Click it and Unblock the Notifications
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 |
More From GoodReturns
Stock Market Holidays 2026: BSE, NSE To Be Shut For 4 Days From March 23 to 31: Ram Navami To Mahavir Jayanti
Crash in Gold Rate in India by Rs 71,400 in Single Day; Will Gold Price Today Fall Below Rs 1.50 Lakh? Outlook
Indane, HP & Bharat Gas Cylinder Booking Rules: OTP Mandatory After LPG Refilling Gap Increased to 25-45 Days
Gold & Silver Rates Today Live: MCX Gold Crashes By Rs 5,645, Silver Falls By Rs 16,540; 24K, 22K, 18K Gold
1:1 Bonus, 1:5 Split, 39 Dividends: Hindustan Zinc Share Rally 3% As Silver Rates Jump: Buy This Vedanta Stock
1:5 Split Soon? Vedanta Ltd To Consider 3rd Interim Dividend On March 23, Share Jumps; Record Date & Buy Call
Mega Gold Price Crash Alert! 24K Sinks Rs 1.36 Lakh/100 Gm In Week; Silver Sees Losses | March 23-27 Outlook
Gold & Silver Rates Today Live Updates: Will 24 Carat, 22 Carat, 18 Carat See Bullish Week Ahead?
Gold Rates & Silver Rates Today Live: MCX Gold & Silver Price Gives Up Some Early Gains; 24K, 22K, 18K Gold
Gold Rates In India Crash By Rs 29,400 On March 21 After Spot Gold Hits Weakest Week; 24K, 22K, 18K Gold Price
ATM Rules Changing From April 1, 2026: HDFC Bank, PNB, Bandhan Bank & Others Revise Cash Withdrawal Rules
Sign in with Google