Recurring deposits are a good option for those who wish to invest small amounts every month. With a recurring deposit, you may set aside a certain amount of money each month and receive a high rate of return this will allow the user to build up an appealing sum at maturity.
Here is a recurring deposit interest rates comparison of SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank, Yes Bank.
FD rates up to 8.40%: These banks have revised fixed deposit interest rates in January 2024
SBI RD Interest Rates
State Bank of India offers recurring deposit interest rate between 6.50% to 7% on tenures from 1 year to 10 years. The highest interest rate is offered on tenure of 2 years to less than 3 years. The rates are effective from December 27, 2023.
Canara Bank RD interest rate
Canara Bank RD interest rate is same as FD interest rate. It offers recurring deposit interest rate between 6.85% to 7.25% on tenures from 1 year to 10 years. The highest interest rate is offered on tenure of 444 days. The rates are effective from November 16, 2023.PNB RD Interest rates
Punjab National Bank offers the same interest rate as FD interest rate. It offers a recurring deposit interest rate between 6% to 7.25% on tenures from 6 months to 10 years. The highest interest rate is offered on tenure of 400 days. The rates are effective from January 8, 2024.
HDFC Bank RD interest rates
HDFC Bank offers recurring deposit interest rates ranging from 4.50% to 7.10% for terms ranging from 6 months to 10 years for general citizen. The highest interest rate of 7.10% is available for a 15-month term. The rates are applicable from January 24, 2023.
ICICI Bank RD interest rates
ICICI Bank offers recurring deposit interest rates between 4.75% to 7.10% for tenures of 6 months to 10 years for general citizens. The highest interest rate of 7.10% is offered on tenure of 15 months, 18 months, 21 and 24 months. The rates are applicable from February 24, 2023.
Yes Bank RD rates
Yes Bank offers recurring deposit interest rates ranging from 6.10% to 7.75% on terms ranging from 6 months to 10 years. The highest interest rate of 7.75% is available for terms of 18 months and 21 months. These rates are effective from November 21, 2023.
| Bank | Highest RD rate |
| SBI | 7% |
| Canara bank | 7.25% |
| PNB | 7.25% |
| HDFC Bank | 7.10% |
| ICICI bank | 7.10% |
| Yes Bank | 7.75% |
How to open a Recurring Deposit?
An RD account can be opened in a bank’s branch or over the internet. Here are simple steps on how you can open an RD account online in Bank of Baroda net banking.
Step 1: Login your bank account using credentials
Step 2: On the main screen, click “Open an e-RD Account.”
Step 3: Fill in details such as bank account information, the preferred instalment amount, and the desired timeframe for the instalment debit. Include the beneficiary’s statement and the interest rate applicable.
Step 4: After confirming the maturity date, you can ensure your acceptance of the terms and conditions by clicking the box.
Step 5: Submit your application. A receipt for the RD will be emailed to the address on file, and a confirmation message will be shown.
Step 6: The predetermined sum will be deducted from the designated account. Source Link
