- By Aditya Pratap Singh
- Fri, 01 Dec 2023 04:46 PM (IST)
- Source:JND
Recurring Deposit (RD) has always been a top risk-free saving and investment option. One can start saving money by depositing money in any bank's RD schemes or you can start investing money in the RD scheme of the post office.
When we have a lot of options then, In such a condition, it becomes important for us to first understand whether post office RD or bank RD, which one would give the maximum interest benefit. Today, we are comparing the interest rates of State Bank of India (SBI), HDFC Bank, and Post Office.
Interest rate on RD
The government has increased the interest rate on the 5-year RD scheme for the December quarter. following which, customers are getting interest rate of 6.7 percent per annum instead of 6.5 percent per annum on RD.
However, SBI offers interest rates between 5.75 percent to 7 percent for RDs maturing between 1 year to 10 years, and HDFC Bank offers interest rates between 4.50 percent to 7 percent for RDs.
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Post Office RD Interst Rate
As per information on the official website of India Post, for a 5 year RD account, at least Rs 100 has to be deposited every month. The Indian Post is offering a interest rate of 6.7 percent per annum.
SBI RD Interest rate
State Bank of India (SBI) offers interest rates ranging from 6.50 percent to 6.80 percent per annum on RD. Whereas senior citizens can get interest between 7 percent to 7.50 percent annually. You can start your investment in the bank from Rs 100 for 1 year to 10 years.
HDFC Bank Interest rate
HDFC Bank offers 4.5 percent to 7 percent interest rate on RD. Whereas, interest rate for senior citizens is between 5 percent to 7.75 percent. In HDFC you can start your investment with Rs 1000 for 6 months to 10 years.