Therefore, the interest rates are higher than Savings Account. The rate of interest is equivalent to that offered for a Fixed Deposit.
The minimum period of deposit is six months, while the maximum period of a deposit is 10 years. One can invest with an amount as small as ₹1,000. A Recurring Deposit (RD) allows you to deposit a fixed amount on a regular basis with your bank, and earn interest income on it. On deposits maturing in 6 months, the bank gives 4. The minimum amount of deposit varies from one bank to another. You are eligible for the Recurring Deposit if you are one of the following: Resident individuals. HDFC Bank has hiked its interest rates on recurring deposits (RDs) across all tenors. The recurring deposit schemes are considered beneficial for the salaried professionals as they don't have to invest a lump sum amount one at a time. It often provides flexibility and ease of investments.
Recurring deposits are unique term deposits which allow people to make regular investments and earn decent returns on them. The HDFC Bank interest rates are ranging from three per cent to six per cent on the deposits which mature in seven days to ten years for the general public, whereas the senior citizens are being offered 3.50 per cent to 6.75 per cent interest rates. IDFC FIRST Bank recurring deposit interest rate The bank currently offers interest rates ranging from 4.50 to 7. As per the report, the bank increased interest rates of fixed deposits of less than ₹2 crore with effective from October 11, 2022.
