Institutions such as small finance banks and post offices also offer the facility of RDRecurring 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, Punjab National Bank, Canara Bank, ICICI Bank and HDFC Bank:State Bank of IndiaThe following RD interest rates are offered by SBI with effect from February 22, 2019, according to the bank's website - sbi.co.in:TenorsGeneral public (% p.a.)Senior citizens (% p.a.)1 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 years6.857.35Punjab National BankThe following RD interest rates are offered by PNB, according to the bank's website - pnbindia.in:TenorsGeneral public (% p.a.)Senior citizens (% p.a.)180 days to 270 Days6.356.85222 days6.67.1271 days to less than 1 year6.356.85333 days7.17.61 year6.757.25555 days6.857.35above 1 year up to 3 years6.757.25above 3 year up to 5 years6.256.75above 5 years up to 10 years6.256.75Canara BankThe following RD interest rates are offered by Canara Bank, according to the bank's website - canarabank.com:PeriodGeneral public (% p.a.)Senior citizens (% p.a.)180 days to 269 days66.5270 days to less than 1 year6.26.71 year only6.757.25Above 1 year to less than 2 years6.67.12 years above to less than 3 years6.67.13 years above to less than 5 years66.55 years above to less than 8 years66.58 years above to 10 years66.5ICICI 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 HDFC 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 account.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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