Which bank offers highest interest rate on recurring deposits (RD) – What is an RD?

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Which bank offers highest interest rate on recurring deposits (RD) – What is an RD? | The Economic Times

Through regular monthly deposits of a certain amount over time, the recurring deposit programme offers the chance to accumulate savings and have enough money at the conclusion of that period to accomplish specific financial objectives.

Here is a quick comparison of SBI, HDFC Bank, ICICI Bank and PNB for recurring deposit rates, as per the respective bank websites.

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SBI RD rates
State bank of India offers interest rate ranging between 6.60% to 6.90% for tenures ranging from 12 months to 120 months. The minimum deposit amount is Rs. 100 per month (thereafter in multiples of Rs. 10/-). These rates are effective from October 22, 2022.

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HDFC Bank RD rates
HDFC Bank offers interest rate ranging between 4.5% to 6.50% for tenures ranging from 6 months to 120 months for regular citizens. These rates are effective from November 8, 2022.

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ICICI Bank RD rates
ICICI Bank offers interest rate ranging between 4.5% to 6.60% for tenures ranging from 6 months to 10 years for regular citizens. The minimum of Rs 500 per month and thereafter, deposit in multiples of Rs 100. These rates are effective from November 16, 2022.

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Punjab National Bank RD rates

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Punjab National Bank RD rates

PNB offers interest rate ranging between 5.5% to 7% for tenures ranging from 6 months to 10 years for regular citizens. These rates are effective from October 26, 2022. Payment of RD will be due on maturity or one month after deposit of last installment, whichever is later.

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Kotak Mahindra Bank RD rates

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Kotak Mahindra Bank RD rates

Kotak Mahindra Bank offers recurring deposit interest rate ranging between 5% to 6.4% for tenures ranging from 6 months to 10 years for regular citizens. These rates are effective from November 14, 2022.

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