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Top 3 Banks Promising Returns Up To 7.50% On Recurring Deposits In 2021

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When it comes to fixed income debt investment strategies for both normal and elderly folks, recurring deposits are the ideal place to park your hard-earned money and watch your savings grow at a higher interest rate than a savings account. Investing in recurring deposits is highly recommended for investors who want to build a strong wealth both in short and long term with stable returns that are not market-based. They can make regular or monthly deposits, similar to Systematic Investment Plan (SIP) in mutual funds, and reap the benefits blended with assured returns and deposit safety of up to Rs 5 lakhs provided by Deposit Insurance and Credit Guarantee Corporation (DICGC). For risk-averse investors, we've selected three small finance banks' recurring deposits, which are currently offering higher returns of up to 7.50 percent.

 

Note: The highest applicable interest rates and deposit period are marked in bold.

North East Small Finance Bank

North East Small Finance Bank

North East Small Finance Bank is currently the only bank offering the highest interest rate of 7,50 percent on recurring deposits for deposits of less than Rs 2 crore. The bank's recurring deposit interest rates were recently changed on April 19, 2021, and are now as follows.

TenureRegular Citizens Rates In %Senior Citizen Interest Rates In %
3 Months 4.25 4.75
6 Months 4.50 5.00
9 Months 5.50 6.00
1 Year 5.50 6.00
2 Year 7.50 8.00
3 Year 7.00 7.50
4 Year 7.00 7.50
5 Years 6.50 7.00
More than 5 years upto 10 years 6.50 7.00
Source: Bank Website

Utkarsh Small Finance Bank
 

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is the second bank on our list among all small finance, public and private sector banks that offers the highest interest rates on recurring deposits for deposits less than Rs 2 crore. The bank is providing the highest interest rate of 7.00 percent to regular customers and 7.50 percent to senior citizens on recurring deposits maturing in 24 months to 36 months. Check out the most recent interest rates on recurring deposits of the bank below which are in force from 1st July 2021.

TenureGeneral CustomersSenior Citizens
Upto 6 months 6.50% 7.00%
9 months 6.50% 7.00%
12 months 6.75% 7.25%
15 months 6.75% 7.25%
18 months 6.75% 7.25%
21 months 6.75% 7.25%
Above 21 Months to less than 24 Months 6.75% 7.25%
24 months to 36 months 7.00% 7.50%
Above 3 Years upto 5 Years 6.75% 7.25%
Above 5 years upto 10 years 6.75% 7.25%
Source: Bank Website, INTEREST RATES (%P.A.)- W.E.F. 1st July 2021

Suryoday Small Finance Bank

Suryoday Small Finance Bank

Recurring deposit accounts at Suryoday Small Finance Bank can be held for a minimum of 6 months and in multiples of 3 months thereafter, up to a maximum of 10 years. A recurring deposit can be initiated with a minimum installment of Rs 100 and multiples of Rs 100 up to a maximum monthly installment amount of Rs 14,99,900. The below-listed interest rates on recurring deposits of Suryoday Small Finance Bank are in force from 9th September 2021 and now the bank is offering the highest rate of 7.00% to the general customers and 7.50% to senior citizens on their recurring deposits maturing in 36 months or 3 years.

PeriodInterest Rate (Per Annum)Senior Citizen Rate (Per Annum)
6 months 4.75% 4.75%
9 months 5.25% 5.25%
12 months 6.50% 6.75%
15 months 6.50% 6.75%
18 months 6.50% 6.75%
21 months 6.50% 6.75%
24 months 6.50% 6.75%
27 months 6.25% 6.50%
30 months 6.25% 6.50%
33 months 6.25% 6.50%
36 months 7.00% 7.30%
Above 3 Years to less than 5 Years 6.50% 6.50%
5 Years 6.75% 7.00%
Above 5 Years to 10 Years 6.00% 6.00%
Source: Bank Website, ( Effective: From September 09, 2021 )

Story first published: Tuesday, October 12, 2021, 12:31 [IST]
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