HDFC Bank vs SBI vs Axis Bank Recurring Deposit (RD) compared: Grow Rs 1000/month to Rs 1.6 Lakh!

By: |
Updated: January 24, 2020 9:05:52 AM

HDFC Bank vs SBI vs Axis Bank Recurring Deposit (RD) Calculation: By depositing Rs 1,000/month in HDFC Bank RD for 120 months, you can get Rs 1,67,167!

RD account detailsCheck RD features, benefits of HDFC Bank, SBI and Axis Bank.

HDFC Bank vs SBI vs Axis Bank Recurring Deposit (RD) Calculation: Among several deposit options offered by banks, Recurring Deposit (RD) comes across as a flexible option in which you can start depositing a very small amount every month and withdraw the savings online, whenever required. You may be surprised to know that even by depositing Rs 1,000/month in HDFC Bank RD for 120 months, you can get Rs 1,67,167 at the current 6.3% interest. In SBI RD account, the same amount can grow to Rs 1,65,327 in 120 months at 6.1% interest. Axis Bank RD will return Rs 1,68,988 on a monthly deposit of Rs 1000 for 120 months.

Here’s a look at key features of RD accounts offered by SBI, HDFC Bank and Axis Bank.

HDFC Bank Recurring Deposit Account

You can invest minimum Rs 1000 and maximum Rs 1,99,99,900 per month in HDFC Bank RD.

The smallest tenure for HDFC Bank RD is six months, the biggest is 120. The minimum tenure for NRIs is 12 months.

Deposits enjoy interest rates equal to that of regular FDs.

SBI Recurring Deposit Account

The minimum period of deposit in SBI RD account is 12 months, the maximum is 120 months.

The minimum amount you can invest in SBI RD is Rs 100, and thereafter in multiples of Rs 10. There is no maximum deposit limit.

Interest rates on SBI RD is as applicable to term/fixed deposits.

Axis Bank Recurring Deposit Account

You can deposit a minimum of Rs 500 in Axis Bank RD.

The shortest tenure of Axis Bank RD is six months, maximum 120.

Interest rates on Axis Bank RD is as applicable to FD accounts, ranging from 5.80% to 6.5%.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Financial planning: Seven barriers to financial freedom
2Critical illness cover: Super top-up plans of Rs 1 crore and above
3Your queries: Equity MF proceeds credited on T+3 days basis