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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 7.00% and 7.00% respectively for recurring deposits of over 5 years tenure.
    • For tenure of 1 year, Bandhan Bank and IndusInd Bank interest rates are 7.70% and 7.15%. For tenure of 1 year to less than 2 years, The Allahabad Bank interest rate is 7.00%. Karnataka Bank offer an interest rate of 7.15% for the tenure of 180 days.
    • Bandhan Bank offers an interest rate of 7.50% 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 7.00%.
    • The Recurring Deposit scheme offered by Post Office comes with an attractive interest rate of 7.20%.

    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% - 7.00% 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 6.95% 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 May-03-2017

    Bank1 Years2 Years3 Years4 Years5 Years5+ Years
    Andhra Bank6.85%6.85%6.50%6.50%6.50%6.50%
    Allahabad Bank6.90%6.75%6.50%6.50%6.50%6.50%
    Axis Bank7.00% 7% to 7.10%6.75%6.75%6.75%6.75%
    Bandhan bank7 to 7.50%7.50%7.25%6.90%6.90%6.50%
    Bank of Maharashtra6.50%6.25%6.25%6.00%6.00%6.00%
    Bank of Baroda6.90%6.90%6.90%6.75%6.75%6.50%
    Bank of India6.50% to 6.90%6.8%6.70%6.70%6.70%6.70%
    Bharatiya Mahila Bank7.00%7.00%6.50%6.50%6.50%6.50%
    Canara Bank6.90%6.80%6.70%6.70%6.50%6.50%
    Central Bank of India6.60%6.50%6.50%6.50%6.50%6.50%
    City Union Bank7.10%6.85%6.85%6.85%6.85%6.70%
    Corporation Bank6.75%6.75%6.75%6.65%6.65%6.65%
    Citi Bank5.25%5.25%------------
    DBS Bank6.30%6.50%6.50%6.60%6.70%6.70%
    Dena Bank6.90%6.90%6.90%6.90%6.90%7.00%
    Deutsche Bank6.00%6.90%7.00%7.00%8.00%---
    Dhanalakshmi Bank6.75%6.75%6.50%6.50%6.50%6.50%
    DHFL Bank7.75%7.75%7.75%7.75%7.75%7.75%
    Federal Bank6.70%6.80%6.50%6.50%6.50%6.50%
    HDFC Bank5.75% to 6.90%6.25%6.00%6.00%6.00%6.00%
    Post Office7.20%7.20%7.20%7.20%7.20%7.20%
    Indian Overseas Bank6.75%6.25%6.25%6.00%6.00%6.00%
    ICICI Bank6.25% to 6.9%6.9.00%6.75%6.75%6.75%6.50%
    IDBI Bank6.40%6.25%6%6%6%6%
    Indian Bank4.75%4.5%4.5%4.5%4.5%4.5%
    Indusind Bank7.15%7.15%6.75%6.75%6.75%6.75%
    J&K Bank6.75%6.75%6.75%6.75%6.75%6.75%
    Karnataka Bank6.70 to 7.10%6.75%6.50%6.50%6.50%6.50%
    Karur Vysya Bank6.75%6.75%7.00%7.00%7.00%7.00%
    Kotak Mahindra Bank6.75%6.5%6.25%6.25%6.00%6.00%
    Lakshmi Vilas Bank7.00%7.00%7.00%7.00%7.00%7.00%
    Nainital Bank7.90%7.90%7.75%7.75%7.50%7.50%
    Oriental Bank of Commerce6.85%6.50%6.50%6.50%6.50%6.50%
    Punjab National Bank6.90%6.80%6.80%6.80%6.80%6.70%
    Punjab and Sind Bank6.4% to 6.85%6.85%6.85%6.85%6.85%6.85%
    Saraswat bank7.10%7.10%7.10%-%--
    South Indian Bank6% to 6.75%6.75%6.50%6.50%6.50%6.50%
    State Bank of India6.90%6.75%6.25%6.25%6.25%6.25%
    Syndicate Bank6.60%6.60%6.70%6.70%6.70%6.70%
    Tamilnad Mercantile Bank Ltd6.90%7.00%7.00%6.90%6.90%6.90%
    UCO bank6.75%6.75%6.75%6.75%6.75%6.5%
    Union Bank of India7.00%7.00%6.80%6.80%6.80%6.80%
    United Bank Of India6%6.25%6%6%6%6%
    Vijaya Bank6.50%6.50%6.50%6.50%6.50%6.25%
    Yes Bank7.10%7.10%7.10%7.10%7.10%7.10%

    * Rates as of May-09-2017

    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

    Recurring Deposit - Sitemap

    RD Reviews

  • Page 1 of 45 1 2 3 4 5
    • Kotak Recurring Deposit
      "Good "
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      I am having recurring deposit account with the Kotak mahindra bank and the interest rate is around 6.79%, which is not really okay. Total tenure is for one year of time. Customer service is good one with them and the response is also a good one. There is no option to withdraw the money in between the tenure.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2017
    • HDFC Bank Recurring Deposit
      "Better "
      HDFC BANK
      0.5 4.0/5 "Great!"
      I had closed the recurring deposit account with the HDFC bank and the services offered by them was exemplary. Rate of interest is a nominal one with them and the lock in period was around one year of time. There were no penalty charges absolutely for the premature withdrawal. On top of all that, Customer service provided by HDFC Bank is really fantastic.
      Was this review helpful? 0
      , pune
      Reviewed on May 18, 2017
    • HDFC Bank Recurring Deposit
      "Conveneint saving process"
      HDFC BANK
      0.5 4.0/5 "Great!"
      HDFC Recurring deposit interest rate is low, I should deposit the amount of Rs.5000 every month for RD account its for the period of 15 months. Initially HDFC were providing the interest rate of 6.9% now it got less . But I am sure they will be providing assured interest rate.
      Was this review helpful? 1
      , faridabad
      Reviewed on May 15, 2017
    • ICICI Bank Recurring Deposit
      "Safety locker"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I hold a recurring deposit with ICICI bank and I got it around 6 months ago. I get good benefits with this very good savings plan. It is flexible because when I need in money anytime, I can with draw and I can switch the amount to savings account, Which is helpful for the safety purposes. The rate of interest I am getting is nominal here.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 15, 2017
    • HDFC Bank Recurring Deposit
      "Services are excellent"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had closed the recurring deposit account with the HDFC bank and I had it for a period of one year of time. Interest rate was very minimal at that time. Net banking facilities are nice one and also its easy to track the account, also its really pretty fast to open this HDFC account.
      Was this review helpful? 2
      , mumbai
      Reviewed on May 10, 2017
    • ICICI Bank Recurring Deposit
      "Very good services in deposit"
      ICICI BANK
      0.5 4.5/5 "Excellent!"
      I am having the recurring deposit account with the ICICI bank and the interest rate was around 7% per annum. Services were good and I would like to say for deposit ICICI bank is up to the mark. Its easy to track the account through online and mobile application.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 10, 2017
    • Bank of Baroda Recurring Deposit
      "Good Bank"
      BANK OF BARODA
      0.5 5.0/5 "Blown Away!"
      I had Recurring Deposit account with Bank of Baroda. RD period was one year and every month I used to pay 2500 rupees. The interest rate was around 6% which is the same like other banks I believe. At the end of the year, they were able to release the amount on time.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 09, 2017
    • Bank of Baroda Recurring Deposit
      "Nice Bank"
      BANK OF BARODA
      0.5 5.0/5 "Blown Away!"
      Recently I invested in Recurring Deposit account with Bank of Baroda. The monthly payment was around 1000 rupees, therefore they did not deduct anything from my salary account. The tenure period is for five years. After five years, they would return my money 86000 rupees. Interest rate provided by them is very much nominal.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 09, 2017
    • Dena Bank Recurring Deposit
      "Smooth services"
      DENA BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a recurring deposit at Dena bank and I would give them five stars on this experience. It was not a long process to get this account done and the rate of interest they offer on this facility is good. There are no charges as well. In all a nice experience.
      Was this review helpful? 1
      , mysore
      Reviewed on May 08, 2017
    • IDBI Recurring Deposit
      "Satisfactory Service"
      IDBI BANK
      0.5 4.0/5 "Great!"
      As my salary account is with IDBI bank, based on it I opened recurring deposit account. I had opened this for one year. They offered good interest rate for my RD account. I have ecs mode of payment as my salary account is with the same bank.
      Was this review helpful? 2
      , indore
      Reviewed on May 04, 2017
    • YES Bank Recurring Deposit
      "Delayed Response"
      YES BANK
      0.5 3.0/5 "Satisfactory"
      The only problem with Yes bank is always they provide delayed response to the customers. I have recurring deposit account with them. Whenever I step in the bank, I have to wait for a long time to be addressed. I used to visit every month as I have to pay some amount for my RD account. Otherwise the services are good.
      Was this review helpful? 1
      , indore
      Reviewed on May 04, 2017
    • Kotak Recurring Deposit
      "Better Response"
      KOTAK MAHINDRA BANK
      0.5 3.0/5 "Satisfactory"
      For my recurring deposit account , I pay thousand rupees every month for one year with Kotak mahindra. I will get some good amount at the end of the year with good interest. Customer service is not that much good but it is better. They are giving response whenever I approach them.
      Was this review helpful? 1
      , indore
      Reviewed on May 04, 2017
    • SBI Recurring Deposit
      "Good Service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have recurring deposit account with State bank of India. The period is for one year and the deposit amount is for thirty five thousand. I am satisfied in opening RD account with SBI, because the interest rate is quite good with them than other banks.
      Was this review helpful? 5
      , indore
      Reviewed on May 04, 2017
    • Punjab National Bank Recurring Deposit
      "Satisfactory Service"
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      I had opened Recurring Deposit with Punjab National Bank. The loan amount is thirty five thousand and the tenure period is for one year. Every month I regularly depositing the money on a monthly basis. The customer service is quite satisfactory and there is no constrains with the bank on my FD. I am very much satisfied with PNB.
      Was this review helpful? 2
      , indore
      Reviewed on May 04, 2017
    • ICICI Bank Recurring Deposit
      "Amazing experience"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Interest rate with the ICICI bank for the recurring deposit was around 7% to 7.5% and am with them from the last five to six years of time. Minimum lock in period is nil and maximum is around ten years of time. There will be nil penalty for withdrawing the money duriong prematurity period. Netbanking services are fine with the ICICI bank.
      Was this review helpful? 1
      , faridabad
      Reviewed on Apr 22, 2017
    • HDFC Bank Recurring Deposit
      "Good RD"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      Even my HDFC RD is good. Even for this I got a call from HDFC bank I gave my confirmation for the same. They had deducted the amount from my savings account and every month it keeps deducting from my account. I do have access to online facilities too.
      Was this review helpful? 3
      , kolkata
      Reviewed on Apr 20, 2017
    • ICICI Bank Recurring Deposit
      "Best one"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have recurring deposit account with the Oriental bank of commerce and the interest rate is around 8.75% and its only for employee. There is no penalty charges and am having this account from the last two years of time and the tenure is around five years of time , also it can even open for seven days of time.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Apr 19, 2017
    • IDBI Recurring Deposit
      "Good. Can be more conveneint "
      IDBI BANK
      0.5 3.0/5 "Satisfactory"
      I had taken a recurring deposit with IDBI. To open this account I had an option to easily do it online. But at the time of closing it, it is a hectic process where I need to visit the bank and finish the formalities. There were no charges taken. The amount gets credited to my savings account without any delay.
      Was this review helpful? 2
      , bangalore
      Reviewed on Apr 08, 2017
    • HDFC Bank Recurring Deposit
      "Best"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I got the recurring deposit account with the HDFC bank and its for the tenure of one year of time. Customer service is nominal one and the account got opened immediately and it was done by their branch staffs, also I mean to add that there were no hassle.
      Was this review helpful? 6
      , madurai
      Reviewed on Apr 04, 2017
    • HDFC Bank Recurring Deposit
      "Its Good Saving"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have opened HDFC recurring deposit by visiting the branch but there is an option in netbanking. I have been paying the monthly amount of Rs.1000 its for six month, next month its going to be over, I would be getting the amount Rs. 6100 on my account.
      Was this review helpful? 5
      , kozhikode
      Reviewed on Apr 04, 2017
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