Check the interest rate to see where you may earn the best return on investment (RD)—Post Office vs. Bank

Check the interest rate to see where you may earn the best return on investment (RD)—Post Office vs. Bank

Check the interest rate to see where you may earn the best return on investment (RD)—Post Office vs. Bank

Post Office or Bank Recurring Deposit: For the October–December 2023 quarter, the interest rate on the five-year Post Office Recurring Deposit (RD) plan has been raised by the federal government by 20 basis points, or 0.20 percent. It has been raised by the government to 6.70 percent.

Post Office or Bank Recurring Deposit: For the October–December 2023 quarter, the interest rate on the five-year Post Office Recurring Deposit (RD) plan has been raised by the federal government by 20 basis points, or 0.20 percent. It has been raised by the government to 6.70 percent. 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 compare the finest interest rates being offered for five-year recurring deposits.

Post Office Recurring Deposit

Post Office RD requires a minimum investment of Rs 100. For the October to December quarter, the government has lowered the 5-year RD to 6.7 percent. It was 6.5 percent earlier.

SBI monthly installment

For tenures ranging from one year to less than two years, SBI offers 5.10 percent interest. 5.20 percent is the interest rate for terms ranging from two years to less than three years. For a period ranging from three years to fewer than five years, the bank offers 5.45% interest. For lengthy tenures of five to ten years, SBI provides interest rates of 5.50%. There is a 12-month minimum deposit term and a 120-month maximum deposit duration.

A Recurring Deposit at ICICI Bank

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, via ICICI Bank. These prices will be in effect starting on February 24, 2023.

Recurring Deposit HDFC Bank

For a duration of six months, HDFC Bank is giving 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%.

Sure, recurring bank deposits

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 may reserve recurring deposits for up to three months in advance. This implies that RD may be carried out for a duration of six, nine, or twelve months. Nonpayment of installments also carries a one percent penalty.