We analyze the Recurring Deposit Interest Rates (or RD Interest Rates) across 40 significant banks in India so you can invest in the best RD. Recurring Deposit is exceptionally famous approach to save money particularly for individuals with standard pay or house spouses. This is on the grounds that RD compels you to save a fixed amount for pre-characterized period. At maturity you are paid the gathered amount which you can effectively utilize. For example on the off chance that you deposit Rs 1,000 consistently for a very long time at 7%, you would get about Rs 72,000 at maturity.
Recurring Deposit Features
- Most banks offer RDs for residency of a half year to 10 Years
- The residency of RD can be in various of 3 months
- The amount of portion and number of portion can't be changed in the wake of opening of the record
- The interest on RD accumulates quarterly
- Much of the time the RD interest rate is like Fixed Deposits offered by Banks for comparable residencies. Anyway a few banks like Bank of India gives 0.5% additional interest rate for RD when contrasted with FD for comparable residency
- The base deposit amount can be as low as Rs 100 every month, however a few banks may have higher breaking point
- There can be punishment for missing even one portion.
- In the event that you miss different portions the RD can be shut and amount got back to you
- Most banks offer Loan/Overdraft against the amount accessible in Recurring Deposit. The interest is commonly 0.5% to 1% more than that offered to RD.
- There are punishment provisions for pre-experienced withdrawal like Fixed Deposits
Recurring Deposit Interest Rates
Following are the most noteworthy Interest rates on Recurring Deposits dependent on term:
- For RD term of 1 Year IDFC First Bank offers 7.25%
- For a very long time IDFC First Bank offers 7.25%
- For 3 to 4 Years the wellbeing rate offer is by DCB Bank at 7.35%
- For 5 Years RD term the wellbeing is offered at 7.35% by DCB Bank
- For 5+ Years RD term the wellbeing is offered at 7.35% by DCB Bank
- The Post Office offers 5 Year Recurring Deposit Scheme offering 5.80% interest rate.
DCB Bank, IDFC First Bank, IndusInd Bank and RBL Bank for the most part offers best recurring deposit interest rates.
The table underneath gives the Interest Rates arranged by Bank Name. The wellbeing rates for the sum total of what span have been featured.
Banks 1 Years 2 Years 3 Years 4 Years 5 Years 5+ Years
Hub Bank 5.45% 5.45% 5.50% 5.50% 5.50% 5.50%
Bandhan Bank 6.25% 6.15% 6.10% 6.10% 6.00% 6.00%
Bank of Baroda 5.10% 5.10% 5.30% 5.30% 5.30% 5.30%
Bank of India 5.50% 5.50% 5.40% 5.40% 5.40% 5.40%
Bank of Maharashtra 5.25% 5.25% 5.25% 5.25% 5.25% 5.25%
Canara Bank 5.50% 5.50% 5.45% 5.45% 5.45% 5.45%
National Bank of India 5.35% 5.35% 5.35% 5.35% 5.35% 5.35%
Citibank 3.00% 3.25% x x x x
City Union Bank 5.50% 5.75% 5.75% 5.50% 5.50% 5.25%
CSB Bank 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
DBS Bank 4.90% 5.15% 5.30% 5.50% 5.50% 5.50%
DCB Bank 6.75% 7.20% 7.35% 7.35% 7.35% 7.35%
Deutsche Bank 4.00% 4.50% 4.75% 5.00% 7.00% x
Dhanlaxmi Bank 5.75% 5.75% 5.80% 5.80% 5.80% 5.80%
Government Bank 5.60% 5.70% 5.70% 5.70% 5.70% 5.70%
HDFC Bank 5.25% 5.25% 5.50% 5.50% 5.50% 5.50%
HSBC Bank 3.25% 4.00% 4.00% 4.00% 4.00% 4.00%
ICICI Bank 5.15% 5.35% 5.50% 5.50% 5.50% 5.50%
IDBI Bank 5.70% 5.75% 5.70% 5.70% 5.80% 5.70%
IDFC First Bank 7.25% 7.25% 7.25% 7.20% 7.20% 7.20%
Indian Bank 5.45% 5.35% 5.35% 5.35% 5.35% 5.35%
Indian Overseas Bank 5.70% 5.70% 5.70% 5.70% 5.70% 5.70%
IndusInd Bank 7.00% 7.00% 7.00% 6.75% 6.75% 6.65%
Jammu and Kashmir Bank 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
Karnataka Bank 5.75% 5.75% 5.65% 5.65% 5.65% 5.65%
Karur Vysya Bank 5.80% 5.85% 6.00% 6.00% 6.00% 6.00%
Kotak Mahindra Bank 5.15% 4.90% 4.75% 4.75% 4.50% 4.50%
Lakshmi Vilas Bank 6.25% 6.25% 6.10% 6.10% 6.10% 6.10%
Nainital Bank 5.40% 5.50% 5.50% 5.50% 5.50% 5.50%
Mailing station RD x x x x 5.80% x
Punjab and Sind Bank 5.55% 5.55% 5.55% 5.55% 5.55% 5.55%
Punjab National Bank 5.25% 5.25% 5.25% 5.30% 5.30% 5.30%
RBL Bank 7.20% 7.20% 7.25% 7.00% 7.00% 7.15%
South Indian Bank 5.70% 5.70% 5.70% 5.70% 5.70% 5.70%
Standard Charted Bank 6.20% 6.20% 6.00% 6.00% 6.00% x
State Bank of India 5.10% 5.10% 5.30% 5.30% 5.40% 5.40%
Tamilnad Mercantile Bank 6.10% 6.00% 5.90% 5.90% 5.90% 5.90%
UCO Bank 5.50% 5.50% 5.50% 5.45% 5.45% 5.45%
Association Bank of India 5.40% 5.40% 5.40% 5.45% 5.45% 5.45%
Indeed Bank 6.75% 7.00% 7.00% 6.75% 6.75% 6.75%
Disclaimer: The Recurring Deposit Interest Rates continue evolving. You are encouraged to check the interest rates with banks prior to making your RD.
Little Banks RD Interest Rates
Banks <1 Year 1 Year 2 Years 3 Years 4 Years 5 Years 5 Year+
AU Small Finance Bank 6.50% 7.05% 7.25% 7.00% 7.00% 7.00% 7.00%
Capital Small Finance 6.00% 6.50% 6.50% 6.50% 6.50% 6.50% 6.25%
Bank
Equitas Small Finance 6.60% 7.10% 7.15% 7.15% 6.75% 6.75% 6.75%
Bank
ESAF Small Finance 6.25% 7.50% 7.25% 7.00% 7.00% 7.00% 6.50%
Bank
Fincare Small Finance 6.25% 6.95% 7.10% 7.30% 7.30% 7.50% 6.50%
Bank
Jana Small Finance Bank 7.00% 7.75% 8.00% 8.00% 7.00% 7.50% 6.50%
Suryoday Small Finance 7.00% 7.25% 7.50% 7.75% 7.75% 9.00% 7.25%
Bank
Ujjivan Small Finance 5.65% 6.95% 6.95% 6.50% 6.25% 6.25% 6.00%
Bank
Utkarsh Small Finance 6.50% 7.75% 7.75% 7.75% 7.75% 7.75% 7.75%
Bank
North East Small Finance 5.50% 7.50% 8.00% 8.00% 7.00% 7.00% 6.50%
Bank
SBI 4.40% 5.10% 5.10% 5.30% 5.30% 5.40% 5.40%
Would it be advisable for you to Invest in Small Bank RDs?
All the little banks recorded above have 2% to 3% higher RD interest rates when contrasted with SBI and other greater banks. The inquiry is should you invest in them. My take is all the above banks are new however all around regulated by RBI. You can invest up to Rs 5 lakh in these banks as that is the amount protected. The main thing to remember is to keep eyes and ears open for any functions that may unfavorably affect the bank.
 - July 2020){kind=link}
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