New RD Rates 2023: Over the past year, not only Fixed Deposits (FDs) but also Recurring Deposits (RDs) have witnessed an increase in interest rates.
Several banks are now offering investors interest rates nearing 10 percent on their recurring deposits. This presents a promising opportunity, particularly for those seeking secure investment options.
The surge in FD and RD interest rates can be attributed to the Reserve Bank of India’s (RBI) decision to raise the repo rate. In the past year, the repo rate has climbed from 4.40 percent in May 2022 to 6.50 percent.
How Much Interest Are Banks Paying on RD in 2023?
Suryoday Small Finance Bank (SSFB)
Suryoday Small Finance Bank (SSFB) offers 9.6 percent interest on a five-year RD for senior citizens, while general investors receive 9.1 percent.
Unity Small Finance Bank
Unity Small Finance Bank provides senior citizens with 9.5 percent interest on a 1001-day RD and 8.15 percent interest for a five-year RD. For general investors, the bank offers 9.1 percent interest on a 1001-day RD and 7.65 percent interest on a five-year RD.
State Bank of India (SBI)
State Bank of India offers senior citizens a 7.5 percent interest rate on a five-year RD, while general investors receive 6.6 percent interest.
HDFC Bank provides senior citizens with a 7.5 percent interest rate on a five-year RD. For other investors, the bank offers 7 percent interest. Additionally, senior citizens receive 7.75 percent interest on FDs with durations of 7.5 years and 10 years.
ICICI Bank offers a 7.5 percent interest rate on a five-year RD for senior citizens, while other investors receive 6.9 percent interest.