SBI Vs HDFC Bank Vs ICICI Bank Vs Post Office: Know where to get the best return on RD, check rates

New Delhi. If you do not want to take any risk on your investments, then you can consider investing in Fixed Deposit (FD) as well as Recurring Deposit (RD). If you want to invest with lump sum amount, then you can invest in FD. If you want to invest on the basis of your income every month, then you can invest in recurring deposits.

What is recurring deposit
Under Recurring Deposit, the depositor has to deposit a fixed amount of his income every month for a fixed period. After maturity, the depositor gets the principal amount as well as the interest amount as return.

Also read- Where to keep money is more beneficial? SBI FD or post office time deposit

SBI RD interest rate
According to the Goodreturn website, the interest rates on RD in SBI are same as FD rates for minimum 12 months and maximum 120 months. SBI is giving 5.50 percent interest on maturity of 5 years or more. 5.45 percent interest is being given on recurring deposits of 3 to 5 years tenor.

Post Office RD interest rate
Post office RD is getting interest at the rate of 5.8 per cent for a period of 5 years (60 months). This interest rate is fixed for the July-September quarter of the current financial year. If you want to extend the time of RD, then you can extend it for another 5 years by submitting an application to the concerned post office.

HDFC Bank RD interest rate
Recurring deposit facility is available in HDFC Bank for tenures ranging from 6 months to 120 months. HDFC Bank gives interest from 3.75 percent to 5.75 percent on recurring deposits. This bank gives 6.70 percent interest on RD for a tenure of 5 years.

Also read- Good news for SBI customers, bank increased FD interest rates, see details

ICICI Bank RD interest rate
ICICI Bank offers RD facility from 6 months to 10 years. The bank pays 5.70 per cent interest for recurring deposits of tenure of 3 to 5 years. In this bank, for RD above 5 years, interest is getting at the rate of 5.75 percent.

Tags: Bank FD, FD Rates, Fixed deposits, hdfc bank, ICICI bank, Post Office, sbi

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