Recurring Deposit is the best way for people who wants to save a small amount of money monthly from their  income.With this savings one can easily accumulate a big amount of money for their future goal.

I am giving a small example- Suppose Mr. Kumar dreams for a bike for a long time but he has not ability to buy a bike by giving money in a single time,so he open a recurring account with IDBI Bank.He have to pay Rs.95000 /- for bike.So he planned to save Rs. 6000 /- per month with 9.0 % interest rate for 15 months.Now his accumulated amount will be about Rs. 96000 /- as about RsRD Interest Rate. 6000 /- as interest .His dream become true after 15 months.

This is the power of a recurring deposit,one of the best small savings.

Now we will give a small guidance on recurring deposits interest rates,safety and more.

 

Comparison of Interest rates of Recurring Deposit in various banks.

Name of Bank

Interest Rate

Period of Deposit

Safety Rating

To Know More

State Bank of India (SBI)

8.75 %

1 Yr –< 2 Yr

High

Click Here

IDBI Bank Ltd

8.75 to 9.00 %

up to 1 year and

1 Yr –< 2 Yr

High

Click Here

ICICI Bank

7.50 to 8.75 %

up to 1 year and

1 Yr –< 2 Yr

Medium

Click Here

Axis Bank

8.50 %

1 Yr –< 2 Yr

Medium

Click Here

HDFC Bank

8.00 to 8.75 %

up to 1 year and

1 Yr –< 2 Yr

Medium

Click Here

Indian Overseas Bank

9.00 %

1 Yr –< 2 Yr

Medium

Click Here

Punjab National Bank (PNB)

9.00 %

1 Yr –< 2 Yr

Medium

Click Here

United Bank of India (UBI)

8.50 to 9.00 %

up to 1 year and

1 Yr –< 2 Yr

High

Click Here

Indian Post Office (IPO)

8.40 %

5 Yr

High

Click Here

 

This above is the current scenario of Interest Rates at Banks in India.

Use this HDFC Bank’s Calculator for calculating Interest of Recurring Deposit.

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1 comments :

  1. I totally agree with you that recurring deposit is a perfect way for the people who want to save some little amount of money from their total expenses.I personally have recurring deposit account and its really very helpful for me.

    ReplyDelete

 
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