Every functioning bank in India offer their customers to open a recurring deposit account. You can deposit a certain amount for a set tenure following which you will earn interest on your deposits. The interest rate offered will differ from bank to bank and it is important to check the rates offered before opening an RD account with the lender.
We will mention below some of the top RD schemes in India.
SBI Recurring Deposit
Interest rate offered
| Tenure | Interest Rates (p.a.) for Public | Interest Rates (p.a.) for Senior Citizens |
|---|---|---|
| 1 year to less than 2 years | 5.00% | 5.50% |
| 2 years to less than 3 years | 5.10% | 5.60% |
| 3 years to less than 5 years | 5.30% | 5.80% |
| 5 years to 10 years | 5.40% | 6.20% |
Other information related to SBI RD
| Minimum Deposit Amount | Rs. 100 monthly |
| Tenure | 1 year to 10 years |
ICICI Recurring Deposit
Interest rate offered
| Tenure | Interest Rates (p.a.) for Public | Interest Rates (p.a.) for Senior Citizens |
|---|---|---|
| 12 months only | 5.00% | 5.50% |
| 13 months - 18 months | 5.00% | 5.50% |
| 18 months - 24 months | 5.10% | 5.60% |
| 25 months - 3 years | 5.15% | 5.65% |
| 37 months - 5 years | 5.35% | 5.85% |
Other information related to ICICI RD
| Minimum Deposit Amount | Rs. 500 monthly |
| Tenure | 6 months onward |
Canara Bank Recurring Deposit
Interest rate offered
| Tenure | Interest Rates (p.a.) for Public | Interest Rates (p.a.) for Senior Citizens |
|---|---|---|
| 180 days to less than 1 year | 4.45% | 4.95% |
| 1 year | 5.20% | 5.70% |
| 1 year to less than 2 years | 5.20% | 5.70% |
| 2 years and above to less than 3 years | 5.40% | 5.90% |
| 3 years to 10 years | 5.50% | 6.00% |
Other information related to Canara Bank RD
| Minimum Deposit Amount | Rs. 50 monthly |
| Tenure | 6 months – 10 years |
IndusInd Bank Recurring Deposit
Interest rate offered
| Tenure | Interest Rates (p.a.) for Public | Interest Rates (p.a.) for Senior Citizens |
|---|---|---|
| 9 months | 5.75 | 6.25 |
| 12 months | 6.50 | 7.00 |
| 15 months | 6.50 | 7.00 |
| 18 months | 6.50 | 7.00 |
| 21 months | 6.50 | 7.00 |
| 24 months | 6.50 | 7.00 |
| 27 months | 6.50 | 7.00 |
| 30 months | 6.50 | 7.00 |
| 33 months | 6.50 | 7.00 |
| 3 years to below more than 5 years | 6.50 | 7.00 |
| More than 5 years | 6.25 | 6.75 |
Other information related to IndusInd Bank RD
| Minimum Deposit Amount | Rs. 500 monthly |
| Tenure | Up to 10 years |
Karur Vysya Bank Recurring Deposit
Interest rate offered
| Deposit Tenure | For Deposits Below Rs.2 crore |
| 181 days to 270 days | 4.75% p.a. |
| 271 days to less than 1 year | 5.00% p.a. |
| 1 year to less than 2 years | 5.50% p.a. |
| 2 years to less than 3 years | 5.50% p.a. |
| 3 years to less than 5 years | 5.65% p.a. |
| 5 years and more | 5.75% p.a. |
Other information related to IndusInd Bank RD
| Minimum Deposit Amount | Rs. 100 monthly |
| Tenure | Up to 10 years |
These are some of the banks which offers interesting rates of interest for different tenure. You must however properly compare the various interest rates offered by banks in India and choose the one which you feel will be suitable for you.
