- By Aditya Pratap Singh
- Tue, 30 Apr 2024 05:45 PM (IST)
- Source:JND
RD Schemes: Recurring Deposit (RD) has always been considered one of the secure ways to save and invest money. Customers can deposit their savings in RD schemes run by different banks and they are eligible to earn interest on it as well. Nowadays, customers have a lot of options to start investing in Recurring Deposits, and the post office's RD scheme is one of them. In addition to the post office, almost all authorized banks in India offer RD schemes. In such a scenario, you must determine whether you are getting the greatest interest benefit from the bank or institution you are choosing. In this article, we'll compare the RDs of the State Bank of India (SBI), HDFC Bank, and Post Office.
HDFC Bank
HDFC Bank is providing its customers with interest rates ranging from 4.5 percent to 7 percent on RDs. For senior citizens, the interest rate is between 5 percent and 7.75 percent. You may begin your investment in this bank with Rs 1000 for 6 months to 10 years.
Interest rate
The government increased the interest rate on the 5-year RD scheme for the December quarter. As a result, customers now get an interest rate of 6.7 percent per year instead of 6.5 percent per year. The interest rate is the same for the State Bank of India (SBI) and HDFC Bank. While SBI is offering interest rates ranging from 5.75 percent to 7 percent for RDs with maturities between 1 year and 10 years, HDFC Bank is offering interest rates ranging from 4.50 percent to 7 percent for RDs.
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Post Office RD
According to information accessible on the India Post website, at least Rs 100 must be deposited each month after opening a 5-year RD account. According to updated information, customers are offered an interest rate of 6.7 percent per annum.
State Bank of India (SBI)
State Bank of India (SBI) offers its customers interest in RDs ranging from 6.50 percent to 6.80 percent per year. Senior citizens, on the other hand, get interest rates ranging from 7 percent to 7.50 percent per annum. You may begin your investment in the bank for 1 to 10 years with Rs 100.