Institutions such as small finance banks and post offices also offer the facility of recurring deposit.Recurring Deposit (RD) is a kind of term deposit under which one needs to deposit a fixed amount at fixed interval, which generates interest income.
Unlike a fixed deposit (FD) account, in which a lump-sum amount is locked in for a defined period against a fixed return, a recurring deposit (RD) account allows the investor to invest fixed amount of funds at regular intervals; for instance, every month.
On maturity, the depositor is paid a lump-sum amount which includes the periodic investments and the interest income earned on them.State Bank of India (SBI)The following RDinterest rates are offered by SBI, according to the bank's website - sbi.co.in:TenorsRevised For Public w.e.f.
28.11.2018Revised for Senior Citizens w.e.f.
28.11.20181 year to less than 2 year6.87.32 years to less than 3 years6.87.33 years to less than 5 years6.87.35 years and up to 10 years6.857.35Canara BankThe following RDinterest rates are offered by Canara Bank, according to the bank's website - canarabank.in:Term DepositsGeneral PublicSenior Citizen180 days to 269 days6.356.85270 days to less than 1 year6.46.91 year only77.5Above 1 year to less than 2 years77.52 years above to less than 3 years6.77.23 years above to less than 5 years6.26.75 years above to less than 8 years6.26.78 years above to 10 years6.26.7444 Days (Canara Shikhar Deposit)7.057.55555 Days (Canara Shikhar Deposit)7.17.6IndusInd BankThe following RDinterest rates are offered by IndusInd Bank, according to the bank's website - indusind.com:TenureInterest Rate p.a.(%)Senior Citizen Rates p.a.(%)12 Months88.515 Months88.518 Months88.521 Months88.524 Months7.5827 Months7.5830 Months7.5833 Months7.583 years - less than 5 years7.585 years - 10 years7.257.75HDFC BankThe following RDinterest rates are offered by HDFC Bank, according to the bank's website - hdfcbank.com:PeriodInterest Rate (per annum)Senior Citizen Rates (per annum)Effective From6 Months6.25%6.75%June 06, 20189 Months6.75%7.25%August 06, 201812 Months7.30%7.80%November 06, 201815 Months7.30%7.80%November 06, 201824 Months7.30%7.80%November 06, 201827 Months7.40%7.90%November 06, 201836 Months7.40%7.90%November 06, 201839 Months7.25%7.75%November 06, 201848 Months7.25%7.75%November 06, 201860 Months7.25%7.75%November 06, 201890 Months6.50%7.00%November 06, 2018120 Months6.50%7.00%November 06, 2018ICICI BankThe following RDinterest rates are offered by ICICI Bank, according to the bank's website - icicibank.com:Rate of Interest (% p.a.) w.e.f November 15, 2018Maturity PeriodGeneralSenior Citizen6 months6.256.759 months6.5712 months6.97.415 months7.17.618 months7.17.621 months7.17.624 months7.17.627 months7.5830 months7.5833 months7.5836 months7.58Above 3 years up to 5 years7.257.75Above 5 years up to 10 years77.5Institutions such as small finance banks and post offices also offer the facility of recurring deposit.