Post Office or Bank Recurring Deposit: The Central Government has increased the interest rate on the 5-year Post Office Recurring Deposit (RD) scheme by 20 basis points i.e. 0.20 percent for the October-December 2023 quarter. The government has increased it to 6.70 percent
Post Office or Bank Recurring Deposit: The Central Government has increased the interest rate on the 5-year Post Office Recurring Deposit (RD) scheme by 20 basis points i.e. 0.20 percent for the October-December 2023 quarter. The government has increased it to 6.70 percent. At the same time, interest rates on recurring deposits vary depending on the bank. Here is a comparison between post office recurring deposit interest rates and RD rates from top banks like SBI, ICICI Bank and HDFC Bank. Let us see who is offering the best interest rate on 5 year recurring deposit.
Post Office Recurring Deposit
A minimum investment of Rs 100 can be made in Post Office RD. The government has reduced the 5-year RD to 6.7 percent for the October to December quarter. Earlier it was 6.5 percent.
SBI Recurring Deposit
SBI gives 5.10 percent interest for the period from 1 year to less than 2 years. The interest rate for the period from 2 years to less than 3 years is 5.20 percent. For tenure from 3 years to less than 5 years, the bank offers 5.45 percent. SBI offers interest of 5.50 percent for long periods ranging from 5 years to 10 years. The minimum deposit period is 12 months and the maximum deposit period is 120 months.
ICICI Bank Recurring Deposit
ICICI Bank is offering interest ranging from 4.75 percent to 7.10 percent for regular citizens and 5.25 percent to 7.50 percent for senior citizens. These rates are applicable from 24 February 2023.
HDFC Bank Recurring Deposit
HDFC Bank is offering interest of 4.50 percent for a period of 6 months. The interest rates offered for 9 months, 12 months and 15 months are 5.75 percent, 6.60 percent and 7.10 percent respectively. HDFC Bank is offering 7 percent interest rate for periods of 24 months, 27 months, 36 months, 39 months, 48 months, 60 months, 90 months and 120 months.
Yes Bank Recurring Deposit
Yes Bank is offering interest ranging from 6.10 percent to 7.75 percent for the period of 6 months to 5 years or more. Recurring deposits can be booked for a period of 3 months. That means, RD can be done for a period of 6 months, 9 months, 12 months. A penalty of 1 percent is also charged for non-payment of installment.
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