Post Office VS Bank RD: It is difficult for salaried class people to invest a large amount at once because they have a fixed income every month. Monthly expenses of most salary class are also fixed.
Post Office VS Bank RD : It is difficult for salaried class people to invest a large amount at once because they have a fixed income every month. In most of the salary class, the monthly expenses are also fixed. In such a situation, it becomes difficult to save money together. Recurring Deposit (RD) comes in handy for such families. RD can be invested by saving some money every month. You can create a big fund in a few years.
How can one create a big fund in RD?
You invest money in RD every month and then you get a fixed interest. RD is for one year to 10 years. Many banks including Post Office, State Bank of India (SBI), ICICI Bank and HDFC Bank are offering RD. Everyone’s interest rates are different on RD. Here we are telling you about the interest being received on RD of post office and other banks.
SBI Recurring deposits
SBI is offering RD for a period of one year to ten years. SBI is giving 6.5% to 7% interest on Recurring Deposit (SBI RD) to the general public and 7% to 7.5% to senior citizens.
SBI – RD Rates
1 year to less than 2 years 6.80% (General) 7.30% (Senior Citizen)
2 years to less than 3 years 7% (General) 7.50% (Senior Citizen)
3 years to less than 5 years 6.50 (General) 7.00 (Senior Citizen)
Upto 5 years and 10 years 6.50 (General) 7.50 (Senior Citizen)
Post Office RD
5 year RD – 6.8%
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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