INSUBCONTINENT EXCLUSIVE:
Institutions such as small finance banks and post offices also offer the facility of recurring deposit.Recurring Deposit or RD is a kind of
term deposit under which one needs to deposit a fixed amount at fixed interval, which generates interest income
On maturity, the depositor is paid a lump-sum amount which includes the periodic investments and the interest income earned on them
Recurring deposit interest rates, once determined, do not change during the tenure
In fact, the Reserve Bank of India ensures that strict guidelines are followed by banks
deposit (RD) rates offered by State Bank of India (SBI), Kotak Mahindra Bank, HDFC Bank and ICICI Bank:State Bank of IndiaRecurring deposit
rates offered by SBI:TenorsRevised For Public w.e.f
28.11.2018Revised for Senior Citizens w.e.f
28.11.20187 days to 45 days5.756.2546 days to 179 days6.256.75180 days to 210 days6.356.85211 days to less than 1 year6.46.91 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 years6.857.35Source:
( %)Senior Citizen Rates p.a
( %)6 Months7.00%7.50%9 Months7.00%7.50%12 Months7.30%7.80%15 Months7.25%7.75%18 Months7.25%7.75%21 Months7.25%7.75%24 Months7.25%7.75%27
Months7.25%7.75%30 Months7.25%7.75%33 Months7.25%7.75%3 years - less than 4 years7.10%7.60%4 years - less than 5 years7.00%7.50%5 years - 10
annum)Effective From6 Months6.25%6.75%Jun 06,20189 Months6.75%7.25%Aug 06,201812 Months7.30%7.80%Nov 06,201815 Months7.30%7.80%Nov 06,201824
Months7.30%7.80%Nov 06,201827 Months7.40%7.90%Nov 06,201836 Months7.40%7.90%Nov 06,201839 Months7.25%7.75%Nov 06,201848 Months7.25%7.75%Nov
by ICICI Bank: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
upto 5 years7.257.75Above 5 years upto 10 years77.5
