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RD Comparison: Kotak Mahindra Bank Vs HDFC Bank Vs ICICI Bank Latest RD Interest Rates
Fixed Deposits (FDs) are one of the most valued investment destinations amid rising interest rates. However, to book FD requires a fixed amount for a one-time investment for a fixed time period, which limits investors with low amounts. A recurrent deposit (RD) is among the finest investment options for risk-averse people who wish to grow their money without making a large initial investment. It offers a safe and convenient way of achieving your financial goals.
An RD is a systematic FD at a certain period of time. In RD investment, a specific sum over a specific term must be invested. Upon maturity or at the end of the period, interest on the recurring deposit is credited to the account. Recently, Kotak Mahindra Bank has revised the RD rates effective from April 28, 2023.
Here we have compared the latest RD Interest Rates of 3 leading private sector banks Kotak Mahindra Bank, HDFC Bank, and ICICI Bank.
Kotak Mahindra Bank
Kotak Mahindra Bank offers recurring deposit interest rates between 6% to 7.20% for General Public and 6.50% to 7.70% for Senior Citizens on tenures of 6 months to 10 years. The bank offers the highest interest rate of 7.20% to the General public and 7.70% on the tenure of 15 months, 18 months and 12 months.
Interest Rates for Recurring Deposits (For Resident Individuals & HUF Only) - effective from 28 April 2023
| Tenure | Interest Rate p.a. ( %) | Senior Citizen Rates p.a. ( %) |
|---|---|---|
| 6 Months | 6.00% | 6.50% |
| 9 Months | 6.00% | 6.50% |
| 12 Months | 7.00% | 7.50% |
| 15 Months | 7.20% | 7.70% |
| 18 Months | 7.20% | 7.70% |
| 21 Months | 7.20% | 7.70% |
| 24 Months | 7.00% | 7.50% |
| 27 Months | 7.00% | 7.50% |
| 30 Months | 7.00% | 7.50% |
| 33 Months | 7.00% | 7.50% |
| 3 years - less than 4 years | 6.50% | 7.00% |
| 4 years - less than 5 years | 6.25% | 6.75% |
| 5 years - 10years | 6.20% | 6.70% |
Source - Kotak.com
HDFC Bank
India's largest Private Sector bank, HDFC Bank offers recurring deposit (RD) interest rates between 4.50% to 7.10% for General Public and 5% to 7.60% for Senior citizens on tenures of 6 months to 120 months. On a tenure of 15 months, the bank offers the highest interest rate of 7.10% to the general public and 7.60% to Senior citizens.
Recurring Deposits Interest Rates (Resident/NRO/NRE Customers)
| Period | Interest Rate (p.a.) | **Senior Citizen Rates (p.a.) | Effective From |
|---|---|---|---|
| 6 Months | 4.50% | 5.00% | Jan 24, 2023 |
| 9 Months | 5.75% | 6.25% | Jan 24, 2023 |
| 12 Months | 6.60% | 7.10% | Jan 24, 2023 |
| 15 Months | 7.10% | 7.60% | Feb 21, 2023 |
| 24 Months | 7.00% | 7.50% | Jan 24, 2023 |
| 27 Months | 7.00% | 7.50% | Jan 24, 2023 |
| 36 Months | 7.00% | 7.50% | Jan 24, 2023 |
| 39 Months | 7.00% | 7.50% | Jan 24, 2023 |
| 48 Months | 7.00% | 7.50% | Jan 24, 2023 |
| 60 Months | 7.00% | 7.50% | Jan 24, 2023 |
| 90 Months | 7.00% | 7.75%* | Jan 24, 2023 |
| 120 Months | 7.00% | 7.75%* | Jan 24, 2023 |
Source - HDFCBank.com
ICICI Bank
ICICI Bank is India's 2nd largest private sector bank. The bank offers interest rates on RD ranging between 4.75% to 7.10% for General Public and 5.25% to 7.60% for tenures of 6 months to 10 years. The bank offers the highest interest rate of 7.10% to the general public and 7.60% to senior citizens on the tenure of 15 months, 18 months, 21 months and 24 months.
Recurring Deposits Interest Rates Based Onn Tenure w.e.f. February 24, 2023
| Maturity Period | General Rates (p.a.) | Senior Citizen Rates (p.a.) |
|---|---|---|
| 6 months | 4.75% | 5.25% |
| 9 months | 6.00% | 6.50% |
| 12 months | 6.70% | 7.20% |
| 15 months | 7.10% | 7.60% |
| 18 months | 7.10% | 7.60% |
| 21 months | 7.10% | 7.60% |
| 24 months | 7.10% | 7.60% |
| 27 months | 7.00% | 7.50% |
| 30 months | 7.00% | 7.50% |
| 33 months | 7.00% | 7.50% |
| 36 months | 7.00% | 7.50% |
| Above 3 years upto 5 years | 7.00% | 7.50% |
| Above 5 years upto 10 years | 6.90% | 7.50% |
Source - ICICIbank.com
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