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Top 10 Banks Offering Highest Interest Rates On Recurring Deposits Up To 8.00%
For debt investors looking to build a substantial amount of capital over the short, medium, or long term, recurring deposits are a secure investment to bet for 6 months to 10 years since depositors can make monthly deposits through a Systematic Deposit Plan (SDP), which is similar to mutual fund SIPs. One of the most appealing features of a recurring deposit account is the favourable interest rate, which is comparable to fixed deposits and is not influenced by market fluctuations.
Recurring deposits, which offer a guaranteed interest rate payable at maturity and quarterly compounding benefit, are available to both domestic and elderly residents. Unlike fixed deposit plans, which need a single deposit investment in a lump sum, recurring deposit schemes require monthly contributions, making them the ideal option for investors with a regular income or those with a modest income. Here are the top 10 banks that are currently guaranteeing the highest interest rates in the market on recurring deposits, with deposit insurance coverage of up to Rs 5 lakhs granted by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
Top 10 Public Sector Banks With Highest Interest Rates On Recurring Deposits
Here are the top 10 public sector banks based on our own research, that are currently offering the highest interest rates on recurring deposits to both regular and senior citizens.
| Sr No. | Banks | Regular Interest rates | Senior Citizens | W.e.f. |
|---|---|---|---|---|
| 1 | State Bank of India | 4.40% to 5.40% | 4.90% to 6.20% | 08.01.2021 |
| 2 | Bank of Baroda | 4.30% to 5.25% | 4.80% to 6.25% | 16.11.2020 |
| 3 | Union Bank of India | 4.40% to 5.50% | 4.90% to 6.00% | 01/09/2021 |
| 4 | Canara Bank | 4.40% to 5.25% | 4.90% to 5.75% | 09.08.2021 |
| 5 | Punjab National Bank | 4.40% to 5.25% | 4.90% to 5.75% | 01.08.2021 |
| 6 | Indian Bank | 4.00% to 5.25% | 4.50% to 5.75% | 05.11.2021 |
| 7 | Indian Overseas Bank | 4.90% to 5.20% | 5.40% to 5.70% | 09.11.2020 |
| 8 | Bank of India | 4.35% to 5.05% | 4.85% to 5.55% | 01.08.2021 |
| 9 | Punjab & Sind Bank | 4.45% to 5.30% | 4.95% to 5.50% | 16th September 2021 |
| 10 | Central Bank of India | 4.25% to 5.00% | 4.75% to 5.50% | 10.11.2021 |
| Source: Bank Website |
Top 10 Private Sector Banks Offering Highest Interest Rates On Recurring Deposits
According to our analysis, the top 10 private sector banks that are now providing the highest interest rates on recurring deposits to both normal and elderly customers are as follows.
| Sr No. | Banks | Regular Interest rates | Senior Citizens | W.e.f. |
|---|---|---|---|---|
| 1 | Yes Bank | 5.00% to 6.25% | 5.50% to 7.00% | 3rd November, 2021 |
| 2 | RBL Bank | 3.25% to 6.30% | 3.75% to 6.80% | September 01, 2021 |
| 3 | IndusInd Bank | 5.50% to 6.00% | 6.00% to 6.50% | July 23rd, 2021 |
| 4 | IDFC First Bank | 3.25% to 6.00% | 3.75% to 6.50% | November 23, 2021 |
| 5 | Axis Bank | 4.40% to 5.75% | 4.65% to 6.50% | 10.11.2021 |
| 6 | DCB Bank | 5.25% to 5.95% | 5.75% to 6.45% | 22nd November, 2021 |
| 7 | ICICI Bank | 3.50% to 5.60% | 4.00% to 6.30% | 04.12.2021 |
| 8 | HDFC Bank | 3.50% to 5.50% | 4.00% to 6.00% | Dec 01, 2021 |
| 9 | IDBI Bank | 5.05% to 5.25% | 5.55% to 5.75% | August 16, 2021 |
| 10 | Bandhan Bank | 4.50% to 5.00% | 5.25% to 5.75% | June 7, 2021 |
| Source: Bank Website |
Top 10 Small Finance Banks Promising Highest Interest Rates On Recurring Deposits
The top 10 small finance banks that are now offering the highest interest rates on recurring deposits, according to our study, are as follows.
| Sr No. | Banks | Regular Interest rates | Senior Citizens | W.e.f. |
|---|---|---|---|---|
| 1 | North East Small Finance Bank | 4.25% to 7.50% | 4.75% to 8.00% | 19 th April 2021 |
| 2 | Utkarsh Small Finance Bank | 6.50% to 7.00% | 7.00% to 7.50% | July 01, 2021 |
| 3 | Suryoday Small Finance Bank | 4.75% to 7.00% | 4.75% to 7.30% | September 09, 2021 |
| 4 | Jana Small Finance Bank | 4.00% to 6.75% | 4.50% to 7.25% | 10th June'21 |
| 5 | Fincare Small Finance Bank | 3.00% to 6.75% | 3.00% to 7.25% | 25th October 2021 |
| 6 | Ujjivan Small Finance Bank | 4.75% to 6.50% | 5.25% to 7.00% | 16th August, 2021 |
| 7 | Equitas Small Finance Bank | 5.85% to 6.00% | 6.35% to 6.50% | 1st October 2021 |
| 8 | Shivalik Small Finance Bank | 5.50% to 6.25% | 6.00% to 6.75% | 01.12.2021 |
| 9 | ESAF Small Finance Bank | 5.00% to 6.25% | 5.50% to 6.75% | 01/12/2021 |
| 10 | AU Small Finance Bank | 4.00% to 6.00% | 4.50% to 6.75% | 14th October, 2021 |
| Source: Bank Website |
