Table of Contents
- Recurring Deposit (RD)
- RD Interest Rates 2024: Compare and Invest
- Various Banks RD Interest Rates
- SBI RD Interest Rates
- Federal Bank RD Interest Rates
- Axis RD Interest Rates
- Bandhan Bank RD Interest Rates
- HDFC Bank RD Interest Rates
- ICICI Bank RD Interest Rates
- IDFC Bank RD Interest Rates
- RBL Bank RD Interest Rate
- PNB Bank RD Interest Rate
- Bank of Baroda RD Interest Rate
- Bank of India RD Interest Rate
- Union Bank of India RD Interest Rate
- Kotak Bank RD Interest Rate
- Yes Bank RD Interest Rate
- Types of RD: How RD Interest Rated Differ for Each
- RD Interest Calculator
- RD Calculator
- Advantages of RD Account
- Conclusion
RD Interest Rates 2024
Recurring deposit is one of the best ways to save money every month. In this scheme, any individual can open an RD account, but minors, students, and senior citizens can avail extra benefits in terms of interest rates. Senior citizens earn a higher rate of interest when compared to regular citizens.
RD interest rates differ Bank to bank and also the rates may change at any time. However, once you open an RD account the rate remains the same until the tenure of the deposit. For instance, if your scheme is for 24 months, you will get the same interest rate over the whole tenure of two years.
Recurring Deposit (RD)
Recurring Deposit is a way to encourage saving among individuals. A fixed amount of money is deducted every month either from a Savings Account or a current account. At the end of the maturity period, investors are paid back their invested funds with accrued interest. Recurring deposit helps to make disciplined investments in an easy way to get safe and good returns on the deposited money.
While Investing in a recurring deposit scheme, it is advisable that you compare RD interest rates of various banks and choose the one that gives you the desired returns.
RD Interest Rates 2024: Compare and Invest
The interest rates for RD has been grouped according to the regular and senior citizen scheme.
Here is a list of RD interest rates offered by various banks.
| BANK NAME | RD INTEREST RATES | SENIOR CITIZEN RD RATES |
|---|---|---|
| SBI RD Interest Rates | 5.50% - 5.70% | 6.00% - 6.50% |
| HDFC Bank RD Interest Rates | 4.50% - 5.75% | 5.00% - 6.25% |
| ICICI Bank RD Interest Rates | 4.75% - 6.00% | 5.25% - 6.50% |
| Axis Bank RD Interest Rates | 6.05% - 6.50% | 6.55% - 7.00% |
| Kotak Bank RD Interest Rates | 5.00% - 5.50% | 5.50% - 6.00% |
| IDFC First Bank | 6.75% - 7.25% | 7.25% - 7.75% |
| Bank of Baroda | 4.50% - 5.70% | 5.00% - 6.20% |
| Citibank | 3.00% - 3.25% | 3.50% - 3.75% |
| IDBI Bank | 5.75% - 5.90% | 6.25% - 6.40% |
| Indian Bank | 3.95% - 5.25% | 4.45% - 5.75% |
| Indian Overseas Bank | 5.75% - 6.80% | 6.25% - 7.30% |
| PNB | 5.50% - 5.80% | 6.00% - 6.30% |
| Allahabad Bank | 3.95% - 5.25% | 4.45% - 5.75% |
| Andhra Bank | 5.50% - 5.80% | 6.00% - 6.30% |
| Bank of India | 6.25% - 6.70% | 6.75% - 7.20% |
| Bank of Maharashtra | 6.00% - 6.60% | 6.50% - 7.10% |
| Canara Bank | 6.20% - 7.00% | 6.70% - 7.50% |
| Central Bank of India | 6.20% - 7.00% | 6.70% - 7.50% |
| Punjab and Sind Bank | 6.25% - 7.00% | 6.75% - 7.50% |
| UCO Bank | 4.95% - 5.00% | 5.25% - 5.50% |
| Union Bank of India | 5.50% - 5.90% | 5.50% - 5.90% |
| AU Small Finance Bank | 5.75% - 7.53% | 6.25% - 8.03% |
| India Post Office | 5.80% - 5.80% | 5.80% - 5.80% |
| Ujjivan Small Finance Bank | 6.25% - 7.50% | 6.75% - 8.00% |
| Equitas Small Finance Bank | 7.00% - 8.00% | 7.60% - 8.60% |
| IndusInd Bank | 7.25% - 8.00% | 7.75% - 8.50% |
| Fincare Small Finance Bank | 6.50% - 9.00% | 7.00% - 9.50% |
| Jana Small Finance Bank | 6.75% - 8.50% | 7.35% - 9.10% |
| ESAF Small Finance Bank | 6.00% - 8.00% | 6.50% - 8.50% |
| Corporation Bank | 6.50% - 6.80% | 7.00% - 7.30% |
| Bandhan Bank | 5.40% - 6.75% | 6.15% - 7.50% |
| DBS Bank | 5.75% - 7.50% | 5.75% - 7.50% |
| Karur Vysya Bank | 6.75% - 7.00% | 6.75% - 7.50% |
| Lakshmi Vilas Bank | 6.50% - 8.00% | 7.00% - 8.60% |
| South Indian Bank | 6.50% - 7.60% | 7.00% - 8.10% |
| RBL Bank | 7.15% - 8.05% | 7.65% - 8.55% |
| Syndicate Bank | 6.25% - 6.30% | 6.75% - 6.80% |
| Yes Bank | 7.00% - 7.25% | 7.50% - 7.75% |
*Disclaimer- The RD Interest Rates are subject to frequent change. Before starting a Recurring Deposit scheme, do inquire with the concerned banks or visit their websites.
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Various Banks RD Interest Rates
Here's a detailed RD interest rates of various banks as per investment tenure and investment amount. The mentioned interest rates are for deposit below Rs.2 crore.
SBI RD Interest Rates
w.e.f., January 2021.
| Tenure | Regular RD Interest Rate | Senior Citizen RD Interest Rate |
|---|---|---|
| 1 year to less than 2 years | 5.00% | 5.50% |
| 2 years to less than 3 years | 5.10% | 5.60% |
| 3 years to less than 5 years | 5.30% | 5.80% |
| 5 years to 10 years | 5.40% | 6.20% |
Federal Bank RD Interest Rates
w.e.f., January 2021.
| Tenure | Regular RD Interest Rate | Senior Citizen RD Interest Rate |
|---|---|---|
| 181 days to 270 days | 4.00% | 4.50% |
| 271 days to less than 1 year | 4.40% | 4.90% |
| 1 year to less than 16 months | 5.10% | 5.60% |
| 16 months | 5.35% | 5.85% |
| Above 16 months to less than 2 years | 5.10% | 5.60% |
| 2 years to less than 5 years | 5.35% | 5.85% |
| 5 years and above | 5.50% | 6.00% |
Investment Amount:₹180,000 Interest Earned:₹20,686 Maturity Amount: ₹200,686RD Calculator
Axis RD Interest Rates
w.e.f., January 2021.
| Tenure | Regular RD Interest Rate | Senior Citizen RD Interest Rate |
|---|---|---|
| 6 months | 4.40% | 4.65% |
| 9 months | 4.40% | 4.65% |
| 1 year | 5.15% | 5.80% |
| 1 year 3 months | 5.10% | 5.75% |
| 1 year 6 months up to 1 year 9 months | 5.25% | 5.90% |
| 2 years | 5.25% | 6.05% |
| 2 years 3 months | 5.40% | 6.05% |
| 2 years 6 months up to 4 years 9 months | 5.40% | 5.90% |
| 5 years | 5.50% | 5.90% |
| 5 years 3 months up to 10 years | 5.50% | 6% |
Bandhan Bank RD Interest Rates
w.e.f., January 2021.
| Tenure | Regular RD Interest Rate | Senior Citizen RD Interest Rate |
|---|---|---|
| 6 months to less than 12 months | 5.25% | 6.00% |
| 12 months to 18 months | 5.75% | 6.50% |
| 18 months 1 day to less than 24 months | 5.75% | 6.50% |
| 24 months to less than 36 months | 5.75% | 6.50% |
| 36 months to less than 60 months | 5.50% | 6.25% |
| 60 months to 120 months | 5.50% | 6.25% |
Investment Amount:₹180,000 Interest Earned:₹21,001 Maturity Amount: ₹201,001RD Calculator
HDFC Bank RD Interest Rates
w.e.f. Dec, 2021.
| Tenure | Regular RD Interest Rate | Senior Citizen RD Interest Rate |
|---|---|---|
| 6 Months | 3.50% | 4.00% |
| 9 Months | 4.40% | 4.90% |
| 12 Months | 4.90% | 5.40% |
| 15 Months | 5.00% | 5.50% |
| 24 Months | 5.00% | 5.50% |
| 27 Months | 5.15% | 5.65% |
| 36 Months | 5.15% | 5.65% |
| 39 Months | 5.35% | 5.85% |
| 48 Months | 5.35% | 5.85% |
| 60 Months | 5.35% | 5.85% |
| 90 Months | 5.50% | 6.00% |
| 120 Months | 5.50% | 6.00% |
ICICI Bank RD Interest Rates
w.e.f. December, 2021.
| Tenure | Regular RD Interest Rate | Senior Citizen RD Interest Rate |
|---|---|---|
| 6 months | 3.50% | 4.00% |
| 9 months | 4.40% | 4.90% |
| 12 months | 4.90% | 5.40% |
| 15 months | 4.90% | 5.40% |
| 18 months | 5.00% | 5.50% |
| 21 months | 5.00% | 5.50% |
| 24 months | 5.00% | 5.50% |
| 27 months | 5.20% | 5.70% |
| 30 months | 5.20% | 5.70% |
| 33 months | 5.20% | 5.70% |
| 36 months | 5.20% | 5.70% |
| Above 3 years upto 5 years | 5.40% | 5.90% |
| Above 5 years upto 10 years | 5.60% | 6.30% |
Investment Amount:₹180,000 Interest Earned:₹21,474 Maturity Amount: ₹201,474RD Calculator
IDFC Bank RD Interest Rates
w.e.f. January, 2021.
| Tenure | Regular RD Interest Rate | Senior Citizen RD Interest Rate |
|---|---|---|
| 6 months | 6.75% | 7.25% |
| 9 months | 7% | 7.50% |
| 1 year | 7.25% | 7.75% |
| 1 year 3 months | 7.25% | 7.75% |
| 1 year 6 months | 7.25% | 7.75% |
| 1 year 9 months | 7.25% | 7.75% |
| 2 years | 7.25% | 7.75% |
| 2 years 3 months | 7.25% | 7.75% |
| 3 years | 7.25% | 7.75% |
| 3 years 3 months | 7.20% | 7.70% |
| 4 years | 7.20% | 7.70% |
| 5 years | 7.20% | 7.70% |
| 7 years 6 months | 7.20% | 7.70% |
| 10 years | 7.20% | 7.70% |
RBL Bank RD Interest Rate
w.e.f. January, 2021.
| Tenure | Regular RD Interest Rate | Senior Citizen RD Interest Rate |
|---|---|---|
| 181 days to 240 days | 6.65% | 7.15% |
| 241 days to 364 days | 6.65% | 7.15% |
| 1 year but less than 2 years | 7.20% | 7.70% |
| 2 years but less than 3 years | 7.25% | 7.75% |
| 3 years to 3 years 1 day | 7.50% | 8.00% |
| 3 years 2 days to less than 5 years | 7.00% | 7.50% |
| 5 years but less than 10 years | 7.15% | 7.65% |
| 10 years but less than 20 years | 6.65% | 7.15% |
Investment Amount:₹180,000 Interest Earned:₹22,265 Maturity Amount: ₹202,265RD Calculator
PNB Bank RD Interest Rate
w.e.f. January, 2021.
| Tenure | Regular RD Interest Rate | Senior Citizen RD Interest Rate |
|---|---|---|
| 180 days to 270 Days | 4.40% | 4.90% |
| 271 days to less than 12 months | 4.50% | 5.00% |
| 12 months | 5.00% | 5.50% |
| Above 1 year and up to 2 years | 5.00% | 5.50% |
| Above 2 years and up to 3 years | 5.10% | 5.60% |
| Above 3 years and up to 5 years | 5.25% | 5.75% |
| Above 5 years and up to 10 years | 5.25% | 5.75% |
Bank of Baroda RD Interest Rate
w.e.f. January, 2021.
| Tenure | Regular RD Interest Rate | Senior Citizen RD Interest Rate |
|---|---|---|
| 181 days to 270 days | 4.30% | 4.8% |
| 271 days and above and less than 1 year | 4.40% | 4.9% |
| 1 year | 4.90% | 5.4% |
| Above 1 year to 400 days | 5.00% | 5.5% |
| Above 400 days and up to 2 Years | 5.00% | 5.5% |
| Above 2 Years and up to 3 Years | 5.10% | 5.6% |
| Above 3 Years and up to 5 Years | 5.25% | 5.75% |
| Above 5 Years and up to 10 Years | 5.25% | 5.75% |
Investment Amount:₹180,000 Interest Earned:₹19,746 Maturity Amount: ₹199,746RD Calculator
Bank of India RD Interest Rate
w.e.f. January, 2021.
| Tenure | Regular RD Interest Rate | Senior Citizen RD Interest Rate |
|---|---|---|
| 180 days 269 days | 4.75% | 5.25% |
| 270 days to less than a year | 4.75% | 5.25% |
| Above 1 year but less than 2 years | 5.25% | 5.75% |
| Above 2 years but less than 3 years | 5.30% | 5.80% |
| Above 3 years but less than 5 years | 5.30% | 5.80% |
| Above 5 years but less than 8 years | 5.30% | 5.80% |
| Above 8 years and up to 10 years | 5.30% | 5.80% |
Union Bank of India RD Interest Rate
w.e.f. January, 2021.
| Tenure | Regular RD Interest Rate | Senior Citizen RD Interest Rate |
|---|---|---|
| 180 days to 364 days | 5.50% | 5.50% |
| 1 year | 5.75% | 5.75% |
| 1 year 1 day to 443 days | 5.75% | 5.75% |
| 444 days | 5.85% | 5.85% |
| 445 days to 554 days | 5.75% | 5.75% |
| 555 days | 5.90% | 5.90% |
| 556 days to 2 years 12 months 31 days | 5.75% | 5.75% |
| 3 years to 10 years | 5.80% | 5.80% |
Investment Amount:₹180,000 Interest Earned:₹21,474 Maturity Amount: ₹201,474RD Calculator
Kotak Bank RD Interest Rate
w.e.f. January, 2021.
| Tenure | Regular RD Interest Rate | Senior Citizen RD Interest Rate |
|---|---|---|
| 6 Months | 4.25% | 4.75% |
| 9 Months | 4.40% | 4.90% |
| 12 Months | 4.75% | 5.25% |
| 15 Months | 4.90% | 5.40% |
| 18 Months | 4.90% | 5.40% |
| 21 Months | 4.90% | 5.40% |
| 24 Months | 5.15% | 5.65% |
| 27 Months | 5.15% | 5.65% |
| 30 Months | 5.15% | 5.65% |
| 33 Months | 5.15% | 5.65% |
| 3 years - less than 4 years | 5.30% | 5.80% |
| 4 years - less than 5 years | 5.30% | 5.80% |
| 5 years - 10years | 5.30% | 5.80% |
Yes Bank RD Interest Rate
w.e.f. January, 2021.
| Tenure | Regular RD Interest Rate | Senior Citizen RD Interest Rate |
|---|---|---|
| 6 Months | 5.25% | 5.75% |
| 9 Months | 5.50% | 6.00% |
| 12 Months | 6.00% | 6.50% |
| 15 Months | 6.00% | 6.50% |
| 18 Months | 6.00% | 6.50% |
| 21 Months | 6.00% | 6.50% |
| 24 Months | 6.25% | 6.75% |
| 27 Months | 6.25% | 6.75% |
| 30 Months | 6.25% | 6.75% |
| 33 Months | 6.25% | 6.75% |
| 36 Months | 6.50% | 7.25% |
| 3 years up to 10 Years | 6.75% | 7.50% |
Investment Amount:₹180,000 Interest Earned:₹21,001 Maturity Amount: ₹201,001RD Calculator
Types of RD: How RD Interest Rated Differ for Each
Regular Saving Scheme
In a Recurring Deposit scheme, customers can choose to deposit a fixed sum of money over a period of time, usually between six months to 10 years. At the end of the tenure, the maturity amount can be withdrawn. The interest rates on the regular RD scheme ranges between 6% to 8% per annum. Customers can open a Recurring Deposit for as little as INR 100 per month.
Junior Recurring Deposit Scheme
Parents or guardians can open this scheme for their children to start saving for their future needs such as higher education, etc. Some banks may offer a higher rate of interest, while others may offer equivalent to the regular RD schemes.
Senior Citizens Recurring Deposit Scheme
This scheme is designed to help senior citizens during their retirement. Banks offer higher rates of interest for senior citizens, usually, 0.5% p.a. is given over and above the prevailing interest rates.
NRE/NRO Recurring Deposit Scheme
NRE/NRO is a scheme offered to NRI Customers. NRE and NRO RD accounts may be offered at a lower interest rate.
RD Interest Calculator
Even though RD interest rates vary bank to bank, customers can determine their potential Earnings by using an RD interest calculator. You need to enter details like- the amount you wish to deposit every month and the number of months you would want to make an investment in RD scheme.
The example is illustrated below-
| Amount | Interest Rate | Period |
|---|---|---|
| INR 500 pm | 6.25% Per annum | 12 months |
Total Amount Paid- INR 6,000
Total Maturity Amount- INR 6,375
Total Interest Receivable- INR 375
RD Calculator
RD Calculator evaluates the maturity value of the deposits made under a Recurring Deposit scheme. With the help of an RD calculator, customers can determine their maturity amount, even before starting an investment. All you need to do is decide your monthly deposit amount and tenure of deposit. You also need to choose the type of compounding for the interest, that is how frequently you expect the interest to be compounded.
The Illustration of an RD Calculator is given below-
| RD Calculator | |
|---|---|
| Deposit Amount | INR 1000 |
| Saving Terms (in months) | 60 |
| Date of Opening RD | 01-02-2018 |
| Due Date of RD | 01-02-2023 |
| Rate of Interest | 6% |
| Frequency of Compounding | Monthly |
Investment Amount:₹180,000 Interest Earned:₹19,902 Maturity Amount: ₹199,902RD Calculator
Advantages of RD Account
- RD schemes provide a stable and safe investment option irrespective of Market fluctuations.
- RD interest rates are usually high, thus makes an ideal avenue for long-term savings.
- Investors can close their RD account before the maturity period. But, during the premature withdrawals, investors may have to pay some amount in the form of penalty, depending on the bank.
- Investors can opt for loans up to 60-90% of the balance, against the Recurring Deposit.
- Recurring Deposits come with a nomination Facility.
Conclusion
Customers can compare RD interest rates of various banks and buy the one that suits the most. Those who haven’t made any investment so far; a Recurring Deposit scheme is good to start with. It will help you to get into a habit of saving regularly. Also, it is a good avenue for creating an emergency fund or contingency fund. So, open an RD account today, and save for your future!
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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