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Top 10 Banks Offering Highest Interest Rates On Recurring Deposits Up To 8.00%

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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

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.BanksRegular Interest ratesSenior CitizensW.e.f.
1State Bank of India4.40% to 5.40%4.90% to 6.20%08.01.2021
2Bank of Baroda4.30% to 5.25%4.80% to 6.25%16.11.2020
3Union Bank of India4.40% to 5.50%4.90% to 6.00%01/09/2021
4Canara Bank4.40% to 5.25%4.90% to 5.75%09.08.2021
5Punjab National Bank4.40% to 5.25%4.90% to 5.75%01.08.2021
6Indian Bank4.00% to 5.25%4.50% to 5.75%05.11.2021
7Indian Overseas Bank4.90% to 5.20%5.40% to 5.70%09.11.2020
8Bank of India4.35% to 5.05%4.85% to 5.55%01.08.2021
9Punjab & Sind Bank4.45% to 5.30%4.95% to 5.50%16th September 2021
10Central Bank of India4.25% 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
 

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.BanksRegular Interest ratesSenior CitizensW.e.f.
1Yes Bank5.00% to 6.25%5.50% to 7.00%3rd November, 2021
2RBL Bank3.25% to 6.30%3.75% to 6.80%September 01, 2021
3IndusInd Bank5.50% to 6.00%6.00% to 6.50%July 23rd, 2021
4IDFC First Bank3.25% to 6.00%3.75% to 6.50%November 23, 2021
5Axis Bank4.40% to 5.75%4.65% to 6.50%10.11.2021
6DCB Bank5.25% to 5.95%5.75% to 6.45%22nd November, 2021
7ICICI Bank3.50% to 5.60%4.00% to 6.30%04.12.2021
8HDFC Bank3.50% to 5.50%4.00% to 6.00%Dec 01, 2021
9IDBI Bank5.05% to 5.25%5.55% to 5.75%August 16, 2021
10Bandhan Bank4.50% 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

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.BanksRegular Interest ratesSenior CitizensW.e.f.
1North East Small Finance Bank4.25% to 7.50%4.75% to 8.00%19 th April 2021
2Utkarsh Small Finance Bank6.50% to 7.00%7.00% to 7.50%July 01, 2021
3Suryoday Small Finance Bank4.75% to 7.00%4.75% to 7.30%September 09, 2021
4Jana Small Finance Bank4.00% to 6.75%4.50% to 7.25%10th June'21
5Fincare Small Finance Bank3.00% to 6.75%3.00% to 7.25%25th October 2021
6Ujjivan Small Finance Bank4.75% to 6.50%5.25% to 7.00%16th August, 2021
7Equitas Small Finance Bank5.85% to 6.00%6.35% to 6.50%1st October 2021
8Shivalik Small Finance Bank5.50% to 6.25%6.00% to 6.75%01.12.2021
9ESAF Small Finance Bank5.00% to 6.25%5.50% to 6.75%01/12/2021
10AU Small Finance Bank4.00% to 6.00%4.50% to 6.75%14th October, 2021
Source: Bank Website

Story first published: Wednesday, December 8, 2021, 16:18 [IST]
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