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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.

  • Deutsche Bank and Nainital Bank offer an interest rate of 7.25% and 7.50% respectively for recurring deposits of over 5 years tenure.
  • For tenure of 1 year,Nainital Bank and DHFL Bank interest rates are 7.50% and 7.75%.
  • Nainital Bank offers an interest rate of 7.90% for RD scheme with 2 year tenure.
  • For durations of 3 to 4 years, the best interest is offered by Nainital Bank (7.75%), Lakshmi Vilas Bank (7.00%) and Karur Vysya Bank (7.00%).
  • The Recurring Deposit scheme offered by Post Office comes with an attractive interest rate of 7.10%.

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 6.50% - 6.60% for tenures ranging from 180 Days to 2 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 7.10 per cent with tenure options from 13 months to 24 months.

  • HDFC Bank

    HDFC Bank offers a maximum interest rate at 7.00% for Recurring Deposit schemes. The tenure varies from 12 months to 120 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 6.75% for period of 1 to 4 years RD schemes. For period of 5 Years and above, the bank offers an interest rate of 6.75%.

  • Axis Bank

    Axis Bank RD schemes come with an interest rate of 7.00% for a period of one year to less than 2 years. 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 October '18

Recurring Deposit Interest Rates Bank wise
Bank 1 Years 2 Years 3 Years 4 Years 5 Years 5+ Years
Andhra Bank 6.50 6.50 6.25 6.25 6.25 6.25
Allahabad Bank 6.50 6.60 6.50 6.50 6.50 6.50
Axis Bank 6.75 6.25 6.25 6.25 6.25 6.25
Bandhan bank 7.15 6.80 6.80 6.80 6.80 6.40
Bank of Maharashtra 6.25 6.25 6.25 6.00 6.00 6.00
Bank of Baroda 6.60 6.65 To 6.50 6.50 6.50 6.50 6.50
Bank of India 6.25 6.60 6.50 6.30 6.25 6.25
Canara Bank 6.50 6.30 6.20 6.20 6.00 6.00
Central Bank of India 6.50 6.60 6.50 6.50 6.50 6.50
City Union Bank 7.10 6.85 6.85 6.85 6.85 6.70
Corporation Bank 6.25 6.50 6.50 6.50 6.50 6.50
Citi Bank 5.00 5.00 5.00 5.00 5.00 5.00
DBS Bank 6.30 6.40 6.50 6.60 6.70 6.70
Dena Bank 6.50 6.50 6.25 6.25 6.30 6.30
Deutsche Bank 6.00 6.75 6.75 7.00 7.00 7.25
Dhanalakshmi Bank 6.00 6.60 6.50 6.50 6.50 6.50
DHFL Bank 7.75 -- -- -- -- --
Federal Bank 6.7 6.60 6.50 6.50 6.50 6.50
HDFC Bank 6.85 7.00 7.00 7.00 7.00 6.00
Post Office -- -- -- -- -- 7.10
Indian Overseas Bank 6.25 -- 6.25 6.00 6.00 6.00
ICICI Bank 6.75 6.75 6.50 6.50 6.50 6.50
IDBI Bank 6.75 6.50 6.25 6.25 6.00 6.00
Indian Bank 6.50 6.25 6.25 6.00 6.00 6.00
Indusind Bank 6.85 6.50 to 6.75 6.50 6.50 6.50 6.50
J&K Bank 6.25 6.75 6.50 6.25 6.25 6.25
Karnataka Bank 6.50 6.85 6.50 6.50 6.50 6.50
Karur Vysya Bank 6.75 6.75 7.00 7.00 7.00 7.00
Kotak Mahindra Bank 6.60 6.75 6.50 6.25 6.25 6.00
Lakshmi Vilas Bank 6.75 6.90 7.00 7.00 7.00 7.00
Nainital Bank 7.50 7.90 7.75 7.75 7.50 7.50
Oriental Bank of Commerce 6.75 6.85 6.50 6.50 6.50 6.50
Punjab National Bank 6.60 6.50 6.50 6.25 6.25 6.25
Punjab and Sind Bank 6.50 6.50 6.50 6.50 6.50 6.50
Saraswat bank 6.35 6.35 6.40 6.40 6.40 6.40
South Indian Bank 6.00 6.75 6.50 6.50 6.50 6.50
State Bank of India 6.70 6.75 6.80 6.80 6.85 6.85
Syndicate Bank 6.15 6.50 6.60 6.60 6.50 6.50
Tamilnad Mercantile Bank Ltd 6.90 7.00 6.90 6.90 6.90 6.90
UCO bank 6.50 6.50 6.40 6.25 6.25 6.25
Union Bank of India 6.75 6.50 6.50 6.50 6.50 6.50
United Bank Of India 6.10 6.00 6.00 6.00 6.00 6.00
Vijaya Bank 6.50 6.60 6.50 6.50 6.50 6.25
Yes Bank 6.75 6.75 6.75 6.75 6.75 6.75

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.

    22 November, 2016

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RD Reviews

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  • SBI Recurring Deposit
    "Safe and secured"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    RD facility is very good in SBI, I have chosen 10 years of tenure its safe and secured. I can track the details through online netbanking some time I go to bank to make the RD deposit or I can make it through online transaction, the staff are helpful. There is no charges for the pre mature withdrawal.
    Was this review helpful? 1
    , kolkata
    Reviewed on Jun 13, 2019
  • HDFC Bank
    HDFC Bank Recurring Deposit
    "Good RD"
    HDFC BANK
    0.5 3.0/5 "Satisfactory"
    When i apply the salary account, they have provided me a RD account. Once the salary is credited, they will deduct the recurring deposit amount of Rs. 1000. I did not aware of the interest rate and there is no lockin period. I never interacted with the customer care service so far. They are not sending the notification when they deduct the amount from my account.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jun 11, 2019
  • YES Bank Recurring Deposit
    "Good investment for future"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    I use YES bank for RD purpose, I can opt for minimum of 9 months to max tenure period. Their interest rate is normal as like other bank and there is no maintenance fee. If I want to withdraw the money before the tenure period I need to visit to the bank with the documents.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 11, 2019
  • HDFC Bank Recurring Deposit
    "Very much userfriendly"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    Long back from HDFC bank I have opened recurring deposit, I have opt for three months of tenure period, but I taken the money in four months. The interest rate is nominal as per RBI guideline, I done the process through online. Therefore everything was great.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jun 07, 2019
  • ICICI Bank Recurring Deposit
    "Excellent banking services"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have a recurring deposit in ICICI which is children based RD. Somebody suggested me to take the ICICI. They have provided me a interest rate of 7.25% and there is no additional charges are required. Almost 1 year back, i put the money. I can able to withdraw the money after 2 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 28, 2019
  • ICICI Bank Recurring Deposit
    "Good for future"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    For the future purpose, i have invested my Recurring deposit in ICICI. This is a best platform to save the money for future purpose like child's marriage and education. Some interest rate they are providing but i don't have any idea. There is no other additional charges. I'm investing the money through online.
    Was this review helpful? 1
    , bangalore
    Reviewed on May 28, 2019
  • HDFC Bank Recurring Deposit
    "Its Good"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    Two years back I had a recurring deposit in HDFC Bank, the process was very easy because I opened and closed through online. They are very genuine in terms of interest , there is no charges applicable for the pre matured, I can liquidate the fund after certain amount,
    Was this review helpful? 0
    , chennai
    Reviewed on May 26, 2019
  • ICICI Bank Recurring Deposit
    "Good for future"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    For the future purpose, i have invested my Recurring deposit in ICICI. This is a best platform to save the money for future purpose like child's marriage and education. Some interest rate they are providing but i don't have any idea. There is no other additional charges. I'm investing the money through online.
    Was this review helpful? 1
    , bangalore
    Reviewed on May 24, 2019
  • HDFC Bank Recurring Deposit
    "Good investment"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I had small HDFC recurring deposit, I done the process through online Banking. Per month I used to invest around Rs. 1000 for two years of term. I got the best return the entire amount was credited to the account, once it crossed the maturity period.
    Was this review helpful? 0
    , lucknow
    Reviewed on May 20, 2019
  • IndusInd Bank Recurring Deposit
    "Best interest in the market"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    I have recurring deposit with Indusind, best part they give more interest compared to other bank. We can deposit minimum amount of Rs.1000 to 1 lakh per month it has the duration of one year then we can extend it. The online transaction is good to transfer the money.
    Was this review helpful? 3
    , jaipur
    Reviewed on May 17, 2019
  • Bank of India Recurring Deposit
    "Trusted Investment"
    BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    Minimum I pay Rs. 1000 to Bank of India on monthly basis, there is no limitation for the deposits,. They are resolving the RD queries. on time but they don't have online option for the payment. I need to make through auto debit or cash, it has duration of three years.I can also extend the duration.
    Was this review helpful? 3
    , mumbai
    Reviewed on May 14, 2019
  • HDFC Bank Recurring Deposit
    "Excellent"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have a recurring deposit with HDFC BANK and am doing monthly investment. I have chosen a plan of 14L, I can manage the account online. And whenever visited the branch, its most convenient. It was started in the year of 2004 or 2003, am getting profit on this.
    Was this review helpful? 3
    , hyderabad
    Reviewed on May 12, 2019
  • HDFC Bank Recurring Deposit
    "Very lesser interest rates"
    HDFC BANK
    0.5 3.0/5 "Satisfactory"
    In HDFC , I was invested my money in Recurring deposit only for the shorter duration of Six months . One of executive has given this idea to invest my money in RD for better returns . But they have lesser interest rate and I am not completely satisfied with this RD . After six months I have closed this RD .
    Was this review helpful? 2
    , hyderabad
    Reviewed on May 10, 2019
  • HDFC Bank Recurring Deposit
    "Best"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    Recently I opened a Recurring Deposit with HDFC because of the interest rate, they are good in the market. The customer service is user friendly and done a good support. I am doing monthly investment and it will be automatically debited from my account.
    Was this review helpful? 3
    , hyderabad
    Reviewed on May 10, 2019
  • Axis Bank Recurring Deposit
    "Very good"
    AXIS BANK
    0.5 4.0/5 "Great!"
    I have one more recurring plane I have took this plane last 2 month back , and here I paid 5k every month , and here is same interest 7.5% , and this is only 6 month plane , and their allover service is good , I am happy with this plane and their all service ,
    Was this review helpful? 3
    , chennai
    Reviewed on May 04, 2019
  • Axis Bank Recurring Deposit
    "Very good"
    AXIS BANK
    0.5 4.0/5 "Great!"
    Here is I paid 2k every month my plane is 1 year, and here rate of interest is 7.5% include then gave me , and their allover service is good , never face any problem in this bank , I am happy with this bank and their service ,I have one recurring plane from axis bank ,
    Was this review helpful? 0
    , chennai
    Reviewed on May 04, 2019
  • Axis Bank Recurring Deposit
    "Very good"
    AXIS BANK
    0.5 4.0/5 "Great!"
    I have one recurring plan with axis bank , and here is I paid 3k every month my plan is for a period of 1 year, and here rate of interest is 7.5% include then gave me , and their allover service is good , never face any problem in this bank , I am happy with this bank and their service ,
    Was this review helpful? 1
    , chennai
    Reviewed on May 04, 2019
  • ICICI Bank Recurring Deposit
    "More than satisfactory"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have a recurring deposit at ICICI Bank as well. It was a easy process to open this account. I could do it online and I can make a investment. They provide a reasonable rate of interest too. I can even close this account online. I need not have to visit the bank.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 04, 2019
  • Axis Bank Recurring Deposit
    "Smart saving with Axis"
    AXIS BANK
    0.5 5.0/5 "Blown Away!"
    I used to invest the monthly deposit of Rs. 6000 in Axis bank recurring deposit it has the term of two years, if I want to continue more the term I can prolong it. As per the RBI guideline they give the interest around 5% for per annum. I have option to open and close account through online.
    Was this review helpful? 1
    , pune
    Reviewed on May 03, 2019
  • HDFC Bank Recurring Deposit
    "GOOD"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I am using the recurring deposit with the HDFC BANK where i am using it since from last two years. It is easy to open the account in the recurring deposit. The application process was easy to bet the account. The Interest is based on the amount that we deposit. The customer service is good.
    Was this review helpful? 1
    , bangalore
    Reviewed on Apr 27, 2019
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