So it is advisable to compare RD rates of different banks to know who is offering the best rates. For single deposits of less than Rs.2 crore, these new RD rates went into effect on 16 October. According to the new rates, the general public will pay up to 7.10 in interest, while elderly people will pay a higher rate of 7.65. The minimum tenure of a fixed deposit ranges from 6 months to 10 years. For deposits under Rs 2 crore, ICICI Bank has changed its Recurring Deposit (RD) rates. RD interest rates are similar to that of Fixed Deposit but the flexibility of monthly installments is what makes RD stand out. Even if you get 0.5 per cent higher rate on an RD of Rs 10,000 for a period of 3-years, your total returns will be higher by Rs 3,262. One can earn an RD rate of interest ranging from around 2.50-8.50 by opening an RD account. One should compare the rates offered by different banks before going for an RD. Meanwhile, India Post offers recurring deposits for a tenure of 5-years and offers an interest rate of 6.9 per cent for that period. Recurring deposit in banks vs recurring deposit in post office: Those looking to start an RD mostly tend to think about going to a bank. For senior citizens, the bank offers 9 per cent on a 3-year RD. For example, SBI, the country's largest lender offers an interest rate of 6.70 per cent on a 3-year RD while small finance bank like Suryoday offers 8.75 per cent on the same tenure. For terms maturing between six months and 120 months, HDFC Bank provides citizens RD interest rates ranging from 4.5 to 7.10. However, the interest rates offered by them is not always the best. Interest rates of HDFC Recurring deposit. All major banks like State Bank of India, PNB, HDFC Bank, ICICI Bank, Yes Bank including India Post offer recurring deposit facility.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |