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.
Given below are the recurring deposit (RD) rates offered by State Bank of India (SBI), Canara Bank, IndusInd Bank, HDFC Bank and ICICI Bank:
State Bank of India (SBI)
The following RD interest rates are offered by SBI, according to the bank's website - sbi.co.in:
Canara Bank
The following RD interest rates are offered by Canara Bank, according to the bank's website - canarabank.in:
IndusInd Bank
The following RD interest rates are offered by IndusInd Bank, according to the bank's website - indusind.com:
HDFC Bank
The following RD interest rates are offered by HDFC Bank, according to the bank's website - hdfcbank.com:
ICICI Bank
The following RD interest rates are offered by ICICI Bank, according to the bank's website - icicibank.com:
Institutions such as small finance banks and post offices also offer the facility of recurring deposit.
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