RD in Bank ICICI Bank offers interest rates between 4.75% to 7.10% for regular citizens and 5.25% to 7.50% for senior citizens. According to the ICICI Bank website, “RD will be available for a minimum tenure of 6 months (and thereafter in multiples of 3 months) up to a maximum tenure of 10 years.”
RD Interest Rate: The Center has increased the interest rate on Post Office Recurring Deposit (RD) scheme by 30 basis points (bps) to 6.5 percent for the July-September 2023 quarter. The interest rate on Recurring Deposit varies depending on the bank. Here is a comparison between post office RD interest rates and top bank RD rates like SBI, ICICI Bank and HDFC Bank. Let us see who is offering the best interest rate on RD deposits.
Post Office RD
The tenure of Post Office RD has been fixed at 5 years (60 monthly deposits) from the date of opening. The rate of interest applicable throughout the extension will be the same as when the account was first opened. The proposed interest rate for this quarter is 6.5%
SBI RD Interest Rate
As per the SBI website, the interest rate on RD is same as that of FD for public and senior individuals. If six consecutive installments are not paid to the bank, the account will be canceled early and the balance amount will be paid to the account holder. For a period of 1 year to 2 years, the bank gives an interest of 5.10 percent. The proposed interest rate for the period from 2 years to 3 years is 5.20 percent. The bank offers 5.45 per cent for tenures ranging from 3 years to 5 years. For long term tenure ranging from 5 years to 10 years, SBI offers 5.50 per cent. The minimum deposit period is 12 months; The maximum deposit period is 120 months.
ICICI Bank RD Rates
ICICI Bank offers interest rates between 4.75% to 7.10% for regular citizens and 5.25% to 7.50% for senior citizens. The rates are effective from February 24, 2023. According to the ICICI Bank website, “RD will be available for a minimum tenure of 6 months (and thereafter in multiples of 3 months) up to a maximum tenure of 10 years.”
HDFC Bank RD Rates
HDFC Bank offers an interest rate of 4.50 per cent for a period of 6 months. The interest rates offered for 9 months, 12 months and 15 months are 5.75%, 6.60% and 7.10% respectively. For tenures of 24 months, 27 months, 36 months, 39 months, 48 months, 60 months, 90 months and 120 months, HDFC Bank offers 7% interest rate. Interest on RD is calculated from the date of payment.
