Curated By: Business Desk
Last Updated: November 06, 2023, 12:28 IST
RDs are identified for a disciplined financial savings method, permitting traders to accumulate a lump sum quantity over time.
Many banks within the nation offer profitable returns on RDs with an interest rate starting from 7% to 8.50% relying upon the tenure and deposit quantity.
Recurring Deposits (RD), like Fixed Deposits (FD), are a safe investment choice and offer assured returns. While FD requires a lump-sum investment, RDs permits you to make investments each month, related to a Mutual Fund SIP. If you might be searching for a threat free investment this Dhanteras, you’ll be able to think about opening a Recurring Deposit account with any of the banks providing greater interest charges. It’s believed that new investments on Dhanteras carry wealth and RDs could possibly be a greater choice.
RDs are identified for a disciplined financial savings method, permitting traders to accumulate a lump sum financial savings over time.
These deposits have mounted tenures, usually starting from 6 months to 10 years, and offer vital returns relying on a predetermined interest rate. These are a super alternative for people wanting to save systematically and earn a modest interest on their financial savings with out the necessity for an enormous preliminary investment.
Currently, a number of banks are providing enticing interest charges of up to 8.5% on RDs.
1. Suryoday Small Finance Bank: The financial institution offers the very best RD interest rate presently with 8.60% annual interest on investments between 27 and 36 months. For senior residents, the interest rate is 9.1% for a similar tenure.
2. DCB Bank: DCB Bank presently provides the second highest interest rate on RDs within the nation, with an 8% annual interest rate for RDs of between Rs 10 lakh and Rs 2 crore. The financial institution additionally provides 1.75% annual interest on RD balances of lower than Rs 1 lakh.
3. Deutsche Bank: It is in keeping with DCB Bank’s interest charges because it provides an interest of 8% each year on RDs maturing between 27 and 36 months. The financial institution provides a 7.25% interest rate on RDs for a period of 5 years.
4. Axis Bank: The standard personal sector financial institution offers a 7.10% interest rate on 5-12 months RDs of lower than Rs 2 crore. For senior residents, it’s 7.60%.
5. HDFC Bank: The personal banking sector behemoth provides a 7.1% interest rate on 15-month RDs. For the identical period, senior residents obtain a 7.6% interest rate.
