Latest recurring deposit (RD) interest rates in India (Oct-2013)
Latest RD interest rates in India indicate that in the last one month several banks have increased interest rates for long term, however few of them have cut-down the rates for short term. This article would provide the latest recurring deposit interest rates and compares with previous month rates along with comparison statement of recurring deposit interest rates of various banks.
Private Banks: Deutsche Bank has cut down short term RD rates and increased 4 years RD rate.
Private Sector Banks: HDFC Bank and KVB Bank have reduced short term RD rates.
Public Sector Banks: Bank of Baroda, Canara Bank, Corporation Bank and SBI has increased RD rates.
Investment in recurring deposits (RD) in India is continuing to be one of the best choice for several investors.
We are publishing the latest major banks RD interest rates month on month as part of creating awareness among investors to choose the best RD account instead of compromising and depositing with their current bank.
Latest recurring deposit interest rates in India
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Suresh
Latest recurring deposit interest rates in India (Oct-2013)
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5 comments
Add a comment ↓Dear Mr. Suresh,
Thank you for your experience sharing which has helped us a lot.
Kindly help me on a query as below
I am looking for investment which will give me good profit.
please tell us if out of these which are good investment options
Post ofice NSC (IX ISSUE),Recurrring deposit of Federal or Punjab national bank etc which will give more than 10% interest per annum (or) Is there any nationalised bank scheme which will give more interest than the above.
Regards,
Nilesh Rajan
Hi Nilesh, You should have investment done based on a objective. If you are investing in NSC the returns are 8.5%, but you can claim under 80C for tax exemption. If you do not have tax exemption requirement, you can invest in Bank FD which yieldsd better returns .Regd PNB or Federal, you can take a call on the bank where you have account. I don’t think any large bank is offering 10% interest rate. You may get 9% to 9.5% max.
Thanks you for the this post.
Dear Suresh,
I found your site while googling for some thing. You are doing a great job. I have a question regarding RD. If i open a RD for my child, after maturity will this amount be taxable. If not then may it it is a good option to save money for Kids eduaction.
Regards TP
Hi TP Singh, All FD or RD, interest is taxable based on individual income tax slab. The interest needs to be accounted every year and should be added to your income to arrive at the income tax. Yes this is one of the good option. You can also invest in mutual funds in top funds. The returns in MF’s can be 12% to 14% per annum if you invest for long term. For equity mutual funds, there is no income tax on maturity after 1 year, hence many would opt for such investments. Pls note that this would contain some risk, hence diversify your investments in RD, various mutual funds etc.