Recurring Deposit Interest Rates: Here's What Top Banks Pay
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:
| Term | Interest rate for general public (% per annum) | Interest rate for senior citizens (% per annum) |
|---|---|---|
| 7 days to 45 days | 5.75 | 6.25 |
| 46 days to 179 days | 6.25 | 6.75 |
| 180 days to 210 days | 6.35 | 6.85 |
| 211 days to less than 1 year | 6.4 | 6.9 |
| 1 year to less than 2 year | 6.7 | 7.2 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.8 | 7.3 |
| 5 years and up to 10 years | 6.85 | 7.35 |
Yes Bank
Recurring deposit (RD) rates offered by Yes Bank, revised from June 5, 2018:
| Period | Interest Rate(per annum) | Senior Citizen Rates (per annum) |
|---|---|---|
| 6 Months | 6.70% | 7.20% |
| 9 Months | 6.70% | 7.20% |
| 12 Months | 7.10% | 7.60% |
| 15 Months | 7.10% | 7.60% |
| 18 Months | 7.10% | 7.60% |
| 21 Months | 7.10% | 7.60% |
| 24 Months | 7.10% | 7.60% |
| Above 2 years up to 10 Years | 7.10% | 7.60% |
HDFC Bank
Recurring deposit (RD) rates offered by HDFC Bank, revised from August 6, 2018:
| Period | Interest Rate (per annum) | Senior Citizen Rates (per annum) | Effective From |
|---|---|---|---|
| 6 Months | 6.25% | 6.75% | June 06,2018 |
| 9 Months | 6.75% | 7.25% | August 06,2018 |
| 12 Months | 7.25% | 7.75% | August 06,2018 |
| 15 Months | 7.25% | 7.75% | August 06,2018 |
| 24 Months | 7.25% | 7.75% | August 06,2018 |
| 27 Months | 7.10% | 7.60% | August 06,2018 |
| 36 Months | 7.10% | 7.60% | August 06,2018 |
| 39 Months | 7.10% | 7.60% | August 06,2018 |
| 48 Months | 7.10% | 7.60% | August 06,2018 |
| 60 Months | 7.10% | 7.60% | August 06,2018 |
| 90 Months | 6.00% | 6.50% | Jan 06,2017 |
| 120 Months | 6.00% | 6.50% | Jan 06,2017 |
ICICI Bank
Recurring deposit (RD) rates offered by ICICI Bank:
| Maturity Period | Rate of Interest (% p.a.) w.e.f August 14, 2018 | |
|---|---|---|
| General | Senior Citizen | |
| 6 months | 6 | 6.5 |
| 9 months | 6.5 | 7 |
| 12 months | 6.75 | 7.25 |
| 15 months | 7 | 7.5 |
| 18 months | 7 | 7.5 |
| 21 months | 7 | 7.5 |
| 24 months | 7 | 7.5 |
| 27 months | 7.25 | 7.75 |
| 30 months | 7.25 | 7.75 |
| 33 months | 7.25 | 7.75 |
| 36 months | 7.25 | 7.75 |
| Above 3 years up to 5 years | 7.25 | 7.75 |
| Above 5 years up to 10 years | 7 | 7.5 |
However, small finance banks generally offer higher interest rates as compared to many leading banks.
