Bank RD Rate Increased: Many banks including SBI and PNB increased interest rates on RD, know latest rate hare

Highest RD interest rates 2023: By depositing a fixed amount every month through RD, investors can earn more interest and earn profits. Because banks have increased the interest rates. 

With Recurring Deposit i.e. Recurring Deposit Scheme, investors can get a large amount on maturity by depositing a small amount monthly. You can earn higher interest and profits by depositing fixed amount every month through RD option. The quarterly compounding formula is used to calculate RD interest rates. The interest rates vary depending on the bank and the tenure chosen by the customers. Many banks including SBI, PNB have revised the interest rates on RD.

Tenure of Recurring Deposit (RD)

Banks provide the facility of tenure of six months to ten years to the customers for investing in Recurring Deposits. The interest rates are set to remain constant for a fixed period. Like FD, you have the option of getting interest payments either in one go or regularly. Here RD interest rates offered by SBI, HDFC Bank, PNB are being compared. RD interest rates are as on 27 February 2023.

SBI RD Interest Rates

State Bank of India ( SBI ) offers interest rates between 6.80 and 7 percent on RD investments for maturity of 12 to 120 months. The minimum deposit amount per month on RD is Rs.100. The bank has made these interest rates effective from 15 February 2023. If the customer is not able to deposit six RD installments continuously, then the bank closes the account. In this case the balance amount will be paid to the account holder.

PNB RD Interest Rates

PNB offers interest rate between 5.5 percent to 7.25 percent to general citizens for investment on RD between six months to 10 years. These rates are effective from 20 February 2023. RDs are payable on maturity or one month after depositing the last installment.

HDFC Bank RD Interest Rates

HDFC Bank offers regular citizens an interest rate of 4.5 per cent to 7.10 per cent for investing in RDs maturing between six months and 120 months. Offers an interest rate of 7.10 per cent on FDs with a tenure of 15 months.