RD Interest Rates of Top Banks November 2019

Introduction

In this article you will find the Recurring Deposit (RD) Interest Rates of major banks in India. These interest rates are as on last updated by the respective websites.

Recurring Deposit

What is Recurring Deposit (RD)?

• A Recurring Deposit, commonly known as RD, is a unique term-deposit that is offered by Indian Banks. It is an investment tool which allows people to make regular deposits and earn decent returns on the investment. 
• Due to the regular deposit factor and an interest component, it often provides flexibility and ease of investments to users/individuals.
• However, it is essential to know that RDs are different from Fixed Deposits/FDs . RDs are flexible in most aspects. An RD account holder can choose to invest a fixed amount each month while earning decent interest on the amount. RDs are an ideal saving-cum-investment instrument.
• Most major banks in India offer Recurring Deposit Accounts, with a term that often ranges between 6 months  to 10 years, also providing individuals with the opportunity to choose a term according to their needs. However, the interest rate, once determined, does not change during the tenure.
• On maturity, the individual will be paid a lumpsum amount which includes the regular investments as well as the interest earned.

Below are the Recurring Deposit (RD) Interest Rates offered by major banks for various durations :

Recurring Deposit Interest Rates for tenure up to 2 years

Recurring Deposit Interest Rates for tenure from 2 years up to 10 years

Notes :

1. Citibank provides RD’s with minimum tenure of 1 year and maximum tenure of 2 years.
2. All the banks mentioned above offer 0.50% extra interest rates for senior citizens.
3. Only Bandhan Bank offers 0.75% extra interest rates for senior citizens. And Axis Bank provides variable higher interest rates for senior citizens.

Summary

• IndusInd Bank, Yes Bank, IDFC First Bank and Bandhan Bank provide the highest interest rates 7.25% on RD’s for 1 year tenure (12 months).
• Yes Bank  provides the highest interest of 7.50% for the tenure of 24 months.
• HDFC Bank, Kotak Mahindra Bank, IndusInd Bank, Yes Bank, DBS Bank and IDFC First Bank provide higher and competitive interest rates on RDs.

Latest Interest Rates of Savings Account November 2019

Introduction

In this article you will find the Interest Rates of Savings Account provided by major banks in India. These interest rates are as on last updated by the banks respective websites.

Interest Rates of Savings Account of Major Banks November 2019

IDFC First Bank

IDFC First Bank provides the highest interest rate on savings account as shown in above table. For the balance up to Rs.1 Lac interest rate is 6%. While it is 7% for the balance above Rs.1 Lac and up to Rs.1 Crore.

DBS Bank

After IDFC First Bank, Digi bank by DBS (DBS Bank) offers the competitive higher interest rate on savings account. The interest rates are as follows :-

(Balances up to 1 lakh will get 5.5% interest rates. Any balances over and above 1 lakh & up to 2 lakhs will get 7% on the incremental amount, 2 lakhs & up to 5 lakhs will get 5% on the incremental amount & 4% on the remaining balances.)

The list of banks below offer the following interest rate :-

Some banks offer the following interest rates on their savings account :-

Summary

• We can see that most of the major banks in India offer almost same interest rates. The most basic interest rates offered by the maximum bank ranges around 4%.
• IDFC First Bank and DBS Bank provide the highest interest rates on the balance in your savings account. But, these banks have very limited reach. They are only based in metropolitan cities and some other few cities. It is only beneficial to choose IDFC First Bank or DBS Bank if you have a branch near you. Otherwise, opting for another bank would be better as getting services and other advantages from IDFC First Bank or DBS Bank will be an issue.
• After the above mentioned 2 Banks, RBL Bank (formerly  known as The Ratnakar Bank limited) and Yes bank offer higher interest rates on your balance in savings account.
• Kotak Mahindra Bank as well as Bandhan Bank also provide high and competitive interest rates on their savings account. In comparison with top banks in India, Kotak Mahindra Bank has the widest reach across India. Their branches and ATM’s are spread all over India. It has quite high reachability.

Tax Saver 5-year Fixed Deposit Interest Rates of Major Banks – Mar 2019

In this article you will find the interest rates provided by major banks in India on the 5 year Tax Saver FD option provided by them. These interest rates are as on last updated by the respective websites.

In Tax-Saver Fixed Deposit both the tenure and the interest rate for the tenure are fixed. It is unique from other fixed deposits.

The minimum amount to be invested in a tax saver fixed deposit is Rs 100. And the maximum amount that can be invested in a year is Rs. 1.5 lakhs. The minimum amount varies from bank to bank. But the maximum amount is fixed under the Income Tax Act.

The rate of interest is pre-determined, but higher than the savings account. Senior citizens earn higher interest rates than others. The interest rates for Indian citizens, HUFs and NRIs vary from bank to bank.

Given below are the interest rates offered by banks on Tax Saver FD’s:-

Notes

• Most of the banks offer additional 0.50% interest rates to senior citizens.
• RBL bank and Bandhan bank offer 0.75% extra and IDBI bank offers 1% extra interest rates to senior citizens.
• Some banks such as Citibank and Bank of India don’t offer additional interest rates to senior citizens. The interest rates provided by them to general public and senior citizens on Tax saving FD is same.

Summary

• IDFC bank offers the highest interest rate on Tax Saver 5-year FD.

IDFC bank has been there for a long time. They have a wide spread reach. They have their branches all across India.

• After IDFC bank, RBL bank and IndusInd bank offer higher interest rates.
• HDFC bank, ICICI bank and Yes bank also have high and competitive interest rates.

In this article you will find the interest rates provided on the fixed deposit facility provide by major banks in India.

These interest rates are as on last updated by the banks o their respective websites.

Fixed Deposits (FD’s) enable investors to earn higher interest on their extra funds. Interest rate on fixed deposits is guaranteed for the duration of the deposit.

Interest rates on FD’s are fixed when you open the deposit and the rate depends on the tenure that you wish to hold it for. The rate of interest may vary as per amount, period and from bank to bank.

Below you can find the interest rates on fixed deposits for various tenures provided by major banks in India:-

• For tenure less than 1 year:

Bank Name	7 days to 14 days	15 days to 29 days	30 days to 45 days	46 days to 60 days	61 days to 90 days	91 days to 6 months	6 months to 9 month	9 months to less than 1 year
HDFC Bank	3.50%	4.25%	5.75%	6.25%	6.25%	6.25%	6.75%	7.00%
ICICI Bank	4.00%	4.25%	5.50%	5.75%	6.00%	6.00%	6.00%	6.50%
Axis Bank	3.50%	3.50%	3.50%	6.00%	6.00%	6.00%	6.25%	6.50%
Kotak Mahindra Bank	3.50%	4.00%	5.00%	5.50%	5.50%	6.00%	6.75%	7.00%
IndusInd Bank	3.50%	4.00%	5.50%	5.75%	6.00%	6.25%	6.75%	7.00%
Yes Bank	5.00%	5.00%	5.00%	7.00%	7.00%	6.90%	6.70%	6.70%
IDFC Bank	4.00%	5.00%	6.25%	6.50%	6.50%	6.75%	7.00%	7.00%
Federal Bank	3.50%	4.50%	5.00%	5.00%	5.70%	6.00%	6.50%	6.50%
RBL	5.00%	6.00%	6.00%	7.00%	7.00%	7.15%	7.15%	7.25%
State Bank of India	5.75%	5.75%	5.75%	6.25%	6.25%	6.25%	6.35%	6.40%
Punjab National Bank	5.70%	5.70%	5.70%	6.35%	6.35%	6.35%	6.35%	6.35%
Bank of Baroda	4.25%	4.75%	4.75%	5.00%	5.00%	5.50%	6.25%	6.35%
Canara Bank	5.75%	5.75%	5.75%	6.25%	6.25%	6.25%	6.35%	6.40%
Union Bank of India	5.00%	5.00%	5.00%	5.50%	5.50%	6.25%	6.50%	6.75%
IDBI Bank	5.75%	5.75%	5.75%	6.25%	6.25%	6.25%	6.50%	6.50%
Bank of India	5.25%	5.25%	5.25%	5.75%	5.75%	6.00%	6.25%	6.25%
Central Bank Of India	4.75%	5.50%	5.50%	5.50%	5.50%	6.75%	6.50%	6.50%
Indian Overseas Bank	4.50%	4.50%	4.50%	4.60%	4.60%	5.50%	5.75%	6.25%
Citibank	3.00%	3.25%	4.50%	4.75%	4.75%	6.00%	6.25%	6.25%
Syndicate Bank	4.75%	4.75%	5.00%	5.50%	6.00%	6.00%	6.35%	6.35%
Bank of Maharashtra	4.25%	4.25%	4.25%	5.25%	5.25%	6.00%	6.00%	6.00%
Bandhan Bank	3.50%	4.00%	4.00%	4.00%	4.00%	4.50%	6.80%	6.80%
DBS Bank	4.25%	4.25%	4.50%	5.00%	5.50%	5.75%	6.00%	6.10%

• For tenure from 1 year up to 10 years:

Bank Name	1 Year	1 year to 2 years	2 years to 3 years	3 years to 5 years	5 years to 8 years	8 years to 10 years
HDFC Bank	7.25%	7.25%	7.10%	7.10%	6.00%	6.00%
ICICI Bank	6.75%	7.00%	7.25%	7.25%	7.00%	7.00%
Axis Bank	7.10%	7.00%	7.00%	7.00%	7.00%	7.00%
Kotak Mahindra Bank	7.00%	7.25%	7.10%	7.00%	6.50%	6.50%
IndusInd Bank	7.65%	7.40%	7.25%	7.00%	6.75%	6.75%
Yes Bank	7.10%	7.10%	7.10%	7.10%	7.10%	7.10%
IDFC Bank	7.50%	7.50%	8.00%	8.25%	8.25%	8.25%
Federal Bank	6.85%	7.30%	7.00%	7.00%	7.00%	7.00%
RBL	7.75%	7.75%	7.50%	7.50%	7.25%	7.25%
State Bank of India	6.65%	6.65%	6.65%	6.70%	6.75%	6.75%
Punjab National Bank	6.75%	6.75%	6.75%	6.25%	6.25%	6.25%
Bank of Baroda	6.60%	6.70%	6.60%	6.70%	6.60%	6.60%
Canara Bank	6.70%	7.00%	6.70%	6.20%	6.20%	6.20%
Union Bank of India	6.70%	6.70%	6.70%	6.75%	6.75%	6.75%
IDBI Bank	6.75%	6.70%	6.70%	6.70%	6.00%	6.00%
Bank of India	6.65%	6.65%	6.70%	6.40%	6.35%	6.35%
Central Bank Of India	6.60%	6.60%	6.50%	6.50%	6.50%	6.50%
Indian Overseas Bank	6.60%	6.60%	6.75%	6.80%	6.80%	6.80%
Citibank	6.25%	7.00%	6.00%	6.00%	6.00%	6.00%
Syndicate Bank	6.70%	6.75%	6.60%	6.60%	6.50%	6.50%
Bank of Maharashtra	6.50%	6.50%	6.60%	6.50%	6.50%	6.50%
Bandhan Bank	7.00%	7.30%	7.40%	7.40%	6.40%	6.40%
DBS Bank	7.00%	7.00%	7.50%	7.00%	7.50%	7.50%

 Note:-

• Senior citizens attract an additional 0.50% on their FD interest rates. All most all the bank provide additional 0.50%.
• A few banks such as RBL bank and IDBI bank provide FD’s with a tenure of 20 years.
• The above tenures are not common to all the banks. The tenures have been standardized for a neat presentation of interest rates. Some banks may have different tenures and may be presented in a different manner. Some may also have some extra tenures.
• The above interest rates are for deposits less than Rs. 1 crore and in some cases less than Rs. 5 crores. (as specified by the bank on their website)

Summary:-

• For tenure less than 1 year Yes bank, RBL bank, State Bank of India, Punjab National Bank and IDBI bank offer higher and competitive interest rates.

• For tenure from 1 year up to 10 years HDFC bank, IndusInd bank, IDFC bank, RBL bank, Bandhan bank and DBS bank are among the highest interest rates offering banks.

In this article you will find the interest rates provided by major banks in India on the recurring deposit (RD) facility provided by them.

These interest rates are as on last updated by the respective websites.

Below are the interest rates offered by banks on RD’s for various durations:-

• RD interest rates for tenure up to 2 years:-

Bank Name	6 Months	9 Months	12 Months	18 Months	21 Months	24 Months
HDFC Bank	6.25%	6.75%	7.25%	7.25%	7.25%	7.25%
ICICI Bank	6.00%	6.25%	6.60%	6.75%	6.75%	6.75%
Axis Bank	6.00%	6.25%	6.50%	7.00%	7.00%	7.00%
Kotak Mahindra Bank	–	–	7.25%	7.25%	7.25%	7.10%
IndusInd Bank	–	–	7.65%	7.40%	7.40%	7.25%
Yes Bank	6.70%	6.70%	7.10%	7.10%	7.10%	7.10%
IDFC Bank	6.75%	7.00%	7.25%	7.25%	7.25%	7.25%
State Bank of India	6.25%	6.40%	6.90%	6.70%	6.70%	6.75%
Bank of Baroda	–	–	6.75%	6.65%	6.65%	6.65%
IDBI Bank	–	–	6.75%	6.70%	6.70%	6.70%
Central Bank Of India	6.50%	6.50%	6.50%	6.60%	6.60%	6.60%
Indian Overseas Bank	5.50%	5.75%	6.25%	6.60%	6.60%	6.60%
Citibank	–	–	6.25%	7.00%	6.00%	6.00%
Bandhan Bank	4.50%	6.80%	7.00%	7.30%	7.30%	7.30%
DBS Bank	5.75%	6.10%	7.00%	7.00%	7.00%	7.00%

• RD interest rates for tenure from 2 years up to 10 years:-

Bank Name	27 Months	30 Months	36 Months	48 Months	60 Months	90 Months	120 Months
HDFC Bank	7.10%	7.10%	7.10%	7.10%	7.10%	6.00%	6.00%
ICICI Bank	7.00%	7.00%	7.00%	7.00%	7.00%	7.00%	7.00%
Axis Bank	7.00%	7.00%	7.00%	7.00%	7.00%	7.00%	7.00%
Kotak Mahindra Bank	7.10%	7.10%	7.10%	7.10%	7.00%	6.50%	6.50%
IndusInd Bank	7.25%	7.25%	7.00%	7.00%	7.00%	6.75%	6.75%
Yes Bank	7.10%	7.10%	7.10%	7.10%	7.10%	7.10%	7.10%
IDFC Bank	7.25%	7.25%	7.25%	7.20%	7.20%	7.20%	7.00%
State Bank of India	6.75%	6.75%	6.80%	6.80%	6.85%	6.85%	6.85%
Bank of Baroda	6.65%	6.65%	6.65%	6.65%	6.65%	6.40%	6.40%
IDBI Bank	6.70%	6.70%	6.70%	6.75%	6.75%	6.00%	6.00%
Central Bank Of India	6.50%	6.50%	6.50%	6.50%	6.50%	6.50%	6.50%
Indian Overseas Bank	6.75%	6.75%	6.75%	6.80%	6.80%	6.80%	6.80%
Citibank	–	–	–	–	–	–	–
Bandhan Bank	7.40%	7.40%	7.40%	7.40%	7.40%	6.40%	6.40%
DBS Bank	7.00%	7.50%	7.00%	7.00%	7.50%	–	–

Notes:-

• Kotak Mahindra Bank, IndusInd bank, Bank of Baroda, IDBI Bank and Citibank provide RD’s with minimum tenure of 1 year.
• Citibank provides RD’s with maximum tenure of 2 years.
• DBS Bank provides RD”s with maximum tenure of 5 years.
• All the banks mentioned above offer 50% extra interest rates for senior citizens.
• Only Bandhan Bank offers 0.75% extra interest rates for senior citizens. And Axis Bank provides variable higher interest rates for senior citizens.

Summary:-

• Bandhan Bank provides the highest interest rates on RD’s for maximum tenures. Bandhan bank has recently got listed.

• HDFC Bank, Kotak Mahindra Bank, IndusInd Bank, Yes Bank, DBS Bank and IDFC Bank also provide high and competitive interest rates on RD’, a little lower than Bandhan Bank.