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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 August '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

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    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

    Recurring Deposit - Sitemap

    RD Reviews

  • Page 1 of 50 1 2 3 4 5
    • Axis Bank Recurring Deposit
      "Easy process"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      It was very convenient to open a recurring deposit with Axis Bank. I can do it online and I did not have to visit the bank for any formality. The lock in period for this account is for a year. I can also close the account online too. I am happy with the process too.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 04, 2018
    • HDFC Bank Recurring Deposit
      "Good service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have opened a Recurring Deposit account in HDFC bank from last 1 year. I have to pay an amount of Rs 25000 every month and all the terms & conditions were explained by the customer support of HDFC bank. In returns i get 6% as an interest which is quite good.
      Was this review helpful? 5
      , new delhi
      Reviewed on Aug 30, 2018
    • IOB Recurring Deposit
      "Good Service"
      INDIAN OVERSEAS BANK
      0.5 5.0/5 "Blown Away!"
      I've a recurring deposit with the Indian bank. I am depositing 1000 rupees a month. There hasn't been any issues with the deposit so far. It is easy to start and make payments to the recurring deposit. Auto debit option is also there for the deposit.
      Was this review helpful? 12
      , ahmedabad
      Reviewed on Jul 28, 2018
    • IOB Recurring Deposit
      "Good Service"
      INDIAN OVERSEAS BANK
      0.5 5.0/5 "Blown Away!"
      I've two recurring deposit with the IOB, I am depositing 2000 every month. There is no additional benefits apart from the nominal interest they provide. It is easy to start a recurring deposit with the Indian bank.
      Was this review helpful? 8
      , ahmedabad
      Reviewed on Jul 28, 2018
    • Kotak Recurring Deposit
      "Excellent Service"
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      I had opened this account a long time back and i had opened it online and the process in taking it has been easy, i had been depositing 2000 every month. There has been a very good service which they had been providing so far. I had been doing everything through their mobile application and it had been easy in using it.
      Was this review helpful? 8
      , chennai
      Reviewed on Jul 17, 2018
    • City Union Bank Recurring Deposit
      "Good Service"
      CITY UNION BANK
      0.5 5.0/5 "Blown Away!"
      I travel every year with my family for that purpose I deposit Monthly 5000 which gets auto debited from the account. They also offers 7.1 % interest rate. The deposit was started from the branch and it has been a very good experience with their services.
      Was this review helpful? 12
      , chennai
      Reviewed on Jul 13, 2018
    • ICICI Bank Recurring Deposit
      "Good Service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I've a recurring deposit with the ICICI bank. It is so easy to start recurring deposit with the iMobile App. You need to give the reference number to the bank and the whole deposit process is automated. The monthly deposit amount gets auto debited from the account.
      Was this review helpful? 6
      , chennai
      Reviewed on Jun 27, 2018
    • Kotak Recurring Deposit
      "Best"
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      I am having the recurring deposit account with the Kotak mahindra bank and I was not aware of the rate of interest. I would like to say that the response is fine one for me with the Kotak mahindra bank.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jun 23, 2018
    • YES Bank Recurring Deposit
      "Excellent"
      YES BANK
      0.5 4.5/5 "Excellent!"
      Minimum tenure is around one year of time for the recurring deposit with the Yes bank. Response is also good one with the Yes bank. I don't have any issues with them till now. I am really happy with the Yes bank and I have not faced any hiccups with them.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jun 23, 2018
    • HDFC Bank Recurring Deposit
      "Wonderful"
      HDFC BANK
      0.5 4.0/5 "Great!"
      Rate of interest for the recurring deposit account is around 5.75% with the HDFC bank, also the customer service is good too. I would like to say that the charges are nominal one with the HDFC bank and everything is better with the HDFC bank.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jun 20, 2018
    • Corporation Bank Recurring Deposit
      "Average Service"
      CORPORATION BANK
      0.5 3.0/5 "Satisfactory"
      I've been using the CORPORATION bank savings account for a while. I faced Many problems, it will take 24 hours to activate the password for Internet banking. The branch service is okay but they need to provide more fast service to their customers in this fast paced financial environment.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jun 18, 2018
    • HDFC Bank Recurring Deposit
      "Best"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I do have the recurring deposit account with the HDFC bank and the customer service is very good. I have felt that the rate of interest is good one with the HDFC bank. There are no much strict tenure term with the HDFC bank.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jun 12, 2018
    • Axis Bank Recurring Deposit
      "Good Service"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      I started a recurring deposit with the Axis bank. Every month 1000 will be debited from the account , there is no interest for the deposit. The process of opening the recurring deposit was easy and hassle free. It was done instantly.
      Was this review helpful? 6
      , kolkata
      Reviewed on Jun 08, 2018
    • review Recurring Deposit
      "Need to improve"
      STANDARD CHARTERED BANK
      0.5 2.0/5 "Expected more"
      Rate of interest with the Standard chartered bank for the recurring deposit account is around 6.9%. Response is also fine one too. Customer service is good too. Online banking is also good one with them but the features are not.
      Was this review helpful? 3
      , chennai
      Reviewed on Jun 07, 2018
    • HDFC Bank Recurring Deposit
      "One of the best recurring deposit account"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have the recurring deposit account with thge HDFC bank. I would like to say that the rate of interest is good one for me with the HDFC bank and the customer service is good one too. Minimum tenure is around six months of time.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 07, 2018
    • Oriental Bank of Commerce Recurring Deposit
      "Excellent"
      ORIENTAL BANK OF COMMERCE
      0.5 4.5/5 "Excellent!"
      I am having the recurring deposit account with the Oriental bank of commerce. Rate of interest is around 7.5%, also the response is good one. I would like to say that the minimum tenure is around four years of time. I am really happy with them till now.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 06, 2018
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I've started a recurring deposit with the HDFC. I deposit 2000 every month. The amount will be auto debited form the account. The recurring deposit is very good for savings purpose. Overall it was really easy to start the recurring deposit with the HDFC bank.
      Was this review helpful? 1
      , chennai
      Reviewed on May 31, 2018
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I was using the Recurring deposit with the HDFC bank. I was depositing 1000 rupees a month. I am not using this now. It is too easy to start an RD with HDFC . The payment gets auto debited every month. I never had any problems with the deposit and it is very good for savings purposes.
      Was this review helpful? 2
      , new delhi
      Reviewed on May 26, 2018
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have a recurring deposit with the HDFC bank. The interest rate is nominal. The EMI is Monthly Debited from the salary account. Opening the deposit was very easy and it was done online. Never had any issues with the service.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 26, 2018
    • SBI Recurring Deposit
      "Good Service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have a recurring deposit with the SBI. I deposit 2500 every month, they offer a nominal interest rate of 6.5% per year. There no huge returns but it very good for savings purposes. I never faced any difficulty with their services. with respect to savings account.
      Was this review helpful? 26
      , mumbai
      Reviewed on May 22, 2018
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