Business Desk – RD or Recurring Deposits offers individuals to invest a fixed amount monthly and build emergency funds. It is more flexible than fixed deposits and offers a systematic investment plan.
So, if you are looking to invest in RD then, there are banks that offer more than 7% interest. You should choose one of them, these banks are:
DCB Bank
Offering 7.6 percent interest with a 5-year tenor. However, the rate is applicable having a value of less than Rs 2 crore.
Suryoday Small Finance Bank
Offering 7.25 percent with a tenor of 5 to 10 years. Notably, for senior citizens, the interest rate is 7.5 percent.
Ujjivan Small Finance Bank
Offering 7.2 percent with a tenor of 36 to 60 months. RD which gets mature in 63 to 120 months, the rate is 6.5 percent per annum.
Deutsche Bank
Offering 7.25 percent interest with a tenor of 60 months.
IndusInd Bank
Offering 7 percent deposits of 61 months and above. Notably, senior citizens can earn 50 basis points of extra interest.
Axis Bank
Offering 7 percent deposits of a 5-year tenor. Also, for deposits less than Rs 5 crore senior citizens can avail of 75 basis points.
HDFC Bank
Offering 7 percent per annum of a 5-year tenor. Also, senior citizens can avail of 7.5 percent interest.
Remember, RD can opt for a tenor of six months to 10 years, and the minimum investment you can go to is Rs 1000. You can’t alter the installment amount once it is fixed. Also, cannot withdraw money before it gets mature.
