Recurring Deposit is considered to be the best way of saving and investing. In this, investors invest a fixed amount every month as per their wish.
On which interest is also received. It can also be called the “piggy bank” of the bank. The only difference is that interest is earned in Recurring Deposit (RD). Dhanteras and Diwali are considered auspicious days for investment. If you are planning to invest then Recurring Deposit i.e. RD can be a better option for you. Let us know which bank is currently giving higher returns on RD-
State Bank of India
SBI offers recurring deposits of 12 months and 10 years. RD can be availed on deposits starting from Rs. Ordinary citizens have to pay 6.50% to 7% interest every year on deposits of less than Rs 2 crore. Senior citizens get 0.50% or 0.80% more interest.
Axis Bank
Axis Bank also has attractive interest offers on RD. Ordinary citizens are getting 7.26% interest on minimum deposit of Rs 0. Ordinary citizens are getting maximum interest of 8.01%.
Kotak Mahindra Bank
Like Axis Bank, Kotak Mahindra Bank is also giving maximum interest of 7.26% to general citizens and 0.81% to senior citizens.
ICICI Bank
ICICI Bank is also offering attractive interest on recurring deposits. Ordinary citizens are getting maximum interest of 7.10% per annum on minimum deposit of Rs 0. The interest rate for senior citizens is 7.60%.
HDFC bank
India’s largest private sector bank is also offering excellent interest on recurring deposits. The interest rate for ordinary citizens is maximum 7.1%. Whereas senior citizens are getting maximum interest of 7.75%. The bank also offers a lock-in-period of 1 month to the customers.
(Disclaimer: The purpose of this article is only to share general information. Rightsofemployees.com does not recommend investing in any scheme or plan.)
