Investing in Fixed Deposit and Recurring Deposit
If you are looking to invest your money without taking any risks, Fixed Deposit (FD) and Recurring Deposit (RD) are two options worth considering. A lump sum amount can be invested in FD, while RD allows you to invest on a monthly basis.
Understanding Recurring Deposit
Under Recurring Deposit, investors need to deposit a fixed amount of their income every month for a specific period. Upon maturity, the principal amount along with the interest is returned to the depositor.
HDFC Bank RD Rates
HDFC Bank provides different interest rates for various tenures. For example, the interest rate for a 6-month period is 4.50%, while it increases to 7% for tenures ranging from 24 months to 120 months.
SBI RD Rates
SBI offers interest rates ranging from 6.80% to 7% on recurring deposits for a period of one to ten years. The minimum monthly deposit in SBI starts at Rs 100. However, delayed payments or missing consecutive installments may result in fines or premature account closure.
ICICI Bank RD Rates
ICICI Bank offers interest rates between 4.75% to 7.10% for general citizens and 5.25% to 7.50% for senior citizens. RD deposits are available for periods ranging from 6 months to 10 years.
News Summary:
- Fixed Deposit (FD) and Recurring Deposit (RD) are safe investment options.
- FD allows lump sum investment while RD allows monthly investments.
- HDFC Bank offers interest rates ranging from 4.50% to 7% for different tenures.
- SBI provides interest rates between 6.80% to 7% for periods ranging from 1 to 10 years.
- ICICI Bank offers interest rates between 4.75% to 7.10% for general citizens and 5.25% to 7.50% for senior citizens.
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