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    • Recurring Deposit Interest Rates in India 2024

    The interest rate offered by banks on RDs depends on factors like which category you fall under and the tenure you choose. Most banks offer senior citizens a higher rate of interest when compared to regular citizens.

    You will earn interest on the invested amount as per the interest rate offered by the bank with which the Recurring Deposit account is opened.

    Overview of Recurring Deposit Rates

    Bank General Public Interest Rates p.a. Senior Citizen Interest Rates p.a.
    Axis Bank 3.00% p.a. - 7.40% p.a. 3.50% p.a. - 7.90% p.a.
    Bandhan Bank 3.00% p.a. - 8.05% p.a. 3.75% p.a. - 8.55% p.a.
    Bank of Baroda 4.25% p.a. - 7.30% p.a. 4.75% p.a. - 7.80% p.a.
    HDFC Bank 3.50% p.a. - 7.00% p.a. 4.00% p.a. - 7.50% p.a.
    ICICI Bank 3.00% p.a. - 7.40% p.a. 3.50% p.a. - 7.90% p.a.
    IDBI Bank 3.00% p.a. - 7.25% p.a. 3.50% p.a. - 7.80% p.a.
    IDFC FIRST Bank 3.00% p.a. - 7.00% p.a. 3.50% p.a. - 7.50% p.a.
    Kotak Mahindra Bank 3.00% p.a. - 7.75% p.a. 3.50% p.a. - 8.25% p.a.

    Features of Using Recurring Deposit

    • Investing in RD inculcates the habit of saving.
    • You can start investing with ₹500, which is the minimum amount most banks will require you to deposit.
    • You can open an RD account for up to 10 years.
    • Some banks may allow you to prematurely withdraw the amount from your RD account.
    • The interest rate offered is equivalent to what is offered for a fixed deposit.
    • You can give standing instructions to the bank to automatically deduct the deposit amount from your bank account every month.

    Eligibility Criteria to Apply for RD

    • The individual must be a savings account holder.
    • Minors must be more than 10 years of age.
    • A legal guardian must accompany in case the minor is less than 10 years of age.
    • A government organization can open an RD account.
    • A commercial organization, corporate, proprietorship, or company can also open an RD account.