RD Comparison: Kotak Mahindra Bank Vs HDFC Bank Vs ICICI Bank Latest RD Interest Rates

Fixed Deposits (FDs) are one of the most valued investment destinations amid rising interest rates. However, to book FD requires a fixed amount for a one-time investment for a fixed time period, which limits investors with low amounts. A recurrent deposit (RD) is among the finest investment options for risk-averse people who wish to grow their money without making a large initial investment. It offers a safe and convenient way of achieving your financial goals.

An RD is a systematic FD at a certain period of time. In RD investment, a specific sum over a specific term must be invested. Upon maturity or at the end of the period, interest on the recurring deposit is credited to the account. Recently, Kotak Mahindra Bank has revised the RD rates effective from April 28, 2023.

Here we have compared the latest RD Interest Rates of 3 leading private sector banks Kotak Mahindra Bank, HDFC Bank, and ICICI Bank.

Kotak Mahindra Bank

Kotak Mahindra Bank offers recurring deposit interest rates between 6% to 7.20% for General Public and 6.50% to 7.70% for Senior Citizens on tenures of 6 months to 10 years. The bank offers the highest interest rate of 7.20% to the General public and 7.70% on the tenure of 15 months, 18 months and 12 months.

Interest Rates for Recurring Deposits (For Resident Individuals & HUF Only) - effective from 28 April 2023

Tenure	Interest Rate p.a. ( %)	Senior Citizen Rates p.a. ( %)
6 Months	6.00%	6.50%
9 Months	6.00%	6.50%
12 Months	7.00%	7.50%
15 Months	7.20%	7.70%
18 Months	7.20%	7.70%
21 Months	7.20%	7.70%
24 Months	7.00%	7.50%
27 Months	7.00%	7.50%
30 Months	7.00%	7.50%
33 Months	7.00%	7.50%
3 years - less than 4 years	6.50%	7.00%
4 years - less than 5 years	6.25%	6.75%
5 years - 10years	6.20%	6.70%

Source - Kotak.com

HDFC Bank

India's largest Private Sector bank, HDFC Bank offers recurring deposit (RD) interest rates between 4.50% to 7.10% for General Public and 5% to 7.60% for Senior citizens on tenures of 6 months to 120 months. On a tenure of 15 months, the bank offers the highest interest rate of 7.10% to the general public and 7.60% to Senior citizens.

Recurring Deposits Interest Rates (Resident/NRO/NRE Customers)

Period	Interest Rate (p.a.)	**Senior Citizen Rates (p.a.)	Effective From
6 Months	4.50%	5.00%	Jan 24, 2023
9 Months	5.75%	6.25%	Jan 24, 2023
12 Months	6.60%	7.10%	Jan 24, 2023
15 Months	7.10%	7.60%	Feb 21, 2023
24 Months	7.00%	7.50%	Jan 24, 2023
27 Months	7.00%	7.50%	Jan 24, 2023
36 Months	7.00%	7.50%	Jan 24, 2023
39 Months	7.00%	7.50%	Jan 24, 2023
48 Months	7.00%	7.50%	Jan 24, 2023
60 Months	7.00%	7.50%	Jan 24, 2023
90 Months	7.00%	7.75%*	Jan 24, 2023
120 Months	7.00%	7.75%*	Jan 24, 2023

Source - HDFCBank.com

ICICI Bank

ICICI Bank is India's 2nd largest private sector bank. The bank offers interest rates on RD ranging between 4.75% to 7.10% for General Public and 5.25% to 7.60% for tenures of 6 months to 10 years. The bank offers the highest interest rate of 7.10% to the general public and 7.60% to senior citizens on the tenure of 15 months, 18 months, 21 months and 24 months.

Recurring Deposits Interest Rates Based Onn Tenure w.e.f. February 24, 2023

Maturity Period	General Rates (p.a.)	Senior Citizen Rates (p.a.)
6 months	4.75%	5.25%
9 months	6.00%	6.50%
12 months	6.70%	7.20%
15 months	7.10%	7.60%
18 months	7.10%	7.60%
21 months	7.10%	7.60%
24 months	7.10%	7.60%
27 months	7.00%	7.50%
30 months	7.00%	7.50%
33 months	7.00%	7.50%
36 months	7.00%	7.50%
Above 3 years upto 5 years	7.00%	7.50%
Above 5 years upto 10 years	6.90%	7.50%

Source - ICICIbank.com