Post Office RD vs Banks RD: For the October–December 2023 quarter, the Central Government has raised the interest rate on the five-year Post Office Recurring Deposit (RD) plan by 20 basis points, or 0.20 percent. It has been raised by the government to 6.70 percent.
Understanding the Variability
In addition, recurring deposit interest rates differ based on the bank. The interest rates on post office recurring deposits and RDs from renowned banks like SBI, ICICI Bank, and HDFC Bank are contrasted here. Let’s see who is giving the best five-year recurring deposit interest rate.
Post Office RD Starts at Rs 100
Post Office RD allows for a minimal investment of Rs 100. For the quarter ending in October through December, the government has lowered the 5-year RD to 6.7%. It was 6.5% previously.
SBI Offers 5.10% Interest
Interest rates from SBI range from 5.10 percent to less than two years. 5.20 percent is the interest rate for the two-year to less than three-year period. The bank gives 5.45 percent for tenure ranging from three years to less than five years. SBI provides interest rates of 5.50 percent for extended durations, spanning from five to ten years. There is a 12-month minimum deposit period and a 120-month maximum deposit duration.
ICICI Bank’s Interest Rates Range from 4.75% to 7.10%
Interest rates from 4.75 percent to 7.10 percent and 5.25 percent to 7.50 percent are available to normal and elderly persons, respectively, through ICICI Bank. These prices will be in effect starting on February 24, 2023.
HDFC Bank’s 4.50% Interest for a Six-Month Duration
For a duration of six months, HDFC Bank is offering interest at a rate of 4.50 percent. Interest rates of 5.75 percent, 6.60 percent, and 7.10 percent are available for terms of nine months, twelve months, and fifteen months, respectively. For terms of 24 months, 27 months, 36 months, 39 months, 48 months, 60 months, 90 months, and 120 months, HDFC Bank is giving an interest rate of 7%.
Yes Bank’s Versatile Interest Rates from 6.10% to 7.75%
Yes Bank offers interest rates for terms ranging from six months to five years or longer, from 6.10 percent to 7.75 percent. You can reserve recurring deposits for up to three months in advance. Thus, RD can be carried out for a duration of six, nine, or twelve months. Failure to pay an installment is also subject to a one percent penalty.
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