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!
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%.