Top interest on RD to senior citizens: In RD schemes, the account holder is entitled to earn interest income on investing a fixed amount every month. With the recent hike in bank deposit rates, RD schemes have also become attractive, especially for those who cannot afford to invest a large lump sum amount in an FD scheme.
Since RDs allow account holders to deposit very small amounts on a monthly basis, they are very popular among senior citizens who do not have a lot of monthly income but want to save as much as possible month after month. Interestingly, many banks and financial institutions offer the same interest rate on both FD and RD.
Let us look at the highest RD interest rates offered by SBI, Post Office, Punjab National Bank and HDFC Bank to senior citizens:
Interest on SBI RD
SBI allows a minimum deposit of Rs 100 in RD accounts and in multiples of Rs 10 thereafter. RD interest rates for SBI customers are similar to the FD rates offered by the bank to the general public and senior citizens. In such a situation, senior citizens can earn up to 7.5% interest in RD of 5 years to 10 years. The same rate is also applicable for RD of 2 to 3 years. SBI is paying 7.3% interest on RD of 1 to 2 years.
Interest on Post Office RD
The post office allows a minimum deposit of Rs 100 in the National Savings RD account and in multiples of Rs 10 thereafter. The RD interest rate for post office customers is 5.8% (compounded quarterly) from January 1, 2023. Post Office RD account matures after 5 years from the date of account opening.
Interest on RD of Punjab National Bank
You can open an RD account in PNB for a period ranging from 6 months to 120 months. PNB allows deposit in RD in multiples of Rs.100. RD interest rates for PNB customers are similar to FD rates offered by the bank to the public and senior citizens. In such a situation, senior citizens can earn up to 7.55% interest on RD for 2 to 3 years. The bank is paying 7.35 per cent interest on RDs of 5 to 10 years.
Interest on HDFC Bank RD
HDFC Bank is offering 7.75% interest rate on 90 months and 120 months RD to senior citizens. HDFC Bank is offering 7.5% interest on RD accounts for deposits of 24 months, 27 months, 36 months, 29 months, 48 months and 60 months.
