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Just like fixed deposits (FDs), recurring deposits (RDs) are also popular investment tool among people especially salaried and senior citizens. Recurring Deposit scheme provides an opportunity to build up savings through regular monthly deposit of fixed sum over a period. However, RDs are different from fixed deposits (FDs). An RD account holder can choose to invest a fixed amount each month while earning decent interest on the amount. RDs are an ideal saving-cum-investment instrument.
Most major banks in India offer RDs with a term that often ranges between 6 months to 10 years.
SBI RD rates
SBI has hiked interest rates on RDs effective 22 October. The bank offers an interest rate ranging from 6.10% to 6.25% on RDs maturing in 1 year to 10 years.
1 year to less than 2 years – 6.10
2 years to less than 3 years – 6.25
3 years to less than 5 years – 6.10
5 years and up to 10 years – 6.10
HDFC Bank RD rates
HDFC Bank has hiked its interest rates on recurring deposits (RDs) across all tenors. On deposits maturing in 6 months, the bank gives 4.50% and on deposits maturing in 9 months, HDFC Bank gives 5.25%. Deposits maturing in 12 months will now fetch an interest rate of 6.10%, and those maturing in 15 Months to 24 Months will now fetch an interest rate of 6.15%. Deposits maturing in 90 Months to 120 Months will now fetch an interest rate of 6.20%. These rates are effective 26 October.
ICICI Bank RD rates
ICICI Bank offers RD ranging from 6 months to 10 years. These deposits will fetch you an interest of 6 months 4.25% to 6.20% depending upon the tenor you choose. These rates are effective 18 October. “Recurring Deposits will be available for a minimum tenure of 6 months (and in multiples of 3 months thereafter) up to a maximum tenure of 10 years,” the lender mentioned on its site.
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