Recurring deposits are the least complex saving instruments that can help you save money regularly. We have shortlisted some of the best recurring bank deposits. This is purely based on one parameter and that is interest rates. Take a look:
Bandhan Bank offers an interest rate of 8.25 per cent on its 1 year and 2 year deposits. The interest rate on the 3 year deposit is marginally lower at 8 per cent. Bandhan Bank is the newest bank in India.
The Ratnakar Bank is the newest bank on the block. The company's RD fetches an interest rate of 8.25 per cent for a 1-year tenure, whereas for the 2 year tenure the interest rate is 8.75 per cent and for 3 years the interest rate stands reduced to 8.50 per cent.
IDFC Bank offers an interest rate of 8 per cent on a 1-year tenure, whereas the interest rate on the recurring deposit stands reduced to 7.75 per cent for 2 years and 7.50 per cent for 3 years. Interest rates on recurring deposits are taxable.
DCB Bank offers an interest rate of 7.90 per cent on a 1 year deposit, whereas it stands increased to 8 per cent for the 2 and 3 year tenure.
Lakshmi Vilas Bank
Lakshmi Vilas Bank offers an interest rate of 7.80 per cent on a 1-year deposit, with the interest rate increasing to 7.90 per cent on a two and three year deposit.
Canara Bank offers an interest rate of 7.75 per cent for 1, 2 and 3 year tenures of its recurring deposits. This is the best from any public sector bank in the country.
Karnataka Bank is offering an interest rate of 7.75 per cent for a 1 year tenure, whereas the interest rate for a two and three year deposit is 7.75 per cent.