You can deposit your money for saving in RD schemes of different banks. You are also given the benefit of very good interest rates on these. Apart from this, you can also invest your money in the RD scheme of the post office. In such a situation, it is important for you to first understand that whether you are getting the maximum interest benefit from Post Office RD or Bank RD.
Recurring Deposit (RD) has always been considered one of the most preferred and secured means for saving and investing money. You can deposit your money for saving in RD schemes of different banks. You are also given the benefit of very good interest rates on these. Apart from this, you can also invest your money in the RD scheme of the post office. In such a situation, it becomes important for you to first understand whether post office RD or bank RD, you are getting the maximum interest benefit. Here we are going to compare RD of State Bank of India (SBI), HDFC Bank and Post Office.
Interest rate
The government has increased the interest rate on the 5-year RD scheme for the December quarter. After which now customers are getting the benefit of interest rate of 6.7 percent per annum instead of 6.5 percent per annum. This interest rate is for both State Bank of India (SBI) and HDFC Bank. While SBI is offering interest rates between 5.75 percent to 7 percent for RDs maturing between 1 year to 10 years, HDFC Bank is offering interest rates between 4.50 percent to 7 percent for RDs.
Post Office RD
According to the information available on the website of India Post, after opening a 5 year RD account, at least Rs 100 has to be deposited every month. According to the updated information, interest is offered to the customers at the rate of 6.7 percent per annum.
State Bank of India (SBI)
State Bank of India (SBI) offers its customers the benefit of interest on RD ranging from 6.50 percent to 6.80 percent per annum. Whereas customers falling under senior citizens category are offered interest between 7 percent to 7.50 percent annually. You can start your investment in the bank from Rs 100 for 1 year to 10 years.
HDFC Bank
HDFC Bank is offering its customers the benefit of interest between 4.5 percent to 7 percent on RD. Whereas for customers falling in the category of senior citizens, the interest rate is between 5 percent to 7.75 percent. In this bank you can start your investment with Rs 1000 for 6 months to 10 years.
