Post Office or Bank Recurring Deposit: It is difficult for working people to save a large amount of money at once. He saves his money every month. Recurring deposit scheme is useful for such salaried class. Recurring Deposit Scheme can be invested by saving money every month.
Post Office or Bank Recurring Deposit: It is difficult for working people to save a large amount of money at once. He saves his money every month. Recurring deposit scheme is useful for such salaried class. Money can be saved and invested every month in the Recurring Deposit Scheme. The government is offering 6.70 percent interest on the recurring deposit scheme run through the post office. 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.
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 rate to 6.8 percent for the October to December quarter.
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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