tl;dr readonly uses the default scope of global even inside functions. declare uses scope local when in a function (unless declare -g).
At first glance, no difference.
Examining using declare -p
$ declare -r a=a1
$ readonly b=b1
$ declare -p a b
declare -r a="a1"
declare -r b="b1"
# variable a and variable b are the same
Now review the difference when defined within a function
# define variables inside function A
$ function A() {
declare -r x=x1
readonly y=y1
declare -p x y
}
$ A
declare -r x="x1"
declare -r y="y1"
# ***calling function A again will incur an error because variable y
# was defined using readonly so y is in the global scope***
$ A
-bash: y: readonly variable
declare -r x="x1"
declare -r y="y1"
# after call of function A, the variable y is still defined
$ declare -p x y
bash: declare: x: not found
declare -r y="y1"
To add more nuance, readonly may be used to change a locally declared variable property to readonly, not affecting scope.
$ function A() {
declare a="a1"
declare -p a
readonly a
declare -p a
}
$ A
declare -- a="a1"
declare -r a="a1"
$ declare -p a
-bash: declare: a: not found
Note: adding -g flag to the declare statement (e.g. declare -rg a="a1") makes the variable scope global. (thanks @chepner).
Note: readonly is a “Special Builtin“. If Bash is in POSIX mode then readonly (and not declare) has the effect “returning an error status will not cause the shell to exit“.