Recurring Deposit Interest

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  1. Recurring Deposit Interest Rates In Post Office
  2. Recurring Deposit Interest Rate For Indian Banks
  3. Recurring Deposit Calculator Online
  4. Sbi Recurring Deposit Interest Rates
  5. Recurring Deposit Interest Formula
  6. Recurring Deposit Interest Rate In Sbi

A recurring deposit is a type of term deposit offered by banks / financial institutes which assist people with regular incomes to deposit a fixed amount every month into their RD account and earn interest at the rate applicable.

  • A recurring deposit is a special kind of term deposit offered by banks which help people with regular incomes to deposit a fixed amount every month into their recurring deposit account and earn interest at the rate applicable to fixed deposits. It is similar to making fixed deposits of.
  • Recurring Deposit (RD) is a special kind of Term Deposit that allows customer to deposit a fix amount every month in RD account and earn interest at a fix rate. RD is a systematic savings plan that offers guaranteed returns.
  • Recurring Deposit Calculator Plan your Savings. Find out how much you can save by making regular monthly deposits with our Recurring Deposit plan. Just key in the amount you want to save and the tenure you wish to invest for. The RD calculator will give you total savings for the set interest rate.
  • A recurring deposit earns interest at a pre-specified rate over the period chosen by the investor. The interest will be added to the principal amount at a certain frequency or at maturity. When the RD matures, investor is paid the actual amount invested plus the total interest earned in the entire tenure. Key features of recurring deposit.

Recurring deposit (RD) allows customers an opportunity to build their savings via regular monthly deposits of a fixed sum over a fixed period of time.

Recurring deposit matures on a specific date in the future along with all the deposits made every month

It is similar to a fixed deposit of a certain amount in month-to-month installments.

Recurring Deposit Interest Rates for 1 Year (as on 02 Mar 2021) The highest interest rate is offered by North East Small Finance Bank Limited (for 12 months) at 7.5% and Utkarsh Small Finance Bank (for 12 months) at 7.25% followed by Suryoday Small Finance Bank (for 12 months) at 7.25%.

The minimum tenure of this deposit is six months and maximum is ten years.

Compound interest is added to recurring deposit at the end of every financial quarter.

Rate of interest of 5% to 7.25% is offered on RD by various financial institutions.

M =R[{(1+i)^n} – 1] ÷ 1-{(1+i)^(-1/3)}

M = Maturity value of the RD

R = Monthly RD installment to be paid

n = Number of months (tenure)

i = Rate of Interest / 400

Let’s consider an example to understand this better,

You invest a principal amount of 500 for a period of 60 months at an interest rate of 6% and it is compounded quarterly.

M =R[{(1+i)^(n/3)} – 1] ÷ 1-{(1+i)^(-1/3)}

M =500[{(1+(6/400))^(60/3)} – 1] ÷ 1-{(1+(6/400))^(-1/3)}

M =500[{(1+(0.015))^(20)} – 1] ÷ 1-{(1+0.015)^(-1/3)}

Recurring deposit interest rate calculator

M =500[{(1.015)^(20)} – 1] ÷ 1-{(1+0.015)^(-1/3)}

M= 35,031.78

Maturity amount in this case at the end of 30 months will be 35,031.78.

Banks / Financial companies

Normal Interest Rates

Senior Citizen Interest

less than 5 Years

More than 5 Years

less than 5 Years

More than 5 Years

State Bank of India

5.30%

5.80%

5.40%

6.20%

AXIS Bank

5.50%

6.00%

5.50%

6.00%

ICICI Bank

5.35%

5.85%

5.50%

6.30%

HDFC Bank

5.35%

5.85%

5.50%

6.00%

Union Bank of India

5.45%

5.95%

5.45%

5.95%

IDBI Bank

5.30%

5.90%

5.30%

5.90%

Kotak Mahindra Bank

4.90%

4.50%

5.40%

5.00%

Yes Bank

7.00%

6.75%

7.75%

7.25%

Federal Bank

5.35%

5.50%

5.85%

6.00%

IndusInd Bank

6.75%

6.65%

7.25%

7.15%

Punjab National Bank

5.30%

5.30%

6.05%

6.05%

Bank of Baroda

5.30%

5.30%

5.80%

6.30%

Bank of Maharashtra

5.00%

5.00%

5.50%

5.50%

Indian Overseas Bank

5.45%

5.45%

5.95%

5.95%

IDFC Bank

6.75%

6.25%

7.25%

6.75%

Note: Please refer to the respective bank websites and confirm the interest rates before investing. The above chart is updated in August 2020.

Recurring

High Interest rates.

Useful for short term goals.

A Flexible amount can be invested.

Loan on Recurring deposit

Interest

Penalty / Charges vary from bank to bank. However, it is observed that maximum of 2% of agreed upon interest rate is charged on premature withdrawing.

Recurring Deposit Interest Rates In Post Office

Please refer the below links for detailed chart on interest rates:

Recurring Deposit Interest Rate For Indian Banks

SBI – https://www.sbi.co.in/web/personal-banking/investments-deposits/deposits/recurring-deposit

Axis – https://www.axisbank.com/retail/calculators/recurring-deposit-calculator

Recurring Deposit Calculator Online

ICICI – https://www.icicibank.com/Personal-Banking/account-deposit/recurring-deposits/index.page

HDFC – https://www.hdfcbank.com/personal/resources/rates

Union Bank – https://www.unionbankofindia.co.in/english/personal-recurring-deposit-scheme.aspx

IDBI Bank – https://www.idbibank.in/interest-rates.asp

Kotak Mahindra Bank – https://www.kotak.com/en/personal-banking/deposits/recurring-deposits/interest.html

Yes Bank – https://www.yesbank.in/personal-banking/yes-individual/deposits/recurring-deposit

Federal Bank – https://www.federalbank.co.in/deposit-rate

IndusInd Bank – https://www.indusind.com/in/en/personal/rates.html

Sbi Recurring Deposit Interest Rates

Punjab National Bank – https://www.pnbindia.in/Interest-Rates-Deposit.html

Recurring Deposit Interest Formula

Bank of baroda – https://www.bankofbaroda.in/interest-rates-charges.htm

Recurring Deposit Interest Rate In Sbi

Bank of Maharashtra – https://www.bankofmaharashtra.in/domestic_term_deposits

Indian OverSeas Bank – https://www.iob.in/Domestic_Rates

IDFC Bank – https://www.idfcfirstbank.com/content/dam/IDFCFirstBank/Interest-Rates/Interest-Rate-Retail.pdf