Interest Rates on RD: SBI And HDFC Bank Hike Recurring Deposit Interest Rates
Know the latest RD interest rates offered by SBI and HDFC Bank.
Recurring deposits, or RDs, are a popular investment tool, especially among salaried individuals and senior citizens. RDs are a great way to grow your savings by making fixed and regular monthly deposits for a fixed tenure and earning interest on these deposits. Hence, they are ideal saving and investment tools.
Following the recent monetary policy meeting on September 30, 2022, where the Reserve Bank of India (RBI) announced a hike of 50 basis points (bps) in the repo rate, leading banks in the country, including the State Bank of India (SBI) and HDFC Bank, have hiked their RD interest rates
Let’s take a look at the latest SBI RD interest rates and HDFC Bank RD interest rates.
SBI RD Interest Rates 2022
The State Bank of India has hiked its interest rates on recurring deposits. These new SBI RD interest rates will be effective from October 22, 2022. Here are the revised RD interest rates offered by SBI:
For SBI RDs with a tenure of 1 year to less than 2 years, the new interest rate is 6.10%.
For recurring deposits of 2 years to less than 3 years, the SBI RD interest rate will be 6.25%.
On RDs with a tenure of 3 years to less than 5 years, SBI will offer interest at the rate of 6.10%.
On RDs of 5 years and up to 10 years, the revised SBI RD interest rate will be 6.10%.
HDFC Bank RD Interest Rates 2022
HDFC Bank has also hiked its interest rates on recurring deposits. These revised HDFC Bank RD interest rates will be effective from October 26, 2022. Here are the new RD interest rates offered by HDFC Bank:
On recurring deposits with a tenure of 6 months, HDFC Bank will now offer interest at the rate of 4.50%.
For RDs maturing in 9 months, the new HDFC Bank RD interest rate will be 5.25%.
For deposits maturing in 12 months, HDFC Bank will now offer an interest rate of 6.10%.
HDFC Bank RDs maturing in 15 months to 24 months will now get an interest rate of 6.15%.
The interest rate for HDFC Bank RDs maturing in 90 months to 120 months will be 6.20%.
Senior citizens will be offered an additional interest rate of 50 basis points (or 0.50%) on HDFC Bank RDs with a tenure of up to 60 months. Those with a tenure of 90 months to 120 months will be offered an additional interest rate of 75 basis points (or 0.75%).
Also Read: Recurring Deposits: 5 Benefits Of RD While Saving For A Short Term Goal