Latest interest rate, other details

Recurring Deposit (RD) is a well-liked financial savings scheme that provides a set interest rate on the funding quantity of standard instalments. It is a sort of time period deposit supplied by all banks together with the State Bank of India (SBI) and Post Office. An RD account lets you deposit a pre-specified quantity at pre-decided intervals. The installment quantity as soon as mounted, can’t be altered. The buyer receives the maturity quantity when the tenure of RD is over. At the time of maturity, the invested quantity is paid again to the person together with collected interest.

Post Office RD

Post office RD has a maturity interval of 5 years. The minimal month-to-month quantity for opening Post Office RD is 10 per which will be elevated in multiples in multiples of 5. However, there isn’t any most restrict on funding. The authorities decides the 5-year RD rate for Post Office.

SBI RD

SBI RD interest charges fluctuate between 5%-5.4% for most people and an extra interest rate hike of fifty foundation factors for senior residents. These charges are efficient from 8 January 2021. SBI recurring deposits have maturity starting from 1 year to 10 years. The minimal month-to-month funding quantity for SBI RD is 100 in multiples of 10. There isn’t any higher restrict on the funding quantity.

SBI RD charges efficient 8 January 2021

1 year to lower than 2 years – 4.9%

2 years to lower than 3 years – 5.1%

3 years to lower than 5 years – 5.3%

5 years and as much as 10 years – 5.4%

5-Year Post Office Recurring Deposit Account (RD) efficient 1 October 2021

5.8​ % each year (quarterly compounded)

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