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4 Best Recurring Deposits With Good Returns Up To 8%
Recurring deposits (RDs) are a type of investment that resembles fixed deposits. In contrast to a lump sum balance in an FD, you must make monthly deposits in RDs. Individuals who want a regular income in the form of interest rate against their deposit can invest in recurring deposits. The rd interest rates vary from one bank to the other, as well as depending on considerations such as tenure, type of depositor i.e. non-senior citizens or senior citizens, deposit amount and so on. If compared to the non-senior citizens all banks offer senior citizens preferential treatment in terms of interest rates. On RD currently, some small finance banks are giving the highest interest rates up to 8%. Here're the 4 small finance banks which are currently providing higher interest rates on recurring deposits to both senior and non-senior citizens.
Utkarsh Small Finance Bank RD
Utkarsh Small Finance Bank RD comes with a tenure of 6 months up to 10 years. Across the tenure Utkarsh Small Finance Bank is currently providing an interest rate of 6.5% - 6.75% to non-senior citizens and 7.00% - 7.25% to senior citizens. One must make Recurring Deposits in multiples of Rs. 100 only.
| Tenure | Regular interest rates p.a. for regular customers | Regular interest rates p.a. for senior citizens |
|---|---|---|
| Upto 6 months | 6.50% | 7.00% |
| 9 months | 6.50% | 7.00% |
| 12 months | 6.75% | 7.25% |
| 15 months | 6.75% | 7.25% |
| 18 months | 6.75% | 7.25% |
| 21 months | 6.75% | 7.25% |
| Above 21 Months to less than 24 Months | 6.75% | 7.25% |
| 24 Months to 36 months | 7.00% | 7.50% |
| Above 3 Years upto 5 Years | 6.75% | 7.25% |
| Above 5 years upto 10 years | 6.75% | 7.25% |
| Source: Bank Website. W.e.f. January 20, 2022 |
Jana Small Finance Bank RD
On RDs with terms ranging from 6 months to ten years, Jana Small Finance Bank proposes interest rates ranging from 4.00 per cent to 6 per cent. Senior citizens will get an additional 50 basis points for these deposits. In these deposits, senior citizens will earn interest rates ranging from 4.8 per cent to 6.8 per cent.
| Tenure | Regular interest rates p.a. for regular customers | Regular interest rates p.a. for senior citizens |
|---|---|---|
| > 1 Month - 6 Months | 4.00% | 4.80% |
| > 6 Months - 12 Months | 5.50% | 6.30% |
| 12 Month | 6.75% | 7.55% |
| > 12 Months - 36 Months | 6.75% | 7.55% |
| > 36 Months - 60 Months | 6.75% | 7.55% |
| > 60 Months - 120 Months | 6.00% | 6.80% |
| Source: Bank Website. Effective from 11th January 2022 |
10 Things To Know Before Taking A Loan Against FD
Suryoday Small Finance Bank RD
Suryoday Bank's RD rate varies based on the tenure from 4.75 percent to 6 percent for general customers and senior citizens. The bank offers the highest rate of interest on deposits of 36 months. The general public and senior citizens will get 7 percent and 7.30 percent interest on these deposits, respectively.
| Tenure | Regular interest rates p.a. for regular customers | Regular interest rates p.a. for senior citizens |
|---|---|---|
| 6 months | 4.75% | 4.75% |
| 9 months | 5.25% | 5.25% |
| 12 months | 6.50% | 6.75% |
| 15 months | 6.50% | 6.75% |
| 18 months | 6.50% | 6.75% |
| 21 months | 6.50% | 6.75% |
| 24 months | 6.50% | 6.75% |
| 27 months | 6.25% | 6.50% |
| 30 months | 6.25% | 6.50% |
| 33 months | 6.25% | 6.50% |
| 36 months | 7.00% | 7.30% |
| Above 3 Years to less than 5 Years | 6.50% | 6.50% |
| 5 Years | 6.75% | 7.00% |
| Above 5 Years to 10 Years | 6.00% | 6.00% |
| Source: Bank Website. Effective from September 09, 2021 |
North East Small Finance Bank RD
This bank offers interest rates ranging from 4.25 percent to 6.5 percent on RDs maturing in 3 months to 10 years. North East Small Finance Bank is now offering a higher interest rate of 7.5 percent for a two-year maturity term.
| Tenure | Regular interest rates p.a. for regular customers | Regular interest rates p.a. for senior citizens |
|---|---|---|
| 3 Months | 4.25 | 4.75 |
| 6 Months | 4.5 | 5 |
| 9 Months | 5.5 | 6 |
| 1 Year | 5.5 | 6 |
| 2 Year | 7.5 | 8 |
| 3 Year | 7 | 7.5 |
| 4 Year | 7 | 7.5 |
| 5 Years | 6.5 | 7 |
| More than 5 years upto 10 years | 6.5 | 7 |
| Source: Bank Website. Effective from 27th Jan 2022 |
Note
You must first open a savings account to open an RD account with any of the above-listed banks. The minimum RD term for most small finance banks is six months, and the limit is ten years. You can open an RD account with a minimum deposit of Rs 100 with any of these banks. However, these small finance banks have some terms and conditions that you should consider before opening an RD account. To know more about the terms and conditions click on the link of the respective name of the bank Utkarsh Small Finance Bank, Jana Small Finance Bank, Suryoday Small Finance Bank and North East Small Finance Bank. Recurring deposits are subject to TDS, or Tax Deducted at Source. The interest you receive on your recurring deposit is subject to a 10% TDS (Tax Deducted at Source). But in case you did not submit your PAN to the bank TDS will be deducted at a rate of 20%.
