Up to 7.75% RD interest rates: SBI vs HDFC Bank vs ICICI Bank vs Yes Bank; which bank is offering highest RD rates

HDFC Bank offers interest rates between 4.50% to 7.10% for tenure ranging from 6 months to 10 years for general citizens. For senior citizens, the bank offer between 5% to 7.75%*However, HDFC Bank has not revised RD interest rates this year according to the bank website.

According to the HDFC Bank website* is , “An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Deposit for a tenure greater than 5 (five) years to 10 Years, during special deposit valid till 7th November’23. This special offer will be applicable to new Deposit booked by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian.”

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SBI offers recurring deposit interest rates ranging from 6.80% to 7% for terms ranging from one year to ten years. The minimum monthly deposit is Rs. 100 (followed by multiples of Rs. 10). SBI charges a penalty for late payment of instalments. If six consecutive instalments are not received, the account will be closed prematurely and the amount paid to the account holder.

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ICICI Bank offers interest rates between 4.75% to 7.20% for tenure ranging from 6 months to 10 years for general citizens. For senior citizens, the bank offers between 5.25% to 7.75%. The rates are effective from February 17, 2024
According to the ICICI Bank, “Penalty is charged at monthly interest at the rate of Rs 12 per Rs 1000 for all delayed installments. Fraction of a month will be treated as full month for the purpose of calculating such interest. The total interest so chargeable shall be recovered from the total amount of interest payable at the time of maturity.”

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Kotak Mahindra Bank offers interest rates between 6% to 7.40% for tenure ranging from 6 months to 10 years for general citizens. For senior citizens, the bank offers between 6.50% to 7.90%. The rates are effective from February 24, 2024.
In case of delay in payment of any installment post grace period of 5 days, penal interest at the rate of RD interest rate (contracted rate of interest at the time of booking of the RD) + 2% p.a. or such other rate as may be specified by Bank from time to time, will be charged for the month of delay.

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Yes Bank offers interest rates ranging from 6.10% to 7.75% on terms ranging from 6 months to 5 years. RD can be scheduled for tenancy in 3 month increments (e.g., 6 months, 9 months, 12 months…). The bank will charge a 1% penalty for late payments.

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PNB offers interest rates ranging from 4.50% to 7.25%, with terms ranging from 6 months to 120 months in multiples of one month. If you deposit your pending installments before the maturity date, you will be charged a penalty of Rs.1.00 per Rs.100 every month.

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