Question

recurring account rate of interest for every bank​

Answer 1

Recurring Deposit Interest Rates Comparison, May 2019, Best rates

Bank                                               Interest Rates     Senior Citizen Rates

SBI Recurring Deposit                     6.80% - 6.85%             7.30% - 7.35%

HDFC Bank Recurring Deposit     6.25% - 7.40%             6.75% - 7.90%

ICICI Bank Recurring Deposit     6.25% - 7.50%             6.75% - 8.00%

Axis Bank                                     7.00% - 7.60%             7.35% - 8.25%

                                                                                                         more..............

                                   

Hope it helps

Answer 2

Answer:

Bank      Interest Rates

SBI Recurring Deposit 6.80% - 6.85%

HDFC Bank Recurring Deposit 6.25% - 7.40%

ICICI Bank Recurring Deposit 6.25% - 7.50%

Axis Bank 7.00% - 7.60%

Kotak Bank 6.50% - 7.30%

IDFC First Bank 6.75% - 7.25%

Bank of Baroda 5.75% - 6.85%

Citibank           6.00% - 7.50%

IDBI Bank 6.00% - 7.05%

Indian Bank 6.00% - 6.75%

Indian Overseas Bank 5.75% - 6.80%

PNB                 6.25% - 6.75%

Allahabad Bank 6.50% - 6.75%

Andhra Bank 6.26% - 6.80%

Bank of India 6.25% - 6.70%

Bank of Maharashtra 6.00% - 6.60%

Canara Bank 6.20% - 7.00%

Central Bank of India 6.20% - 7.00%

Punjab and Sind Bank 6.25% - 7.00%

UCO Bank 6.70% - 6.75%

Union Bank of India 6.50% - 6.85%

Lakshmi Vilas Bank 6.50% - 8.00%

Yes Bank 7.00% - 7.25%

Syndicate Bank 6.50% - 6.80%

South Indian Bank 6.50% - 7.60%

Bandhan Bank 6.40% - 7.55%

RBL Bank 7.15% - 8.05%

Corporation Bank 6.50% - 6.80%  

Karur Vysya Bank 6.75% - 7.00%

IndusInd Bank 7.25% - 8.00%

DHFL 8.00% - 8.00%

DBS Bank 5.75% - 7.50%

Step-by-step explanation: -

Recurring Deposit Formula

Interest on RD is calculated quarterly by most banks. Compound interest is more beneficial to the depositor because he earns interest on the interest earned on the principal amount. The following formula gives the total amount received on maturity:

M = R[(1+i)^n-1]/(1-(1+i)^(-1/3) )

Where,

M = Maturity Value

R = Monthly Installment

n = Number of quarters

I = Rate of interest/400

ILLUSTRATION: Suppose you want to buy a motorcycle a year from now and want to save money for it while earning interest over it. So you start by opening a RD account, depositing Rs. 5,000 per month for a year. Interest rate range from 5.75% to 8.05%. Let’s assume you get the highest RD rate of 8.05% on your deposits, compounded quarterly.

M= Maturity amount

R= in our case, it is Rs. 5000

i = 8.05/400

n= compounding frequency (since it is quarterly, it will be 4)

Using the above formula and values, we solve for M and get Rs. 62,663

So, you will receive amount of Rs. 62,663 after the maturity of the deposit after one year and the interest earned on the deposit is Rs. 2,663