best bank to invest in recurring deposit RD highest interest rate 2021 details here varpat

New Delhi. If you are thinking of saving and want to get guaranteed returns in that scheme, then this news is for you. Most people understand that guaranteed returns are available only in Fixed Deposit (FD) but it is not so. You can get huge returns in Recurring Deposit. It is very similar to FD. In this, a fixed amount has to be invested every month. Recurring Deposit (RD) is very beneficial for those who want to add money by making small savings. The banks that we are telling about today are giving you many more returns on recurring deposit or RD than SBI, ICICI and HDFC. Let us know in details..

RD is small saving scheme

RD is a type of small savings scheme. Any person can open its account in any bank, post office or small finance bank. One can start investing in this with a minimum deposit of Rs 100 per month and there is no maximum deposit limit.

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Small Finance Banks (SFBs) pay more interest on RD than post offices and big banks. In most SFBs, you can open an RD account for a minimum period of 6 months and a maximum of 10 years. At the same time, RD in the post office matures after 5 years which can be extended further. These 4 SFBs offer interest up to 8.5% per annum on recurring deposits.

So let’s know about the recurring deposit scheme of 4 Small Finance Bank where you will get more than 8 percent interest …

1. Utkarsh Small Finance Bank

Utkarsh Small Finance offers the RD scheme from 6 months to 10 years in the bank. Utkarsh Small Finance Bank is offering returns ranging from 6.5 per cent to 8 per cent on RD to its customers across tenors. On the other hand, senior citizens are getting returns ranging from 7 percent to 8.5 percent. Here you have to invest a minimum of Rs 100.

Up to 6 months – 6.50%

9 months – 6.50%

12 months – 7.25%

15 months – 7.25%

18 months – 7.25%

21 months – 7.25%

Above 21 Months Below 24 Months 7.25%

24 months to 36 months 8.00%

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2. Jana Small Finance Bank

In Jan Small Finance Bank, you can do RD from 6 months to 10 years. The interest rate of this bank is between 4 percent to 7.25 percent. This bank gives half percent more interest on deposits to the elderly. Accordingly, senior citizens will get interest ranging from 4.5 percent to 7.75 percent on RD.

1 month – 6 months – 4%

6 months – 12 months – 6%

12 months – 36 months – 7%

36 months – 60 months – 7.25%

60 months – 120 months – 6.50%

3. Suryoday Small Finance Bank

The interest rate of RD of Suryoday Small Finance Bank ranges from 5.5 percent to 7.25 percent. Highest interest rate of the bank is available on deposits of 5 years. These RD rates of Suryoday Small Finance Bank have become effective from 15 February 2021.

6 months 5.50%

9 months 6.00%

12 months 6.75%

30 Months 7.00%

33 months 7.00%

36 months 7.00%

Above 3 years to less than 5 years 7.10%

5 years 7.25%

5 years to 10 years 6.50%

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4. North East Small Finance Bank

RD is done from 3 months to 10 months in North East Small Finance Bank. North East Small Finance Bank is giving interest ranging from 4.25 percent to 7.5 percent on RD to its customers. North East Small Finance Bank is offering an interest rate of 7.5 percent on two-year RD.

3 months 4.25%

6 months 4.50%

9 months 5.50%

1 year 5.50%

2 years 7.50%

3 years 7.00%

4 years 7.00%

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