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Top 10 Banks Offering Returns Up To 8% On Recurring Deposits For Senior Citizens In 2021

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Among the debt investors having a low-risk appetite and a short personal finance goal to meet from the assured returns of their investments, investing in recurring deposits (RD) is a smart option to opt for. Just like fixed deposits, recurring deposits are one of the most popular fixed-income schemes where the investors including senior citizens are required to contribute on a monthly basis towards their RD account to get interest amount along with the capital invested at maturity. Talking about the interest rates, investors need to keep in mind that the interest rate of recurring deposits is similar to that of fixed deposits of banks which are guaranteed, and also deposits made by them are insured by DICGC up to Rs 5 lakhs.

 

Apart from the benefits, investors must need to know that recurring deposits do not provide tax exemptions and may face penalties if they make a premature withdrawal before maturity. Recurring deposits are the best bet for the investors with low-income levels who want to start investing with a low amount per month just like SIP instead of a lump sum. As our topic suggests here we are talking about recurring deposits for senior citizens which simply implies that they will get additional rates on their deposits as compared to the regular citizens. By keeping all the above factors in mind, here we picked up the top 10 banks that are promising the best interest rates on recurring deposits for senior citizens.

Top 10 Small Finance Banks Offering Higher Returns On Recurring Deposits For Senior Citizens
 

Top 10 Small Finance Banks Offering Higher Returns On Recurring Deposits For Senior Citizens

For a deposit amount of less than Rs 2 Cr, below framed are the top 10 small finance banks that are not only offering higher returns than leading private and public sector banks but also allow depositors to avail the benefit of deposit insurance cover provided by DICGC.

Sr No.BanksInterest RatesTenureW.e.f.
1 North East Small Finance Bank 8.00% 2 Year April 19, 2021
2 Utkarsh Small Finance Bank 7.50% 24 months to 36 months July 1, 2021
3 Ujjivan Small Finance Bank 7.25% 27 months to 60 months March 5, 2021
4 Jana Small Finance Bank 7.25% 36 Months - 60 Months June 10, 2021
5 Fincare Small Finance Bank 7.25% 59 months 1 day to 66 months July 29, 2021
6 Equitas Small Finance Bank 7.00% 90 months to 120 months June 1, 2021
7 ESAF Small Finance Bank 7.00% 365 days & 366 days 02.05.2021
8 Suryoday Small Finance Bank 6.75% 12 months to 18 months June 21, 2021
9 Capital Small Finance Bank 6.75% 900 days June 3, 2021
10 AU Small Finance Bank 6.75% 25 Months to 36 Months and 61 Months to 120 Months June 23, 2021
Source: Bank Websites

Top 10 Private Sector Banks Providing Good Returns On Recurring Deposits For Senior Citizens

Top 10 Private Sector Banks Providing Good Returns On Recurring Deposits For Senior Citizens

Here are the top 10 private lenders that are now offering the best returns on recurring deposits of less than Rs 2 Cr for senior citizens.

Sr No.BanksInterest RatesTenureW.e.f.
1 Yes Bank 7.25% 5 years upto 10 Years June 3, 2021
2 RBL Bank 7.00% 60 months to 60 months 1 day July 2, 2021
3 DCB Bank 7.00% 36 months to 120 months May 15, 2021
4 Bandhan Bank 6.75% 1 year to 3 years June 7, 2021
5 IndusInd Bank 6.50% 12 months to 61 month July 23, 2021
6 IDFC First Bank 6.50% 36 months to 60 months May 1, 2021
7 Axis Bank 6.50% 5 years to 10 years 22.06.2021
8 ICICI Bank 6.30% Above 5 years and up to 10 years 21.10.2020
9 HDFC Bank 6.00% 90 months to 120 months August 25, 2020
10 Kotak Mahindra Bank 5.75% 5 years upto 10 Years July 23, 2021
Source: Bank Websites

Top 10 Public Sector Bank Promising Best Interest Rates On Recurring Deposits For Senior Citizens

Top 10 Public Sector Bank Promising Best Interest Rates On Recurring Deposits For Senior Citizens

Below are the top 10 government banks that are now offering higher returns on recurring deposits for senior citizens.

Sr No.BanksInterest RatesTenureW.e.f.
1 Bank of Baroda 6.25% 3 years to 10 years 16.11.2020
2 State Bank of India 6.20% 5 years and up to 10 years 09.07.2021
3 Union Bank of India 6.10% 5 years to 10 years 08.02.2021
4 Canara Bank 6.00% 3 years to 10 years 16.05.2021
5 Punjab & Sind Bank 5.80% 3 years to 10 years July 14, 2021
6 IDBI Bank 5.80% 3 years to 5 years 01.05.2021
7 Punjab National Bank 5.75% 3 years to 10 years 05.02.2021
8 Indian Bank 5.75% 3 years to 5 years 09.11.2020
9 Indian Overseas Bank 5.70% 444 days to 3 years and above 01.07.2021
10 Bank of India 5.65% 2 years to 10 years 08.01.2021
Source: Bank Websites

Read more about: rd recurring deposit
Story first published: Saturday, July 31, 2021, 17:19 [IST]
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