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  • Which Banks offer the Highest Recurring Deposit Interest Rates in India?

    Recurring Deposit is the most popular options for the risk averse investors. In a recurring deposit scheme, investors will have to make deposits of a fixed amount each month for a fixed tenure. The investment amount will earn interest which will be returned to the customer after maturity. Recurring deposit will help you make disciplined investments and is an easy way to get safe and good returns on your money.

    How is the Interest for a Recurring Deposit Scheme Calculated?

    The interest rate for a recurring deposit scheme is calculated based on various factors like the money that your deposit every month, the tenure and the RD scheme that you choose. Generally, the interest rate for RD is the highest when you invest for a period varying between 15 months to 24 months. Also, higher interest rates are offered for women and senior citizens by select banks for Recurring Deposit accounts. You can use an online Recurring Deposit Calculator to find out the interest that you will accumulate for the given principal and tenure.

    Highest Recurring Deposit Interest Rates

    Based on the tenure, here are some of the banks that offer best interest rate for RD schemes.

    • Lakshmi Vilas Bank and TamilNad Mercantile Bank offer an interest rate of 7.80% and 7.80% respectively for recurring deposits of over 5 years tenure.
    • For tenure of 1 year, The Bandhan Bank interest rate is 8.25% and Allahabad Bank, Indus Ind Bank, J&K Bank, Karnataka Bank offer an interest rate of 8.00%.
    • Bandhan Bank offers an interest rate of 8.25% for RD scheme with 2 year tenure.
    • For durations of 3 to 4 years, the best interest is offered by Bandhan Bank, J&K Bank, Karnataka Bank, which is 8.00%.
    • The Recurring Deposit scheme offered by Post Office comes with an attractive interest rate of 7.4%.

    Best Recurring Deposit Scheme in India

    Here are some of the banks that offer very competitive Recurring Deposit schemes with attractive interest and other features.

    • Allahabad Bank

      Allahabad Bank offers an interest rate of 8.00% - 7.75% for tenures ranging from 1 to 5 years for Recurring Deposits.

    • ICICI Bank

      ICICI Bank has a flexible RD scheme called the iFlexi RD plan. The customer will incur no penalties for delayed monthly payments. The maximum interest rate that is offered for iFlexi RD is 7.90 per cent with tenure options from 13 months to 24 months.

    • HDFC Bank

      HDFC Bank offers a maximum interest rate at 7.50% for Recurring Deposit schemes. The tenure varies from 12 months to 60 months. One can invest a minimum amount of Rs 1000 and in multiples of 100 thereafter.

    • J&K Bank

      J&K Bank gives an attractive interest rate of 8.00% for period of 1 to 4 years RD schemes. For period of 5 Years and above, the bank offers an interest rate of 7.75%.

    • Axis Bank

      Axis Bank RD schemes come with an interest rate of 7.50% for a period of one year. The recurring deposit can be started with minimum initial deposit amount of Rs 1000 and in multiples of Rs 500 thereafter.

    Interest Rates offered By Banks for Recurring Deposits

    Here is a list of interest rates offered for recurring deposit schemes by various banks. The interest rates for RD has been grouped according to the tenure and the bank. The interest rates are subject to frequent change, do enquire with the concerned bank before starting a RD account.

    * Rates as of Jan-1-2017

    Bank 1 Years 2 Years 3 Years 4 Years 5 Years 5+ Years
    Andhra Bank 7.15% 7.15% 7% 6.5% 6.5% 6.5%
    Allahabad Bank 7% 6.75% 6.5% 6.5% 6.5% 6.5%
    Axis Bank 7% 7% 6.75% 6.75% 6.75% 6.75%
    Bandhan bank 8.25% 8% 7.75% 7.75% 7.75% 7.5%
    Bank of Maharashtra 6.25% 6.25% 6.25% 6% 6% 6%
    Bank of Baroda 7% 7% 6.85% 6.5% 6.5% 6.5%
    Bank of India 7.1% 7.1% 7% 7% 7% 7%
    Bharatiya Mahila Bank 7.25% 7.25% 7% 7% 7% 7%
    Canara Bank 6.9% 7.25% 7.25% 7.25% 7% 7%
    Central Bank of India 7% 6.9% 6.9% 6.9% 6.9% 6.9%
    City Union Bank 7.1% 6.85% 6.85% 6.85% 6.85% 6.7%
    Corporation Bank 7% 7% 6.9% 6.9% 6.9% 6.9%
    Citi Bank 5.5% 5.75% 5.75% 5.75% 5.75% 5.75%
    DBS Bank 6.5% 6.5% 6.5% 6.6% 6.7% 6.7%
    Dena Bank 6.5% 6.75% 6.5% 6.5% 6.35% 6.35%
    Deutsche Bank 6% 7% 7% 7% 7.75% 7.75%
    Dhanalakshmi Bank 6.75% 6.75% 6.5% 6.5% 6.5% 6.5%
    DHFL Bank 8.3% 8.3% 8.3% 8.3% 8.3% 8.3%
    Federal Bank 7% 7.15% 7.35% 7.1% 7.1% 7.1%
    HDFC Bank 6.9% 6.25% 6.25% 6.25% 6.25% 6.25%
    India Post Bank 7.3% 7.3% 7.3% 7.3% 7.3% 7.3%
    Indian Overseas Bank 6.75% 6.25% 6% 6% 6% 6%
    ICICI Bank 6.9% 7% 6.75% 6.75% 6.75% 6.5%
    IDBI Bank 6.9% 6.9% 6.9% 6.9% 6.9% 6.75%
    Indian Bank 6.5% 6.25% 6% 6% 6% 6%
    Indusind Bank 7.05% 6.75% 6.75% 6.75% 6.75% 6.75%
    J&K Bank 7.25% 7.25% 7.1% 7.1% 7% 7%
    Karnataka Bank 6.75% 6.75% 6.5% 6.5% 6.5% 6.5%
    Karur Vysya Bank 7% 7% 7% 7% 7% 7%
    Kotak Mahindra Bank 6.75% 6.25% 6.25% 6.25% 6.25% 6.25%
    Lakshmi Vilas Bank 7% 7% 7% 7% 7% 7%
    Nainital Bank 7.9% 7.9% 7.75% 7.75% 7.5% 7.5%
    Oriental Bank of Commerce 7% 6.75% 6.5% 6.5% 6.75% 6.75%
    Punjab National Bank 7% 6.9% 6.9% 6.9% 6.9% 6.7%
    Punjab and Sind Bank 7.1% 7.7% 7% 7% 7% 7%
    Saraswat bank 7.25% 7.25% 7.25% 7.15% 7.15% 7.15%
    South Indian Bank 7% 7% 7% 7% 7% 7%
    State Bank of India 6.9% 9.85% 6.5% 6.5% 6.5% 6.5%
    State Bank of Hyderabad 6.9% 6.85% 6.5% 6.5% 6.5% 6.5%
    State Bank of Travancore 6.95% 6.85% 6.5% 6.5% 6.5% 6.5%
    State Bank of Mysore 6.9% 6.85% 6.5% 6.5% 6.5% 6.5%
    State Bank of Bikaner and Jaipur 6.9% 6.85% 6.5% 6.5% 6.5% 6.5%
    Syndicate Bank 6.8% 6.5% 6.5% 6.5% 6% 6%
    Tamilnad Mercantile Bank Ltd 7% 7% 7% 7% 7% 7%
    UCO bank 7% 6.9% 6.9% 6.75% 6.75% 6.75%
    Union Bank of India 7.25% 7.25% 7.25% 7.25% 7.25% 7.25%
    United Bank Of India 6.75% 6.75% 6.5% 6.5% 6.5% 6.5%
    Vijaya Bank 6.5% 6.5% 6.5% 6.5% 6.5% 6.25%
    Yes Bank 7.1% 7.1% 7.1% 7.1% 7.1% 7.1%

    * Rates as of Jan-1-2017

    Read More Article on Recurring Deposit

    News About Best Recurring Deposit Interest Rates

    • Banks Cut Fixed Deposit Rates After Demonetisation

      Banks have witnessed an unbridled rush ever since the government decided to ban Rs.500 and Rs.1,000 notes in the country. With people lining up to deposit and exchange their old notes, banks have had a windfall of money, with reports estimating that over Rs.5,11,565 crore was collected in the week after the government announced demonetisation. This income has meant that banks can reduce the interest rates on fixed deposits, helping them amass more profits. Most banks have already reduced rates on fixed deposits by 25 to 50 basis points, which could have an impact on accountholders.

      Axis Bank reduced its FD rates to 7% for 1 year and 6.75% for 2/3 year deposits. Similarly, Punjab National Bank, Dena Bank, and Bank of Baroda also reduced their rates, bringing them down to 7% for 1 year. Syndicate Bank seems to be the best option now, thanks to a high interest of 7.3% for a one-year deposit. Even SBI cut the rates to 6.9% for 1 year deposits. A report by Deutsche Bank said that both private and public sector banks can make profits ranging between 5 and 15% post this increase in deposits, with the growth in deposits to be around 10% in the coming months.

      22nd November, 2016

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