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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.
1North East Small Finance Bank8.00%2 YearApril 19, 2021
2Utkarsh Small Finance Bank7.50%24 months to 36 monthsJuly 1, 2021
3Ujjivan Small Finance Bank7.25%27 months to 60 monthsMarch 5, 2021
4Jana Small Finance Bank7.25%36 Months - 60 MonthsJune 10, 2021
5Fincare Small Finance Bank7.25%59 months 1 day to 66 monthsJuly 29, 2021
6Equitas Small Finance Bank7.00%90 months to 120 monthsJune 1, 2021
7ESAF Small Finance Bank7.00%365 days & 366 days02.05.2021
8Suryoday Small Finance Bank6.75%12 months to 18 monthsJune 21, 2021
9Capital Small Finance Bank6.75%900 daysJune 3, 2021
10AU Small Finance Bank6.75%25 Months to 36 Months and 61 Months to 120 MonthsJune 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.
1Yes Bank7.25%5 years upto 10 YearsJune 3, 2021
2RBL Bank7.00%60 months to 60 months 1 dayJuly 2, 2021
3DCB Bank7.00%36 months to 120 monthsMay 15, 2021
4Bandhan Bank6.75%1 year to 3 yearsJune 7, 2021
5IndusInd Bank6.50%12 months to 61 monthJuly 23, 2021
6IDFC First Bank6.50%36 months to 60 monthsMay 1, 2021
7Axis Bank6.50%5 years to 10 years22.06.2021
8ICICI Bank6.30%Above 5 years and up to 10 years21.10.2020
9HDFC Bank6.00%90 months to 120 monthsAugust 25, 2020
10Kotak Mahindra Bank5.75%5 years upto 10 YearsJuly 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.
1Bank of Baroda6.25%3 years to 10 years16.11.2020
2State Bank of India6.20%5 years and up to 10 years09.07.2021
3Union Bank of India6.10%5 years to 10 years08.02.2021
4Canara Bank6.00%3 years to 10 years16.05.2021
5Punjab & Sind Bank5.80%3 years to 10 yearsJuly 14, 2021
6IDBI Bank5.80%3 years to 5 years01.05.2021
7Punjab National Bank5.75%3 years to 10 years05.02.2021
8Indian Bank5.75%3 years to 5 years09.11.2020
9Indian Overseas Bank5.70%444 days to 3 years and above01.07.2021
10Bank of India5.65%2 years to 10 years08.01.2021
Source: Bank Websites    

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