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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

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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

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  • Axis Bank Recurring Deposit
    "Good Investment for Future"
    AXIS BANK
    0.5 4.0/5 "Great!"
    The reason to chose AXIS Bank recurring deposit is because I have salary account they are providing good interest. I have locking period of 3 years, every month I need to deposit Rs.5500, I think they have less withdrawal charges before maturity of RD.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 14, 2019
  • HDFC Bank Recurring Deposit
    "Very good benefits"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    Previously I have invested some money in HDFC recurring deposit. The reason for choosing the bank the interest rate is more and also service is excellent. I have taken the amount and its really beneficial. Whenever I contact the customer service, they are responding properly.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 14, 2019
  • HDFC Bank Recurring Deposit
    "Happy RD account"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    Earlier I was having HDFC recurring deposit, I used to investment RS. 1000 on monthly basis, at the time interest percentage was good. I have activated my RD account through online there was no charges withdrawal before tenure period of it.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 10, 2019
  • Canara Bank Recurring Deposit
    "Secured Investment"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    I make the monthly investment Rs. 5000 in my recurring deposit for the tenure period of 10 years, I can invest the minimum amount of Rs.500 to 1 lakh. I went to the bank and placed the request through the bank manager, its good for future saving,
    Was this review helpful? 0
    , yamuna nagar
    Reviewed on Jan 10, 2019
  • HDFC Bank Recurring Deposit
    "Excellent Service"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I had started doing this investment a long time back and it was quite convenient and simple in the services of them. The interest rate which they are offering has been good and the tenure period is for three years. There has not been any hassle faced with the payment methods.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 09, 2019
  • IOB Recurring Deposit
    "Better Bank"
    INDIAN OVERSEAS BANK
    0.5 4.0/5 "Great!"
    Since my wife is working in Indian Overseas Bank, i have invested my money in that bank. I have been investing the money of Rs. 3000. I'm satisfied with the interest rate. I'm not sure about the tenure period. The received services are fine with Indian Overseas Bank.
    Was this review helpful? 0
    , tiruchirapalli
    Reviewed on Jan 09, 2019
  • Central Bank of India Recurring Deposit
    "Good service"
    CENTRAL BANK OF INDIA
    0.5 4.0/5 "Great!"
    I am having a Recurring Deposit account with Central Bank of India, i pay an amount of Rs 2000 every month and i have to pay this amount for 12 months. Customer support was very good and they explained the terms and conditions. I get an interest of Rs 800 after maturity period.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 08, 2019
  • ICICI Bank Recurring Deposit
    "Easy RD option with ICICI"
    ICICI BANK
    0.5 4.0/5 "Great!"
    I am able to open the recurring deposit by myself in the online banking of ICICI, the interest rate is good for the RD account. I think they are providing the interest around 6.75% for per annum. I need to pay the RD around Rs.10,000 per month, they don't have charges on the pre matured withdrawal.
    Was this review helpful? 0
    , nagpur
    Reviewed on Jan 08, 2019
  • HDFC Bank Recurring Deposit
    "Convenient RD with HDFC"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I done recurring deposit with HDFC at the time they gave me 9.2% of interest for one year. I think I had a RD in the period of 2013 to 2014 I don't have exact details it was good experience. when I want to take the amount I done the closure through online. I like the netbanking application its so friendly.
    Was this review helpful? 3
    , new delhi
    Reviewed on Jan 05, 2019
  • HDFC Bank Recurring Deposit
    "Its Better"
    HDFC BANK
    0.5 4.0/5 "Great!"
    Earlier I had recurring deposit with HDFC, they gave me around 6.75% per annum, I have opened the RD through online I can track information through netbanking, at last I didn't get the benefits. Everything and the safe and secured premature charges was not there.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 04, 2019
  • SBI Recurring Deposit
    "Need improvement on their services"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    I have been using the recurring deposit with SBI for last 11 years. There is no specific reason for choosing the SBI. I'm happy about the interest rate provided to me. I have visited their branch and i need to wait for a long time in a queue and the staffs were not upto the mark however they need to improve a lot.
    Was this review helpful? 3
    , bangalore
    Reviewed on Dec 21, 2018
  • Kotak Recurring Deposit
    "Good Experience for Recurring Deposit"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    Long back I had Recurring deposit account with Kotak Mahindra, at the time they gave me 8% of recurring interest. I have invested monthly Rs. 10,000 per month for 24 months of duration. The total amount came around Rs. 2 lakhs its fine for me.
    Was this review helpful? 4
    , bangalore
    Reviewed on Dec 20, 2018
  • Bank of Baroda Recurring Deposit
    "Good investment for future"
    BANK OF BARODA
    0.5 5.0/5 "Blown Away!"
    Percentage of interest in Bank of Baroda around 7% for one year, generally I deposit the amount around Rs.4000, I opened for one year. They have good online options, I can track the RD details. They take some charge for the premature of recurring deposit.
    Was this review helpful? 0
    , jaipur
    Reviewed on Dec 20, 2018
  • Saraswat Bank Recurring Deposit
    "Good online system"
    SARASWAT COOPERATIVE BANK
    0.5 5.0/5 "Blown Away!"
    This bank provides the interest of Rs. 5.5% for RD account, I pay the amount around Rs. 20,000 for 4 years, I can track the details through netbanking system, the RD account opening process was easy through online, I am very much fine with them.
    Was this review helpful? 2
    , pune
    Reviewed on Dec 17, 2018
  • HDFC Bank Recurring Deposit
    " Convenient RD with HDFC"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    They give the interest around 6% per annum for recurring deposit. I used to deposit the amount around Rs. 25k for different RD accounts for the tenure of one year, One page I track RD accounts and I could download the statement, even they do have tax benefits.
    Was this review helpful? 3
    , pune
    Reviewed on Dec 17, 2018
  • YES Bank Recurring Deposit
    "Excellent service"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    I have opened Recurring deposit through YES Bank for a while, Response is also good one with the Yes bank. I don't have any issues with them till now, the tenure period is up to one years, there is no issue till now i have face in this bank, overall service is good.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 11, 2018
  • Punjab National Bank Recurring Deposit
    "Good online option for RD with PNB"
    PUNJAB NATIONAL BANK
    0.5 3.0/5 "Satisfactory"
    The online facility is there for RD, they are providing moderate interest for recurring deposit. I can deposit minimum of Rs. 1000, they are providing the interest around 7.1% for per annum. I could deactivate the RD through online but it was not successful.
    Was this review helpful? 5
    , hyderabad
    Reviewed on Dec 04, 2018
  • Kotak Recurring Deposit
    "Average service"
    KOTAK MAHINDRA BANK
    0.5 3.0/5 "Satisfactory"
    I have a Recurring deposit account with KMB from last 8 months, i invest an amount of Rs 500 every month. Customer support was average with this bank and i was not much satisfied with the terms and conditions. I am not aware of the returns on investment.
    Was this review helpful? 1
    , bangalore
    Reviewed on Nov 29, 2018
  • Oriental Bank of Commerce Recurring Deposit
    "Very good banking"
    ORIENTAL BANK OF COMMERCE
    0.5 5.0/5 "Blown Away!"
    I have a recurring deposit account with Oriental bank of commerce. Last 20 years before i have opened the account. I have been depositing the minimum amount of Rs. 500 every month. I have chosen the tenure period of 1 year earlier and i have increased the same. Since the bank branch is nearby, i have selected my deposit with oriental bank.
    Was this review helpful? 4
    , new delhi
    Reviewed on Nov 28, 2018
  • HDFC Bank Recurring Deposit
    "Good"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I have a Recurring deposit account with HDFC Bank and it was taken before 1.5 years. I can maintain the account through net banking and it was easy. I have invested 50K for 2 years. I am getting 6.25% of interest rate which was okay. The customer service is average.
    Was this review helpful? 12
    , chennai
    Reviewed on Nov 23, 2018
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