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The assessment of seasonal and annual rainfall for a river basin is of utmost importance for the planning, design, and management of water resources projects. This paper compares the six parameter estimation methods of the Gumbel distribution for modelling the seasonal and annual rainfall of the Krishna and Godavari river basins. Goodness-of-Fit (GoF) tests of Anderson–Darling and Kolmogorov–Smirnov are used for checking the adequacy of fitting the Gumbel distribution to the recorded data. A diagnostic test of root mean square error is used for the selection of a suitable method for the estimation of rainfall. Based on GoF and diagnostic tests results, probability weighted moments is identified as a better suited method for modelling the seasonal and annual rainfall for the Krishna and Godavari basins.