To lead a comfortable life it is crucial to save your money and invest. If you are new to this domain you can begin by investing in recurring deposits. Recurring deposits are a risk-free option, and the method is easy to understand. You need to deposit a fixed amount of money every month for a significant tenure under this scheme. By investing you will earn interest amounts as per the interest rate provided by the bank. So, which bank is best for RD in India?
Avoid hefty paper works and get home loans through NoBrokerWhich bank is best for RD account?
There are so many banks providing recurring deposits. But that doesn't mean you will go to any bank and open a recurring account. Some of the parameters to focus before choosing a bank to RD account include:
Interest rates: Check the interest rate the banks are providing and compare. The higher the interest rate, the higher will be the return on investment.
Credibility: Choose a bank that is trustworthy and has a renowned reputation. People generally opt for SBI to open an RD account. Why? Because they provide trust and credibility to their customers. Even if a bank is providing a higher interest rate, it's better to go to a bank whom you can trust.
Tenures: The time to invest in recurring deposits is also important. You should also learn about the charges you have to pay if you choose to discontinue investing in an RD account. After looking at these three points you should open an RD account.
Since we are discussing it, let me share some of the best bank’s recurring deposit interest rates:
| Recurring Deposit Interest Rates Bank wise | ||||||
| Bank | Tenures (p.a.) | |||||
1 year |
2 years |
3 years |
4 years |
5 years |
More than 5 years |
|
Andhra Bank RD Interest Rates |
5.35% |
5.45% |
5.50% |
5.75% |
5.75% |
5.80% |
Allahabad Bank RD Interest Rates |
5.45% |
5.55% |
5.75% |
5.75% |
5.65% |
5.65% |
Axis Bank RD Interest Rates |
5.45% |
5.70% |
5.70% |
5.70% |
5.75% |
5.75% |
Bandhan Bank RD Interest Rates |
7.00% |
7.00% |
7.00% |
7.00% |
5.60% |
5.60% |
BOM RD Interest Rates |
5.40% |
5.40% |
5.40% |
5.40% |
5.40% |
5.40% |
BOB RD Interest Rates |
5.50% |
5.50% |
5.55% |
5.65% |
5.65% |
5.65% |
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 |
6.15% |
6.25% |
6.25% |
6.00% |
6.00% |
6.00% |
Corporation Bank RD Interest Rates |
5.35% |
5.45% |
5.50% |
5.75% |
5.75% |
5.80% |
Citi Bank RD Interest Rates |
6.10% |
3.00% |
NA |
NA |
NA |
NA |
DBS Bank RD Interest Rates |
5.75% |
6.50% |
6.25% |
6.25% |
6.25% |
6.25% |
Deutsche Bank RD Interest Rates |
5.50% |
6.25% |
6.50% |
7.00% |
7.00% |
NA |
Dhanlaxmi Bank RD Interest Rates |
5.60% |
5.60% |
5.60% |
6.00% |
6.00% |
6.00% |
Federal Bank RD Interest Rates |
5.45% |
5.75% |
5.75% |
5.75% |
5.75% |
5.75% |
HDFC Bank RD Interest Rates |
5.50% |
5.50% |
5.50% |
6.10% |
6.10% |
5.75% |
Indian Overseas Bank RD Interest Rates |
5.60% |
5.60% |
5.85% |
5.85% |
5.85% |
5.85% |
ICICI Bank RD Interest Rates |
5.50% |
5.50% |
5.60% |
6.10% |
6.10% |
5.90% |
IDBI Bank RD Interest Rates |
5.60% |
5.65% |
5.75% |
5.75% |
5.80% |
4.80% to 5.80% |
Indian Bank RD Interest Rates |
5.45% |
5.55% |
5.75% |
5.75% |
5.65% |
5.65% |
IndusInd Bank RD Interest Rates |
6.25% |
6.75% |
6.75% |
6.75% |
6.75% |
6.25% |
J&K Bank RD Interest Rates |
6.25% |
5.75% |
5.75% |
5.75% |
6.00% |
6.00% |
Karnataka Bank RD Interest Rates |
6.20% |
5.50% |
5.65% |
5.65% |
5.65% |
5.70% |
Karur Vysya Bank RD Interest Rates |
6.10% |
6.10% |
6.10% |
6.10% |
6.10% |
6.10% |
Kotak Mahindra RD Interest Rates |
5.75% |
6.10% |
6.10% |
6.10% |
6.10% |
6.10% |
Laxmi Vilas Bank RD Interest Rates |
5.75% |
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 |
5.50% |
5.50% |
5.60% |
5.75% |
5.75% |
5.65% |
Punjab & Sind Bank RD Interest Rates |
5.65% |
5.65% |
5.75% |
5.75% |
5.75% |
5.75% |
Saraswat Bank RD Interest Rates |
5.10% |
5.65% |
5.75% |
5.75% |
5.75% |
6.00% |
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% |
5.60% |
5.60% |
5.50% |
5.50% |
Syndicate Bank RD Interest Rates |
5.50% |
5.60% |
5.75% |
5.75% |
5.75% |
5.75% |
TMB RD Interest Rates |
5.50% |
5.75% |
5.75% |
5.75% |
5.75% |
5.75% |
UCO Bank RD Interest Rates |
5.30% |
5.30% |
5.30% |
5.60% |
5.30% |
5.30% |
Union Bank RD Interest Rates |
5.35% |
5.45% |
5.50% |
5.75% |
5.75% |
5.80% |
United Bank RD Interest Rates |
5.50% |
5.50% |
5.60% |
5.75% |
5.75% |
5.65% |
Yes Bank RD Interest Rates |
6.25% |
6.75% |
6.75% |
6.75% |
6.75% |
6.75% |
Post office (5 years) |
5.5% |
5.5% |
5.5 % |
NA |
6.7 % |
NA |
You can check out the interest rate and determine which bank is best for rd. I personally feel Bandhan Bank is providing a good interest rate and they are also well renowned. But you should be comfortable with your decision. Happy investing! ?
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Which bank is best for RD ?
garima
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2022-11-10T11:36:42+00:00 2022-11-10T11:36:43+00:00Comment
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