Recurring deposit (RD) interest rates 2024: SBI vs HDFC Bank vs ICICI Bank | Mint (2024)

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Recurring deposit (RD) interest rates 2024: SBI vs HDFC Bank vs ICICI Bank | Mint? ›

HDFC Bank is offering up to 7.75 per cent interest rates on FD, depending upon deposit tenure and depositor's age. ICICI Bank is offering FD rates up to 7.60 per cent annually and SBI is giving up to 7.50 per cent a year.

HDFC Bank is offering up to 7.75 per cent interest rates on FD, depending upon deposit tenure and depositor's age. ICICI Bank is offering FD rates up to 7.60 per cent annually and SBI is giving up to 7.50 per cent a year.

Post Office RD vs SBI RD vs HDFC Bank RD

SBI offers an interest rate ranging from 5.75%-7% on RDs maturing in one year to ten years. These rates are effective from February 15, 2023. HDFC Bank offers an interest rate ranging from 4.50%-7% on RDs maturing in six months to ten years.

Rates are subject to change as per the bank's discretion. ICICI Bank Recurring Deposit (RD) interest rates are 4.75%-7.20% p.a. for the general public and 5.25%-7.75% p.a. for senior citizens on tenures ranging from 6 months to 10 years.

Also, on the yield front, HDFC Bank has superior access against ICICI Bank on unsecured retail & SME/MSME loans front amid a wider branch network and improved rural/semi-urban reach, it said.

Which bank gives the highest interest rate on FD? As of 2024, Canara Bank offers the highest interest rate of 7.25% for 444 days.

However, for long-term investors, HDFC Bank is the more attractive option. While both banks are excellent value picks, HDFC Bank excels in quality, with significantly higher scores. This is reflected in its superior stability ratios, making it a more reliable and robust investment over time.

What is the rate of interest for RD in HDFC Bank? ›

Therefore, we can see that while both serve as excellent savings options, Fixed Deposits tend to edge out with greater benefits. Fixed Deposit accounts offer more flexibility with their range of tenure, provide higher returns and are ideal for anyone seeking to invest any amount of money for a given period of time.

How much for 5000 per month RD for 5 years? if you are starting a RD account for 5 years with a monthly contribution of Rs.5000 and the applicable interest rate is 7%, then after 5 years you will receive Rs.3,59,663 as a maturity amount.

ICICI Bank offers fixed deposit rates ranging from 3% to 7.20% for general customers across various tenures, from 7 days to 10 years. For senior citizens, SBI provides an additional 0.50% interest on these rates for all deposit tenures.

HDFC Bank: The largest private lender offers interest rate on its home loan in the range of 9.4 to 9.95 percent per annum. SBI: State Bank of India charges rate of interest that hovers in the range of 9.15 percent to 9.75 percent based on the borrower's CIBIL score. These rates came into effect on May 1, 2023.