate ranging from 5 per cent to 6 per cent.
For RD tenor for 36, 39, 48 and 60 months, RD interest rate offered is 6 per cent while for 90 and 120 month RD, interest rate offered is 5.25 per cent.
