Recurring Deposit Rate of Interest in Different Banks

The most important aspect that every investor would seek while investing in a recurring period is completely risk-free and gives guaranteed returns. Investing in certain market-oriented financial instruments is not considered a safe option if an investor goes with a short-term investment goal.

By investing in a recurring deposit, one can not only earn good returns by making monthly deposits, but one can also manage your emergency fund more effectively by not parking a lump sum amount at once. Recurring deposit, like other deposit products, is insured by DICGC up to Rs 5 lakh, minimizing deposit security risk to almost zero. Ever since the RBI has hiked repo rates, banks too are changing their rates on recurring deposits.

Here are the banks that have revised upwards their recurring deposit interest rates.

HDFC Bank

HDFC Bank has made interest rate revisions on recurring deposits across selected tenors. The bank is now offering a maximum interest rate of 5.75 percent to regular customers and 6.50 percent to senior citizens on recurring deposits.

ICICI Bank

ICICI Bank allows recurring deposits for a tenure ranging from 6 months to 10 years. It revised interest rates on recurring deposits and now offers a maximum interest rate of 5.75 percent to normal recurring account holders and 6.50 percent to senior citizens.

IndusInd Bank

IndusInd Bank’s recurring deposits are for tenures ranging from 9 months to 61 months and above. The bank revised interest rates on recurring deposits following which the general public will now get a maximum rate of 6.50 percent and senior citizens will get a maximum return of 7 percent.

RBL Bank

With tenure ranging from 7 days to 240 months, RBL Bank allows opening a recur-ring account. It revised interest rates on recurring deposits. On deposits maturing in 24 months to less than 36 months, RBL Bank offers a maximum regular rate of 6.50 percent and 7 percent to senior citizens.

Kotak Mahindra Bank

Kotak Mahindra Bank allows recurring deposits for a tenure ranging from 6 months to 10 years. The bank has revised interest rates on recurring deposits. For normal recurring account holders, the rate of interest is 5.90 percent and for senior citizens, it is 6.40 percent.

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