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 his/her 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), Yes Bank, HDFC Bank and ICICI Bank:
State Bank of India
The following RD interest rates revised from July 30, 2018, according to the bank's website - sbi.co.in:
Yes Bank
Recurring deposit (RD) rates offered by Yes Bank, revised from June 5, 2018:
HDFC Bank
Recurring deposit (RD) rates offered by HDFC Bank, revised from August 6, 2018:
ICICI Bank
Recurring deposit (RD) rates offered by ICICI Bank:
However, small finance banks generally offer higher interest rates as compared to many leading banks.
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