RD Investment: In Recurring Deposit, you invest a fixed amount every month and get interest on it. Investing money in Recurring Deposit is easier than FD. It works like a Systematic Investment Plan (SIP).
Generally, the interest rate on RD is also like that of FD. The Reserve Bank of India is continuously increasing the repo rate, after which many banks have increased the interest rates on 5-year RDs. According to Bankbazaar data, the interest rates on recurring deposits are 7.6 per cent.
DCB Bank (DCB Bank)
DCB Bank is paying 7.6 percent interest on 5-year RD. This rate will be available on RD of less than Rs 2 crore.
Suryoday Small Finance Bank
Suryoday Small Finance Bank is offering 7.25 percent interest on RDs of 5 to 10 years to its customers. Is giving interest at the rate of 7.5 percent to senior citizens.
Ujjivan Small Finance Bank
Investors can avail 7.2 per cent interest on RD for a period of 36 to 60 months. 6.5 percent interest is being received on FDs maturing in 63 to 120 months.
Deutsche Bank
The bank is offering 7.25 per cent interest on RD which will mature in 60 months.
IndusInd Bank
The bank is offering 7 per cent interest on recurring deposits of 61 months and above. Senior citizens are getting 50 basis points of additional interest i.e. 0.50 percent extra interest.
Axis Bank
Axis Bank is paying 7 percent interest on 5-year RD. 0.75% interest will be given to senior citizens on RD of more than Rs 5 crore.
HDFC bank
HDFC Bank is offering 7% interest on 5 year RD which will mature in 5 years. Will give 7.50 percent interest to senior citizens.
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