Top 10 Recurring Deposits with Higher Interest Rates
Recurring Deposit (RD) is one the safest form of deposit that allows you to make frequent investment and to earn attractive interest on your deposit. Depositors may choose the term of the deposits and even the sum to be deposited on a regular basis. RD provides greater convenience than Fixed Deposits and is much more suited to those individuals who want to earn a regular income. Recurring Deposits are provided by all Indian banks. Interest rates vary from bank to bank generally about 6-7 per cent, which is set for a period of time. Scroll down and get to know the features of RD and highest interest rates provided by the banks.
Benefits of RD
- Get a flexible option of saving and you can start saving which can be as small as Rs 100
- Choose a tenure for your deposit starting from 6 months
- RD interest rates are similar to the interest rates provided in fixed deposits, investing in an RD gives you a higher interest rate than other bank deposit schemes
- RD can be opened by minor also under guardian permission
- You can also get premature and partial withdrawals in RDs with some applied charges.
- You can also use the RD as a collateral to avail loan
- RD is one of the best investment options with guaranteed returns.
Banks Providing Higher interest Rates in 2020
Recurring deposit interest rates continue to change periodically. The fluctuations are due to several factors and thus a solid market awareness of RD interest rates is very essential for investors.
Scroll down and get to know the highest interest rates provided by the bank for both regular and senior depositors in India.
Top 10 Banks Providing Higher Interest Rates on RD up to 1 Year Tenure
Bank Name | Regular interest rate | Senior citizen interest rate | Tenure for deposit up to Rs 2 Cr |
---|---|---|---|
ESAF Small Finance Bank | 8.25% | 8.75% | 1 year to 1.5 year |
Ujjivan Small Finance Bank | 8.10% | 8.60% | 1 year to 2 year |
Yes Bank | 7.25% | 7.75% | 1 year |
IndusInd Bank | 7.25% | 7.75% | 1 year |
DCB Bank | 7.00% | 7.50% | 1 year |
Standard Chartered Bank | 6.90% | 7.40% | 1 year |
HDFC Bank | 6.45% | 6.95% | 1 year |
Axis Bank | 6.60% | 7.25% | 1 year |
SBI | 6.40% | 6.90% | 1 Year to less than 2 years |
Canara Bank | 6.50% | 7.00% | 1 Year |
Top 10 Banks Providing HIgher Interest Rates on RD for Regular Depositors
Bank Name | Rate of Interest | Tenure Deposit up to 2 Year |
---|---|---|
Utkarsh Small Finance Bank | 9.00% | 456 days to less than 2 years |
Ujjivan Small Finance Bank | 8.10% | 1 year to 2 years |
Deutsche Bank | 7.75% | 60 months |
DCB Bank | 8.00% | 36 months |
IndusInd Bank | 7.25% | 1 year |
Yes Bank | 7.75% | 2 year |
Axis Bank | 7.00% | 2 years |
HDFC Bank | 6.85% | 27 months |
Canara Bank | 6.50% | 1 year |
SBI | 6.40% | 1 year to less than 2 years |
Top 10 Banks Providing HIgher Interest Rates on RD for Senior Citizens
Bank Name | Rate of Interest | Tenure Deposit up to 2 Year |
---|---|---|
Utkarsh Small Finance Bank | 9.50% | 456 days to less than 2 years |
Ujjivan Small Finance Bank | 8.60% | 1 year to 2 years |
IDFC First Bank | 7.75% | 12 months |
DCB Bank | 8.50% | 36 months |
RBL Bank | 8.15% | 24 months to less than 36 months |
IndusInd Bank | 7.75% | 12 months |
Yes Bank | 8.25% | 2years |
ICICI Bank | 7.50% | 18 months |
Standard Chartered Bank | 7.40% | 18 months |
SBI | 6.90% | 1 year to less than 2 years |