Top 3 Banks Promising Returns Up To 7.50% On Recurring Deposits In 2021
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North East Small Finance Bank
North East Small Finance Bank is currently the only bank offering the highest interest rate of 7,50 percent on recurring deposits for deposits of less than Rs 2 crore. The bank’s recurring deposit interest rates were recently changed on April 19, 2021, and are now as follows.
| Tenure | Regular Citizens Rates In % | Senior Citizen Interest Rates In % |
|---|---|---|
| 3 Months | 4.25 | 4.75 |
| 6 Months | 4.50 | 5.00 |
| 9 Months | 5.50 | 6.00 |
| 1 Year | 5.50 | 6.00 |
| 2 Year | 7.50 | 8.00 |
| 3 Year | 7.00 | 7.50 |
| 4 Year | 7.00 | 7.50 |
| 5 Years | 6.50 | 7.00 |
| More than 5 years upto 10 years | 6.50 | 7.00 |
| Source: Bank Website |
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is the second bank on our list among all small finance, public and private sector banks that offers the highest interest rates on recurring deposits for deposits less than Rs 2 crore. The bank is providing the highest interest rate of 7.00 percent to regular customers and 7.50 percent to senior citizens on recurring deposits maturing in 24 months to 36 months. Check out the most recent interest rates on recurring deposits of the bank below which are in force from 1st July 2021.
| Tenure | General Customers | Senior Citizens |
|---|---|---|
| Upto 6 months | 6.50% | 7.00% |
| 9 months | 6.50% | 7.00% |
| 12 months | 6.75% | 7.25% |
| 15 months | 6.75% | 7.25% |
| 18 months | 6.75% | 7.25% |
| 21 months | 6.75% | 7.25% |
| Above 21 Months to less than 24 Months | 6.75% | 7.25% |
| 24 months to 36 months | 7.00% | 7.50% |
| Above 3 Years upto 5 Years | 6.75% | 7.25% |
| Above 5 years upto 10 years | 6.75% | 7.25% |
| Source: Bank Website, INTEREST RATES (%P.A.)- W.E.F. 1st July 2021 |
Suryoday Small Finance Bank
Recurring deposit accounts at Suryoday Small Finance Bank can be held for a minimum of 6 months and in multiples of 3 months thereafter, up to a maximum of 10 years. A recurring deposit can be initiated with a minimum installment of Rs 100 and multiples of Rs 100 up to a maximum monthly installment amount of Rs 14,99,900. The below-listed interest rates on recurring deposits of Suryoday Small Finance Bank are in force from 9th September 2021 and now the bank is offering the highest rate of 7.00% to the general customers and 7.50% to senior citizens on their recurring deposits maturing in 36 months or 3 years.
| Period | Interest Rate (Per Annum) | Senior Citizen Rate (Per Annum) |
|---|---|---|
| 6 months | 4.75% | 4.75% |
| 9 months | 5.25% | 5.25% |
| 12 months | 6.50% | 6.75% |
| 15 months | 6.50% | 6.75% |
| 18 months | 6.50% | 6.75% |
| 21 months | 6.50% | 6.75% |
| 24 months | 6.50% | 6.75% |
| 27 months | 6.25% | 6.50% |
| 30 months | 6.25% | 6.50% |
| 33 months | 6.25% | 6.50% |
| 36 months | 7.00% | 7.30% |
| Above 3 Years to less than 5 Years | 6.50% | 6.50% |
| 5 Years | 6.75% | 7.00% |
| Above 5 Years to 10 Years | 6.00% | 6.00% |
| Source: Bank Website, ( Effective: From September 09, 2021 ) |
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