Recurring deposit or RD is a special type of term deposit.
Recurring Deposit or RD is a special type of term deposit in which users deposit money in regular installments. And they get fixed returns. In this, due to the regular deposit feature, people get the convenience of investing.
recurring deposit or RD Account There is a special type of term deposit, in which users deposit money in regular installments. and return them fixed (Return on RD) Get. Due to the regular deposit feature in it, people Investment convenience is available. Most Indian Banks (Banks) RD accounts are available for tenures ranging from six months to 10 years. In this, customers get the option to choose the duration according to their need. Let us know how much interest is being received on RD account in top banks of the country at present. Along with this, the post office also gets to know the interest rate of the RD scheme.
State Bank Of India (SBI)
The interest rates on RD account for common citizens and senior citizens are similar to term deposits in the country’s largest bank State Bank of India (SBI). The interest rate starts from 5.10 percent to 5.50 percent. The bank is giving interest at the rate of 5.10 per cent for RD accounts with tenures ranging from one year to less than two years. At the same time, an interest rate of 5.20 percent is available on RDs ranging from two years to less than three years. Whereas, on the RD account of less than three years to five years, the bank is giving interest at the rate of 5.45 percent.
Talking about the long term, there is an interest rate of 5.50 percent in the bank on RD account from five years to 10 years.
HDFC Bank currently offers an interest rate of 3.50 per cent to 5.10 per cent on RD accounts with a tenure of 6 to 24 months. The interest rate for 27 months and 36 months is 5.40 per cent. RD accounts with tenures of 39 months, 48 months and 60 months are getting interest at the rate of 5.60 percent. At the same time, the interest rate for RDs of 90 months and 120 months is 5.75 percent. Interest on recurring deposits is calculated from the date of payment.
In this private bank, interest rates of 3.50 percent and 4.40 percent are available on RDs of 6 months and 9 months respectively. At the same time, interest at the rate of 5.10 percent is available on RD scheme of 12 months, 15 months, 18 months, 21 months and 24 months. The interest rate on RD accounts for 27 months, 30 months, 33 months and 36 months is currently 5.4%. Whereas, RD accounts with a tenure of three years to five years are getting interest at the rate of 5.60 percent. RD accounts for more than five years and up to 10 years have an interest rate of 5.75 percent.
A period of five years has been fixed for the RD scheme in the post office. It is viewed from the date of account opening. The account can be extended for a further period of five years by applying to the concerned post office. The interest rate will remain the same during the extended period at which the account was opened. The interest rate for the June 2022 quarter is 5.8 per cent.
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