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Top 10 Recurring Deposits with Higher Interest Rates

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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.

Recurring Deposits with Higher Interest Rates

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.
    Recurring Deposits with Higher Interest Rates

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 < 1 year 5 days
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 < 30 months
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
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