RD interest rates: Find out latest recurring deposit rates in Post Office, SBI

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RD interest rates: Find out latest recurring deposit rates in Post Office, SBI



Just like fixed deposits or FD that have fixed interest rates and tenure, banks offer another type of term deposit known as a recurring deposit (RD) where a specified amount can be deposited at pre-decided intervals.

The instalment amount once fixed, cannot be altered. Customers can open an RD account in any bank or the post office.

Recurring deposit rates in SBI and post office:

-For the general public, RD interest rates in SBI currently vary between 5 -5.4 percent. Senior citizens get an additional interest of 50 basis points. These rates are effective from January 8, 2021. RD interest rates in Post Office are at 5.8 percent per annum, compounding quarterly. These rates are effective from January 1, 2021.

-Maturity of SBI recurring deposits ranging from 1 year to 10 years and Post Office RDs have a tenure of 5 years only.

-Through cheque/cash, an SBI RD account can be opened. However, cash is the only way through which D account in a Post Office can be opened.

Source : https://www.moneycontrol.com/news/business/personal-finance/rd-interest-rates-find-out-latest-recurring-deposit-rates-in-post-office-sbi-6391851.html/amp