Bank RD Rates – If you also want to get a big return on your investment, then this news is for you. Actually today we are going to tell you about some banks in this news which have increased their interest rates. Quick list in the news below…
With Recurring Deposit i.e. Recurring Deposit Scheme, investors can get a large amount on maturity by depositing a small amount monthly. You can earn higher interest and profits by depositing fixed amount every month through RD option.
The quarterly compounding formula is used to calculate RD interest rates. The interest rates vary depending on the bank and the tenure chosen by the customers. Many banks including SBI, PNB have revised the interest rates on RD.
Tenure of Recurring Deposit (RD)-
Banks provide the facility of tenure of six months to ten years to the customers for investing in Recurring Deposits. The interest rates are set to remain constant for a fixed period. Like FD, you have the option of getting interest payments either in one go or regularly. Here RD interest rates offered by SBI, HDFC Bank, PNB are being compared. RD interest rates are as on 27 February 2023.
SBI RD Interest Rates-
State Bank of India (SBI) offers an interest rate between 6.80 and 7 percent on RD investments for maturity of 12 to 120 months. The minimum deposit amount per month on RD is Rs.100. The bank has made these interest rates effective from 15 February 2023. If the customer is not able to deposit six RD installments continuously, then the bank closes the account. In this case the balance amount will be paid to the account holder.
PNB RD Interest Rates-
PNB offers an interest rate of 5.5 per cent to 7.25 per cent for general citizens investing on RDs between six months and 10 years. These rates are effective from 20 February 2023. RDs are payable on maturity or one month after depositing the last installment.
HDFC Bank RD Interest Rates-
HDFC Bank offers regular citizens an interest rate of 4.5 per cent to 7.10 per cent for investing in RDs maturing between six months and 120 months. Offers an interest rate of 7.10 per cent on FDs with a tenure of 15 months.
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