Recurring Deposits Interest Rates of All Banks

Recurring Deposits

Recurring deposits, also known as RD are term deposits which allow people to make regular deposits and earn attractive interests on them. Account holders can choose the period of the deposits and even the amount to be deposited regularly. RD offers higher flexibility than Fixed Deposits and is therefore more apt for those individuals who earn regular income and are unable to make bulk deposits in one go. It inculcates a habit of saving among individuals across all income categories.

Recurring Deposits are offered by all banks in India. Interest rates are very competitive among banks, usually ranging around 6-7%, which are fixed for a tenure that is once decided, doesn’t change during the tenure. The tenure is as short as 180 days and can go up to 10 years. On maturity, the accumulated amount of the regular deposits along with the interest component is paid to the depositor.

Features of Recurring Deposit

The most notable features of RDs are as follows:

  • Flexible mode of saving allows you to choose the amount you can save regularly which can be as small as Rs. 10.
  • Allows you to choose the tenure of your savings as well, which can range from 180 days to 10 years.
  • The rate of interest offered on RDs is at least as high as that of Fixed Deposits. Recurring deposit interest rates vary from 5.75% to 8.05%
  • Minors can also open RD account under guardianship of parents.
  • Senior citizens are eligible for higher rate of interest, usually 0.5% more than the other investors.
  • Premature and partial withdrawals are allowed in RDs with some penalty.
  • RDs can be used as collateral to obtain loans. Generally, the loan to value ratio is 80-90%.

 

 

Bank General Senior Citizen
Allahabad Bank 6.50% – 6.75% 0.00% – 0.00%
Andhra Bank 6.26% – 6.80% 6.76% – 7.30%
Axis Bank 7.00% – 7.60% 7.35% – 8.25%
Bandhan Bank 6.40% – 7.55% 7.15% – 8.30%
Bank of Baroda 5.75% – 6.85% 6.25% – 7.35%
Bank of India 6.25% – 6.70% 6.75% – 7.20%
Bank of Maharashtra 6.00% – 6.60% 6.50% – 7.10%
Canara Bank 6.20% – 7.00% 6.70% – 7.50%
Central Bank of India 6.20% – 7.00% 6.70% – 7.50%
Citibank 6.00% – 7.50% 6.50% – 8.00%
Corporation Bank 6.50% – 6.80% 7.00% – 7.30%
DBS Bank 5.75% – 7.50% 5.75% – 7.50%
Dena Bank 6.25% – 6.75% 6.75% – 7.25%
DHFL 8.00% – 8.00% 8.40% – 8.40%
HDFC Bank  6.25% – 7.40% 6.75% – 7.90%
ICICI Bank 6.25% – 7.50% 6.75% – 8.00%
IDBI Bank 6.00% – 7.05% 6.50% – 7.55%
IDFC Bank 6.75% – 7.25% 7.25% – 7.75%
Indian Bank 6.00% – 6.75% 6.50% – 7.25%
Indian Overseas Bank 5.75% – 6.80% 6.25% – 7.30%
IndusInd Bank 7.25% – 8.00% 7.75% – 8.50%
Karur Vysya Bank 6.75% – 7.00% 6.75% – 7.50%
Kotak Bank 6.50% – 7.30% 7.00% – 7.80%
Lakshmi Vilas Bank 6.50% – 8.00% 7.00% – 8.60%
PNB 6.25% – 6.75% 6.75% – 7.25%
Punjab and Sind Bank 6.25% – 7.00% 6.75% – 7.50%
RBL Bank 7.15% – 8.05% 7.65% – 8.55%
SBI  6.80% – 6.85% 7.30% – 7.35%
South Indian Bank 6.50% – 7.60% 7.00% – 8.10%
Syndicate Bank 6.50% – 6.80% 7.00% – 7.30%
UCO Bank 6.70% – 6.75% 0.00% – 0.00%
Union Bank of India 6.50% – 6.85% 7.00% – 7.35%
Yes Bank 7.00% – 7.25% 7.50% – 7.75%