Highest Recurring Deposit Interest Rates (2023)

Recurring Deposit Interest Rates for 1 Year (as on 2023)

One of the best way of investment of your savings which is offered by almost all the banks in India.
It facilitates small savings with flexible amounts and tenures.
It inculcates a regular habit of saving for future needs.
It is available from minimum of 6 months to a maximum of 10 years with monthly instalments of 12, 24, 36, 48, 60, 72, 84, 96, 108 and 120 months.
It can be opened for monthly instalments of Rs 100 and thereafter, in multiples of Rs 100.
Once the RD account becomes active, the customer can not change the amount of the installment or the tenure.
Standing instruction for transferring the monthly instalments from the customer's SB / CA account is accepted.
Very popular among the salaried class persons.
Best for those who can afford to save only a few thousand rupees per month.
Almost all the banks do quarterly compounding in case of RD.
On maturity date, the RD holder is paid the maturity value i.e. the principal and the interest earned.
RD accounts can be prematurely closed and banks generally deduct some penalty as per the clauses of the bank.
Partial withdrawals are not allowed.
A penalty is levied upon a delayed payment or missing installment.
Some banks have a loan facility against the RD on pledging the RD as collateral.
Nomination facaility is available.