IndusInd Bank is paying the highest interest. It is giving interest of 7.25-8.00 percent on normal account (General Interest Rate). The same senior citizen’s RD is getting an interest of 7.75-8.50 percent. Similarly, Jana Small Finance Bank is giving interest ranging from 6.75-8.50 percent on the normal account.
Barring a few differences, a Recurring Deposit RD account is in no way less than a Fixed Deposit FD account. Rather, if you look at the investment of money, then there is more convenience on RD account than FD. For those who have regular income, RD account is the best way to invest. A fixed amount has to be deposited every month in the RD account and the period of deposit is also fixed. You can get interest up to 2.50-8.50 percent on this account. Interest is available on RD account like FD but in this facility of monthly premium deposit is given.
Whatever money customers deposit in a recurring deposit account, interest can be earned from a minimum of 2.50 percent to 8.50 percent. Talking about the minimum deposit amount, you can invest very little in comparison to FD, even 10 rupees. Facility to open RD account in post office RD from Rs.10 is given.
The period of depositing money in the account under RD can be from 6 months to 10 years. It gets compound interest every quarter. Premature or partial withdrawal facility is not available in RD. If you want, you can close this account prematurely, for which some penalty will have to be paid.
This bank is paying the highest interest
IndusInd Bank is paying the highest interest on the amount deposited in the RD account. It is giving interest of 7.25-8.00 percent on normal account (General Interest Rate). The same senior citizen’s RD is getting an interest of 7.75-8.50 percent. Similarly, Jana Small Finance Bank is giving interest ranging from 6.75-8.50 percent on the normal account. This bank gives an interest of 7.35-9.10 percent to senior citizens. Ujjivan Small Finance Bank is giving 6.25-7.50 percent return on normal account and 6.75-8.00 percent for senior citizens.
AU Small Finance Bank is offering 5.75-7.53 percent interest on normal account and 6.25-8.03 percent for senior citizens. Equitas Small Finance Bank is offering 6.40-6.53 percent interest on normal account and 6.90-7.15 percent for senior citizens. The post office has kept the interest rate same for normal account and senior citizens. The post office is giving an interest of 5.80 percent.
Condition of big banks
Talking about big banks, State Bank is giving 5.00-5.40 percent interest on normal account and 5.50-6.20 percent for senior citizens. ICICI Bank is giving 3.50-5.35 interest on normal account and 4.00-5.85 percent for senior citizens. HDFC is giving 3.50-5.50 percent interest on RD account and 4-6 percent to senior citizens. Kotak Bank is giving 4.40-4.75 interest on normal account and 4.90-5.25 percent for senior citizens.
Axis Bank is giving 4.40-4.75 per cent interest on normal account and 4.65-6.05 per cent for senior citizens. Bank of Baroda is giving 3,70-5.25 percent interest on normal account and 4.20-5.75 percent for senior citizens. PAB is giving 4.40-5.30 percent interest on RD account to general public and 4.90-5.80 percent to senior citizens.
Features of RD Account
- There is no need to deposit lumpsum amount in this. You can start investing with whatever amount is available to you. Even Post Office RD can start depositing from Rs.10
- The customer can choose the deposit period as per his/her own choice. It can be from 6 months to 10 years
- RD gets almost the same interest as FD
- Children or minors can also open RD account in which their guardian’s papers will be taken
- Senior citizens are given more interest in RD account than normal people
- By paying some different charges, if the customer wants, then he can withdraw the money partially even before time.
- You can take a loan against your RD account. You can take 80-90 percent of the amount in your account as a loan
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