Recurring deposit (RD) interest rates compared: SBI vs HDFC Bank vs ICICI Bank vs Yes Bank vs PNB

economictimes.indiatimes.com:

Interest rates on RDs are comparable to those on fixed deposits, but what sets RDs apart is the flexibility of monthly installments. A recurring deposit account allows you to invest a specific amount each month until the end of the tenure, unlike a typical fixed deposit, which requires a single sum investment at one time. You have the advantage of receiving a better rate of return on your consistent monthly deposits when you invest in recurring deposits (compounded quarterly). A recurring deposit plan gives you the option to accumulate savings through regular monthly deposits of a certain amount throughout time and have enough money to accomplish specific financial objectives. The interest earned on a bank recurring deposit is taxable. Here are top banks offering best RD interest rates to general citizens.SBI RD interest ratesSBI offers recurring deposit interest rates ranging from 6.80% to 7% for terms ranging from one year to ten years. The minimum monthly deposit is Rs. 100 (followed by multiples of Rs. 10). SBI charges a penalty for late payment of instalments. If six consecutive instalments are not received, the account will be closed prematurely and the amount paid to the account holder.

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HDFC Bank RD interest ratesHDFC Bank offers interest rate varying between4.50 percent on 6 months tenure. The interest rate offered for 9month, 12 month and 15 months is 5.75%, 6.60%, and 7.10%, respectively. For tenure of 24 Months, 27 months, 36 months, 39 months, 48 months, 60 months, 90 months and 120 months, HDFC Bank offers 7% interest rate. The interest on a recurring deposit is calculated from the payment