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.Here is a comparison of recurring deposit (RD) rates offered by State Bank of India, Yes Bank, ICICI Bank and HDFC Bank:State Bank of India:The following RD interest rates are offered by SBI, according to the bank's website - sbi.co.in:TenorsRevised For Public w.e.f.
22.02.2019Revised for Senior Citizens w.e.f.
22.02.20191 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 years6.857.35Yes BankThe following RD interest rates are offered by Yes Bank, according to the bank's website - yesbank.in:ICICI BankThe following RD interest rates are offered by ICICI Bank with effect from March 7, 2019 according to the bank's website - icicibank.com:HDFC BankThe following RD interest rates are offered by Yes Bank, according to the bank's website - hdfcbank.com:Institutions such as small finance banks and post offices also offer the facility of recurring deposit.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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