SBI vs Axis vs HDFC: Want MAXIMUM RETURNS on recurring deposits? Check best-suited RD plans

SBI vs Axis Bank vs HDFC Bank: For both short-term and long-term RD, SBI seems a loser against HDFC Bank and Axis Bank.

SBI vs Axis Bank vs HDFC Bank: In a long-term recurring deposit, one can choose either of Axis Bank or HDFC Bank as they have an interest difference of 0.2 per cent. Photo: Reuters

SBI vs Axis Bank vs HDFC Bank: Recurring Deposit or RD is one of the most convenient ways of savings among the Indian millennials, especially among those who are in the nascent phase of their career because it can be opened in any bank with a minimum monthly investment of Rs 500. It is one of the risk-free debt fund options available for those investors who don't want to take any risk and want an assured return after a particular time. The only thing that an individual needs is to check which bank is giving how much interest on the bank RD. However, while doing an RD, one needs to use the RD calculator as it is easily available on google as well.

If someone plans to open a Recurring Deposit account, he or she should look at the interest rates offered by India's various commercial banks. As SBI is the largest Indian commercial bank, people would definitely be tempted to open an RD account in SBI. Similarly, people having an affinity for the private banks can get tempted to open their recurring deposit account in either Axis Bank or HDFC Bank. However, which bank would be the best to open RD account is not too difficult.

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Speaking on the Bank RD investment Sebi registered tax and investment experts said, "Bank RD is one of the most preferred investment options among the earning individuals who are in the early phase of their career. It gives an assured return with zero risk factors. So, in my opinion, each and every individual should do at least one RD for an assured return when he or she is in the early phase of its career and their time frame should not be less than 5 years." He advised investors to check the interest given by various banks before opening an RD account as it can be now opened online through net banking and it hardly take more than 5 minutes.

Therefore, on the basis of the above advise, let's check the RD interest rate offered by the SBI, Axis Bank and HDFC Bank. According to the Recurring Deposit details at SBI, the interest rate offered is 6.25 per cent to 6.4 per cent and the period of recurring deposit SBI will be from 1-10 years. As per HDFC Bank's recurring deposit details, the interest rate offered by the HDFC Bank is 6.25 per cent to 7.4 per cent while the period of RD there would be from 6 months to 120 months. In Axis Bank, interest rates offered on recurring deposit is from 7 per cent to 7.6 per cent and period of recurring deposit in Axis Bank is 9 months to 10 years.

Hence, for both short-term and long-term recurring deposit, SBI seems a loser while in case of HDFC Bank and Axis Bank, for short-term recurring deposit, Axis Bank is an ultimate winner while in long-term recurring deposit, one can choose either of Axis Bank or HDFC Bank as they have an interest difference of 0.2 per cent.

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