Post Office or Bank: The Center has hiked the Post Office Recurring Deposit Scheme interest rate by 30 basis points to 6.5 per cent for the July-September 2023 quarter. Interest rates on recurring deposits vary depending on the bank. Here is a comparison of interest rates on post office recurring deposits and interest rates offered by top banks. Let’s find out where investing in Recurring Deposits will get you more profit.
Post Office Receipt Deposit
The validity of Post Office RD is up to 5 years from the date of opening. Interest is paid at the same rate from the time the account is opened till the end. The interest rate paid for this quarter is 6.5 percent.
SBI Recurring Deposit
For tenor less than 1 year to 2 years, SBI pays 5.10 percent interest. For periods less than 2 years to 3 years, the interest rate is 5.20 percent. For tenors less than 3 years to 5 years, the bank offers 5.45 percent. For longer tenures of 5 years and up to 10 years, SBI offers 5.50 per cent. Minimum deposit period is 12 months; Maximum deposit tenure is 120 months.
ICICI Bank Recurring Deposit
ICICI Bank offers interest rates 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 effective from February 24, 2023
HDFC Bank Recurring Deposit
HDFC Bank offers an interest rate of 4.50 percent for a tenure 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 offers 7 percent interest rate for tenors of 24 months, 27 months, 36 months, 39 months, 48 months, 60 months, 90 months and 120 months.
Yes Bank Recurring Deposit
Yes Bank offers interest rates ranging from 6.10 percent to 7.75 percent for tenures of 6 months to 5 years or more. Recurring deposits can be booked for multiple periods of 3 months, ie: 6 months, 9 months, 12 months periods. A penalty of 1 percent is charged for non-payment of installments.
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