HDFC Website

<aside> <img src="/icons/forward_red.svg" alt="/icons/forward_red.svg" width="40px" /> SBI is HDFC’s biggest competitor for recurring deposit services in India. HDFC leads the private sector banks. Over SBI, HDFC has a much higher minimum deposit amount, and a high penalty in case instalments are not paid. Additionally, there is also a lock-in period wherein one cannot withdraw funds at HDFC

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https://freo.money/blog/best-rd-interest-rates/

List of Highest RD Interest Rates in India 2023

Bank RD Interest Rates Senior Citizen RD Interest Rates Minimum Deposit Amount
Freo Up to 8.2% Up to 8.7% ₹1000
State Bank of India Up to 7% Extra 0.5-0.8% ₹100
ICICI Bank Up to 7.1% Up to 7.6% ₹500
HDFC Bank Up to 7.1% Up to 7.75% ₹1000
Axis Bank Up to 7.26% Up to 8.01% ₹500
Bank of Baroda Up to 5.5% Up to 6.5% ₹100
Kotak Mahindra Bank Up to 7.26% Up to 8.01% ₹100
  1. State Bank of IndiaState Bank of India offers the option to open a Recurring Deposit (RD) account with a minimum deposit of ₹100. As with most of the major RDs, you have the flexibility to select a tenure for your RD account ranging from 12 months to 10 years. For regular citizens, the bank provides interest rates between 6.50% p.a. and 7.00% p.a. on deposits below ₹2 crore. Additionally, senior citizens receive an extra interest rate boost ranging from 0.50% to 0.80% across all tenures.
  2. HDFC BankHDFC Bank is one of the leading financial institutions offering a range of services, including Recurring Deposit (RD) accounts. The regular RD rates stand at 7.10%, while senior citizens’ RD Rates are at 7.75%. The minimum deposit amount required to open an RD account with HDFC Bank is ₹1000. It’s important to note that there is a lock-in period of 1 month from the date of account opening, during which the deposited funds cannot be withdrawn. Additionally, in the event of delayed instalments, a penalty of 1% may be applicable.
  3. Axis BankAxis Bank provides attractive options for individuals looking to save and grow their funds. The regular RD rates offered by Axis Bank stand at 7.26%, while senior citizen’s RD rates are at 8.01%, ensuring higher returns for senior citizens. The minimum deposit amount required to open an RD account with Axis Bank is ₹500, making it accessible to a wide range of customers. However, it is important to note that partial withdrawals are not permitted on Axis Bank RD accounts. Additionally, in case of late payment, a penalty of ₹10 per ₹1000 per month is applicable. By offering competitive interest rates and maintaining strict withdrawal policies, Axis Bank provides customers with a reliable and rewarding RD investment option.

https://bankbazaar.com/recurring-deposit/banks-offer-highest-recurring-deposit-interest-rates-in-india.html

Recurring Deposit Interest Rates Bank wise (For an amount up to Rs.2 crore)
Banks Tenures (p.a.)
1 year 2 years 3 years 4 years 5 years More than 5 years
Andhra Bank (Union Bank) RD Interest Rates 6.30% 6.60% 6.70% 6.70% 6.70% 6.70%
Allahabad Bank (Indian Bank) RD Interest Rates 6.10% 6.30% 6.50% 6.40% 6.40% 6.30%
Axis Bank RD Interest Rates 5.50% 6.50% 6.50% 6.50% 6.50% 6.50%
Bandhan Bank RD Interest Rates 6.25% 6.25% 6.25% 6.25% 6.25% 6.25%
BOM RD Interest Rates 6.00% 6.00% 6.00% 5.75% 5.75% 5.75%
BOB RD Interest Rates 5.30% 5.45% 5.50% 5.50% 5.50% 5.50%
BOI RD Interest Rates 5.30% 5.40% 5.35% 5.35% 5.35% 5.35%
Canara Bank RD Interest Rates 5.50% 5.60% 5.75% 5.75% 5.75% 5.75%
Central Bank of India RD Interest Rates 5.45% 5.50% 5.50% 5.50% 5.60% 5.60%
City Union Bank RD Interest Rates 6.25% 7.00% 7.00% 6.90% 6.90% 6.90%
Corporation Bank RD Interest Rates 6.30% 6.60% 6.70% 6.70% 6.70% 6.70%
Citi Bank RD Interest Rates 6.75% 3.00% NA NA NA NA
DBS Bank RD Interest Rates 6.00% 6.50% 6.25% 6.25% 6.25% 6.25%
Deutsche Bank RD Interest Rates 6.25% 6.75% 7.00% 7.25% 7.00% NA
Dhanlaxmi Bank RD Interest Rates 5.60% 5.60% 6.00% 6.10% 6.10% 6.10%
Federal Bank RD Interest Rates 5.60% 5.75% 6.00% 6.00% 6.00% 6.00%
HDFC Bank RD Interest Rates 6.10% 6.50% 6.50% 6.50% 6.50% 6.25%
Indian Overseas Bank RD Interest Rates 5.70% 5.70% 5.85% 5.85% 5.85% 5.85%
ICICI Bank RD Interest Rates 6.10% 6.40% 6.50% 6.60% 6.60% 6.50%
IDBI Bank RD Interest Rates 6.25% 6.25% 6.25% 6.10% 6.10% 4.80% to 6.10%
Indian Bank RD Interest Rates 6.10% 6.50% 6.40% 6.40% 6.40% 6.30%
IndusInd Bank RD Interest Rates 6.25% 7.00% 6.75% 6.75% 6.75% 6.25%
J&K Bank RD Interest Rates 6.35% 6.25% 6.10% 6.10% 6.10% 6.10%
Karnataka Bank RD Interest Rates 6.40% 6.40% 5.75% 5.75% 5.75% 5.80%
Karur Vysya Bank RD Interest Rates 6.50% 6.50% 7.00% 6.25% 6.25% 6.25%
Kotak Mahindra RD Interest Rates 6.25% 6.40% 6.30% 6.25% 6.20% 6.20%
Laxmi Vilas Bank RD Interest Rates 6.00% 6.50% 6.25% 6.25% 6.25% 6.25%
Oriental Bank of Commerce RD Interest Rates 5.50% 5.50% 5.60% 5.75% 5.75% 5.65%
PNB RD Interest Rates 6.30% 6.30% 6.25% 6.10% 6.10% 6.10%
Punjab & Sind Bank RD Interest Rates 6.10% 6.10% 6.25% 6.10% 6.10% 6.10%
Saraswat Bank RD Interest Rates 5.50% 6.25% 6.40% 6.25% 6.25% 6.35%
South Indian Bank RD Interest Rates 6.40% 6.40% 5.90% 5.90% 6.00% 6.00%
SBI RD Interest Rates 5.45% 5.50% 6.10% 6.10% 6.10% 6.10%
Syndicate Bank RD Interest Rates 5.50% 5.60% 5.75% 5.75% 5.75% 5.75%
TMB RD Interest Rates 6.30% 6.50% 6.00% 6.00% 6.00% 6.00%
UCO Bank RD Interest Rates 5.75% 5.75% 5.60% 5.60% 5.60% 5.60%
Union Bank RD Interest Rates 6.30% 6.60% 6.70% 6.70% 6.70% 6.70%
United Bank RD Interest Rates 5.50% 5.50% 5.60% 5.75% 5.75% 5.65%
Yes Bank RD Interest Rates 6.50% 6.75% 6.75% 6.75% 6.75% 6.75%
Post office (5 years) 5.50% 5.70% 5.80 % NA 6.7 % NA

https://www.bankbazaar.com/recurring-deposit-rates.html

Recurring Deposit Interest Rates Comparison among Top Banks

Bank RD Interest Rates (General Public) RD Interest Rates (Senior Citizen)
HDFC RD Interest Rates 4.50% to 7.00% 5.00% to 7.75%
ICICI RD Interest Rates 4.75% to 6.90% 5.25% to 7.50%
SBI RD Interest Rates 6.80% to 6.50% 7.00% to 7.50%
Axis Bank RD Interest Rates 3.00% to 7.00% 3.50% to 7.75%

How is the Interest Under the Recurring Deposit Scheme Calculated?

The rate of interest is taken into consideration to calculate the recurring deposit amount. Various factors such as the amount invested, tenure, etc. are taken into consideration.

The formula to calculate RD is given below:

M = R [(1+i) n – 1]/ 1 – (1+i) -1/3

In the formula,

‘M’ stands for maturity value

‘R’ stands for monthly instalment