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RD Interest Rates 2019

Updated on October 15, 2019 , 10910 views

Recurring deposit is one of the best ways to save money every month. In this scheme, any individual can open an RD account, but minors, students, and senior citizens can avail extra benefits in terms of RD interest rates. Senior citizens earn a higher rate of interest when compared to regular citizens. RD interest rates differ bank to bank and also the rates offered on RDs may change at any time. However, once you open an RD account the rate remains the same until the tenure of the deposit. For instance, if your RD scheme is for 24 months, you will get the same interest rate over the whole tenure of two years.

Recurring Deposit (RD)

Recurring Deposit is a way to encourage saving among individuals. In a Recurring Deposit scheme, a fixed amount of money is deducted every month either from a Savings Account or a current account. At the end of the maturity period, investors are paid back their invested funds with accrued interest. Recurring deposit helps to make disciplined investments in an easy way to get safe and good returns on the deposited money.

While Investing in a recurring deposit scheme, it is advisable that you compare RD interest rates of various banks and choose the one that gives you the desired returns.

RD-Interest-Rates

RD Interest Rates 2019: Compare and Invest

The interest rates for RD has been grouped according to the regular RD scheme and senior citizen RD scheme. (Rates are as of Jan 2018).

Here is a list of RD interest rates offered by various banks.

BANK NAME RD INTEREST RATES SENIOR CITIZEN RD RATES
State Bank of India (SBI) RD Rates 6.25% to 6.75% 6.75% to 7.25%
HDFC Bank RD Rates 5.75% to 6.75% 6.25% to 7.25%
Axis Bank RD Rates 6.25% to 6.75% 6.5% to 7.25%
Bank of Baroda RD Rates 6.25% to 6.9% 6.75% to 7.4%
ICICI Bank RD Rates 6.0% to 6.75% 6.5% to 7.25%
Kotak Mahindra Bank RD Rates 6% to 6.6% 6.5% to 7.1%
Yes Bank RD Rates 7% to 7.10% 7.50% to 7.6%
Indian Overseas Bank RD Rates 5.75% to 7.25% 6.25% to 7.75%
Allahabad Bank RD Rates 6.25% to 6.75% 6.25% to 6.75%
Vijaya Bank RD Rates 6.25% to 6.5% 6.75% to 7%
Andhra Bank RD Rates 6.25% to 6.85% 6.75% to 7.35%
Central Bank of India RD Rates 4.75% to 6.6% 5.25% to 7.1%
Deutsche Bank RD Rates 6% to 7.5% 6.5% to 7.75%
Bandhan Bank RD Rates 6.5% to 7.5% 7% to 8%
CitiBank RD Rates 5.25% 5.25%
Federal Bank of India RD Rates 6.5% to 7% 7% to 7.5%
United Bank of India RD Rates 5.75% to 6.25% 5.75% to 6.25%

*Disclaimer- The RD Interest Rates are subject to frequent change. Before starting a Recurring Deposit scheme, do inquire with the concerned banks or visit their websites.

Various Banks RD Interest Rates

Here's a detailed RD interest rates of various banks as per investment tenure and investment amount.

SBI RD Interest Rates

SBI RD interest rates for investments less than INR 1 crore in p.a.

w.e.f., 30 July 2018

Tenure Regular RD Interest Rates Senior Citizen RD Interest Rates
1 Year to less than 2 year 6.70% 7.20%
2 years to less than 3 years 6.75% 7.25%
3 years to less than 5 years 6.80% 7.30%
5 years and up to 10 years 6.85% 7.35%

RD Calculator

Monthly Deposit:
Tenure:
Months
Rate of Interest (ROI):
%

Investment Amount:₹180,000

Interest Earned:₹19,902

Maturity Amount: ₹199,902

Federal Bank RD Interest Rates

Interest rates for Resident Term Deposits

w.e.f 14 June 2018

Period Less than INR 100 Lakhs
7 days to 14 days 3.50%
15 days to 29 days 4.50%
30 days to 60 days 5.00%
61 days to 90 days 5.70%
91 days to 119 days 6.00%
120 days to less than 1 year 6.50%
1 year 6.85%
Above 1 year to 15 Months 7.30%
Above 15 months 7.00%

RD Calculator

Monthly Deposit:
Tenure:
Months
Rate of Interest (ROI):
%

Investment Amount:₹180,000

Interest Earned:₹20,686

Maturity Amount: ₹200,686

Axis RD Interest Rates

Axis RD Interest Rates on Domestic Deposits for less than 5 Crores

w.e.f., 10/09/2018

Period Deposits below INR 1 Cr (%p.a.) Deposit of INR 1 Cr< INR 5 Cr (% p.a.)
7 days to 14 days 3.50 5.50
15 days to 29 days 3.50 5.50
30 days to 45 days 5.50 6.25
46 days to 60 days 6.25 6.50
61 days < 3 months 6.25 6.75
3 months < 4 months 6.25 6.75
4 months < 5 months 6.25 6.75
5 months < 6 months 6.25 6.75
6 months < 7 months 6.75 7.00
7 months < 8 months 6.75 7.00
8 months < 9 months 6.75 7.25
9 months < 10 months 7.00 7.25
10 months < 11 months 7.00 7.25
11 months < 1 year 7.00 7.25
1 year < 1 year 5 days 7.25 7.40
1 year 5 days < 1 year 11 days 7.25 7.45
1 year 11 days < 13 months 7.25 7.40
13 months < 14 months 7.30 7.40
14 months < 15 months 7.25 7.40
15 months < 16 months 7.25 7.40
16 months < 17 months 7.25 7.40
17 months < 18 months 7.25 7.40
18 Months < 2 years 7.25 7.40
2 years < 30 months 7.25 7.40
30 months < 3 years 7.25 7.40
3 years < 5 years 7.25 7.40
5 years to 10 years 7.00 7.00

RD Calculator

Monthly Deposit:
Tenure:
Months
Rate of Interest (ROI):
%

Investment Amount:₹180,000

Interest Earned:₹21,474

Maturity Amount: ₹201,474

Bandhan Bank RD Interest Rates

Here's the interest rates offered by Bandhan Bank according to the tenure.

w.e.f. 9th April 2018

Tenure Regular RD Interest Rates (p.a) Senior Citizen RD Interest Rates (p.a)
6 Months to Less than 1 Years 6.80% 7.55%
1 Year 7.00% 7.75%
Above 1 year to less than 2 years 7.05% 7.80%
2 Years to Less than 5 Years 7.10% 7.85%
5 Years to Less than 7 Years 6.40% 7.15%
7 Years up to 10 Years 6.40% 7.15%

RD Calculator

Monthly Deposit:
Tenure:
Months
Rate of Interest (ROI):
%

Investment Amount:₹180,000

Interest Earned:₹21,001

Maturity Amount: ₹201,001

HDFC Bank RD Interest Rates

Period Interest Rate (p.a.) #Senior Citizen Rates (p.a.) **Interest Rates p.a. for NRIs Effective From**
6 Months 6.25% 6.75% N.A. June 06,2018
9 Months 6.75% 7.25% N.A. August 06,2018
12 Months 7.25% 7.75% 7.25% August 06,2018
15 Months 7.25% 7.75% 7.25% August 06,2018
24 Months 7.25% 7.75% 7.25% August 06,2018
27 Months 7.10% 7.60% 7.10% August 06,2018
36 Months 7.10% 7.60% 7.10% August 06,2018
39 Months 7.10% 7.60% 7.10% August 06,2018
48 Months 7.10% 7.60% 7.10% August 06,2018
60 Months 7.10% 7.60% 7.10% August 06,2018
90 Months 6.00% 6.50% 6.00% Jan 06,2017
120 Months 6.00% 6.50% 6.00% Jan 06,2017

RD Calculator

Monthly Deposit:
Tenure:
Months
Rate of Interest (ROI):
%

Investment Amount:₹180,000

Interest Earned:₹21,001

Maturity Amount: ₹201,001

ICICI Bank RD Interest Rates

ICICI Bank Recurring Deposit Rate of Interest (% p.a.) tenure wise.

w.e.f August 14, 2018

Maturity Period General Senior Citizen
6 months 6.00 6.50
9 months 6.50 7.00
12 months 6.75 7.25
15 months 7.00 7.50
18 months 7.00 7.50
21 months 7.00 7.50
24 months 7.00 7.50
27 months 7.25 7.75
30 months 7.25 7.75
33 months 7.25 7.75
36 months 7.25 7.75
Above 3 years upto 5 years 7.25 7.75
Above 5 years upto 10 years 7.00 7.50

RD Calculator

Monthly Deposit:
Tenure:
Months
Rate of Interest (ROI):
%

Investment Amount:₹180,000

Interest Earned:₹21,474

Maturity Amount: ₹201,474

IDFC Bank RD Interest Rates (Less than INR 1cr)

These are the interest rates for Domestic, NRE & NRO Deposits less than INR 1 Crore.

w.e.f July 3, 2018

Period Rate of Interest (%p.a.)
7 - 14 days 4.00%
15 - 29 days 5.00%
30 - 45 days 6.25%
46 - 60 days 6.50%
61 - 90 days 6.50%
91 - 180 days 6.75%
181 - 270 days 7.00%
271 - 365 days 7.00%
366 days 7.50%
367 - 400 days 7.50%
401 - 540 days 7.50%
541 - 730 days 7.50%
731 days 8.00%
732 - 1095 days 8.00%
3 years 1 Day - 5 years 8.25%
5 Year 1 Day - 8 Years 8.25%
8 Year 1 Day - 10 Years 8.25%

RD Calculator

Monthly Deposit:
Tenure:
Months
Rate of Interest (ROI):
%

Investment Amount:₹180,000

Interest Earned:₹24,660

Maturity Amount: ₹204,660

RBL Bank RD Interest Rate

Here's a list of RBL Bank Recurring Deposit (RD) interest rates for amount less than INR 1 crore.

As on 27th Sep 2018

Tenure General Rates Senior Citizen Rates
180 days 7.15% 7.65%
181 days to 240 days 7.15% 7.65%
241 days to 364 days 7.25% 7.75%
1 year to 1 year 364 days 7.75% 8.25%
2 years to 2 years 364 days 7.50% 8.00%
3 years to 4 years 364 days 7.50% 8.00%
5 years to 9 years 364 days 7.25% 7.75%
10 years to 20 years 7.20% 7.70%

RD Calculator

Monthly Deposit:
Tenure:
Months
Rate of Interest (ROI):
%

Investment Amount:₹180,000

Interest Earned:₹22,265

Maturity Amount: ₹202,265

PNB Bank RD Interest Rate

PNB RD Interest Rates for amount less than INR 1 Cr.

w.e.f 01.08.2018-

Tenure General Rates Senior Citizen Rates
7 to 14 days 5.70% 6.20%
15 to 29days 5.70% 6.20%
30 to 45 days 5.70% 6.20%
46 to 90 days 6.35% 6.85%
91 to 179 days 6.35% 6.85%
180 days to 270 days 6.35% 6.85%
271 days to 364 days 6.35% 6.85%
1 year 6.75% 7.25%
1 year 1 day to 3 years 6.75% 7.25%
3 years 1 day to 5 years 6.25% 6.75%
5 years 1 day to 10 years 6.25% 6.75%

RD Calculator

Monthly Deposit:
Tenure:
Months
Rate of Interest (ROI):
%

Investment Amount:₹180,000

Interest Earned:₹18,345

Maturity Amount: ₹198,345

Bank of Baroda RD Interest Rate

The Bank of Baroda Recurring Deposit interest rates for domestic and NRO account for amount less than INR 1 Crore.

w.e.f. 22.08.18-

Period Deposits below INR 1 Cr (%p.a.)
7 days to 14 days 4.25
15 days to 45 days 4.75
46 days to 90 days 5.00
91 days to 180 days 5.50
181 days to 270 days 6.25
271 days & above and less than 1 year 6.50
1 year 6.65
Above 1 year to 400 days 6.75
Above 400 days and upto 2 Years 6.70
Above 2 Years and upto 3 Years 6.60
Above 3 Years and upto 5 Years 6.70
Above 5 Years and upto 10 Years 6.60

RD Calculator

Monthly Deposit:
Tenure:
Months
Rate of Interest (ROI):
%

Investment Amount:₹180,000

Interest Earned:₹19,746

Maturity Amount: ₹199,746

Bank of India RD Interest Rate

Here's the list of RD interest rate on Domestic/NRO Term Deposits for deposits less than INR 1 Crore.

w.e.f. 07.09.18

Periods Deposits less than INR 1 Cr
7 days to 14 days 5.25%
15 days to 30 days 5.25%
31 days to 45 days 5.25%
46 days to 90 days 5.75%
91 days to 120 days 6.00%
121 days to 179 days 6.00%
180 days to 269 days 6.25%
270 days to less than 1 year 6.25%
1 Year & above to less than 2 Yrs 6.65%
2 years & above to less than 3 years 6.70%
3 years & above to less than 5 years 6.50%
5 years & above to less than 8 years 6.50%
8 years & above to 10 years 6.35%

RD Calculator

Monthly Deposit:
Tenure:
Months
Rate of Interest (ROI):
%

Investment Amount:₹180,000

Interest Earned:₹19,122

Maturity Amount: ₹199,122

Union Bank of India RD Interest Rate

Here's the list of RD interest rates of Union Bank of India:

Period RD rates for regular deposit RD rates for senior citizens
180 days 7.00% 7.50%
180 days to 364 days 7.05% 7.55%
1 year 7.25% 7.75%
1 year 1 day to 3 years 7.25% 7.75%
3 years 1 day to 5 years 7.25% 7.75%
5 years 1 day to 10 years 7.25% 7.75%

RD Calculator

Monthly Deposit:
Tenure:
Months
Rate of Interest (ROI):
%

Investment Amount:₹180,000

Interest Earned:₹21,474

Maturity Amount: ₹201,474

Kotak Bank RD Interest Rate

Here's the list of Kotak Bank RD interest rates for Resident Individuals & HUF only.

w.e.f -27th September 2018

Period Interest Rate p.a. ( %) Senior Citizen Rates p.a. ( %)
6 Months 7.10% 7.60%
9 Months 7.25% 7.75%
12 Months 7.40% 7.90%
15 Months 7.50% 8.00%
18 Months 7.50% 8.00%
21 Months 7.50% 8.00%
24 Months 7.25% 7.75%
27 Months 7.25% 7.75%
30 Months 7.25% 7.75%
33 Months 7.25% 7.75%
3 years - less than 4 years 7.10% 7.60%
4 years - less than 5 years 7.00% 7.50%
5 years - 10years 6.50% 7.00%

RD Calculator

Monthly Deposit:
Tenure:
Months
Rate of Interest (ROI):
%

Investment Amount:₹180,000

Interest Earned:₹21,001

Maturity Amount: ₹201,001

Yes Bank RD Interest Rate

Here's the list of Resident Recurring Deposit Interest rates offered by Yes Bank:

w.e.f- 5th June 2018

Period Interest Rate (p.a.) Senior Citizen Rates (p.a)
6 Months 6.70% 7.20%
9 Months 6.70% 7.20%
12 Months 7.10% 7.60%
15 Months 7.10% 7.60%
18 Months 7.10% 7.60%
21 Months 7.10% 7.60%
24 Months 7.10% 7.60%
Above 2 years upto 10 Years 7.10% 7.60%

RD Calculator

Monthly Deposit:
Tenure:
Months
Rate of Interest (ROI):
%

Investment Amount:₹180,000

Interest Earned:₹21,001

Maturity Amount: ₹201,001

Types of RD: How RD Interest Rated Differ for Each

Regular Saving Scheme

In a Recurring Deposit scheme, customers can choose to deposit a fixed sum of money over a period of time, usually between six months to 10 years. At the end of the tenure, the maturity amount can be withdrawn. The interest rates on the regular RD scheme ranges between 6% to 8% per annum. Customers can open a Recurring Deposit for as little as INR 100 per month.

Junior Recurring Deposit Scheme

Parents or guardians can open this scheme for their children to start saving for their future needs such as higher education, etc. Some banks may offer a higher rate of interest, while others may offer equivalent to the regular RD schemes.

Senior Citizens Recurring Deposit Scheme

This scheme is designed to help senior citizens during their retirement. Banks offer higher rates of interest for senior citizens, usually, 0.5% p.a. is given over and above the prevailing interest rates.

NRE/NRO Recurring Deposit Scheme

NRE/NRO is a scheme offered to NRI Customers. NRE and NRO RD accounts may be offered at a lower interest rate.

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RD Interest Calculator

Even though RD interest rates vary bank to bank, customers can determine their potential earnings by using an RD interest calculator. You need to enter details like- the amount you wish to deposit every month and the number of months you would want to make an investment in RD scheme.

The example is illustrated below-

Amount Interest Rate Period
INR 500 pm 6.25% Per annum 12 months

Total Amount Paid- INR 6,000 Total Maturity Amount- INR 6,375 Total Interest Receivable- INR 375

RD Calculator

RD Calculator evaluates the maturity value of the deposits made under a Recurring Deposit scheme. With the help of an RD calculator, customers can determine their maturity amount, even before starting an investment. All you need to do is decide your monthly deposit amount and tenure of deposit. You also need to choose the type of compounding for the interest, that is how frequently you expect the interest to be compounded.

The Illustration of an RD Calculator is given below-

RD Calculator
Deposit Amount INR 1000
Saving Terms (in months) 60
Date of Opening RD 01-02-2018
Due Date of RD 01-02-2023
Rate of Interest 6%
Frequency of Compounding Monthly

Advantages of RD Account

  • RD schemes provide a stable and safe investment option irrespective of market fluctuations.
  • RD interest rates are usually high, thus makes an ideal avenue for long-term savings.
  • Investors can close their RD account before the maturity period. But, during the premature withdrawals, investors may have to pay some amount in the form of penalty, depending on the bank.
  • Investors can opt for loans up to 60-90% of the balance, against the Recurring Deposit.
  • Recurring Deposits come with a nomination facility.

Conclusion

Customers can compare RD interest rates of various banks and buy the one that suits the most. Those who haven’t made any investment so far; a Recurring Deposit scheme is good to start with. It will help you to get into a habit of saving regularly. Also, it is a good avenue for creating an emergency fund or contingency fund. So, open an RD account today, and save for your future!

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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