Top 4 Banks Promising Up To 8.00% Returns On Recurring Deposits
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North East Small Finance Bank
Among the small finance banks, North East Small Finance Bank is the first in our list based on our own research and analysis that is promising up to 7.50% returns to regular citizens, and 8.00% returns to senior citizens on recurring deposits. With effect from 19th April 2021, the bank is now promising the following interest rates on recurring deposits.
| Tenure | Card Rates upto 2 cr (in % p.a.) | Senior Citizen (in % p.a.) |
|---|---|---|
| 3 Months | 4.25 | 4.75 |
| 6 Months | 4.5 | 5 |
| 9 Months | 5.5 | 6 |
| 1 Year | 5.5 | 6 |
| 2 Year | 7.5 | 8 |
| 3 Year | 7 | 7.5 |
| 4 Year | 7 | 7.5 |
| 5 Years | 6.5 | 7 |
| More than 5 years upto 10 years | 6.5 | 7 |
| Source: Bank Website |
Utkarsh Small Finance Bank
One can open a recurring deposit account at Utkarsh Small Finance Bank with an amount in multiples of Rs. 100 only and for tenure in multiples of 3 months. With effect from 01 July 2021, Utkarsh Small Finance Bank is offering the highest interest rates of 7.00% to the general public and 7.50% to senior citizens on recurring deposits per annum.
| 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, W.E.F. July | ||
| 01, 2021 | ||
Suryoday Small Finance Banks
For a minimum installment amount for an RD of Rs 100 (and multiples of Rs 100 thereof), Suryoday Small Finance Bank is promising the following interest rates on recurring deposits of less than Rs 2 Cr.
| 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 ) |
Jana Small Finance Bank
At Jana Small Finance Bank, one can open an RD account with a minimum installment of Rs 100 in multiples of Rs 100. With effect from 10th June 2021, Jana Small Finance Bank is offering the below-listed interest rates on recurring deposits.
| Period | Regular RD Interest Rate (p.a.) | Senior Citizen RD Interest Rate (p.a.) |
|---|---|---|
| > 1 Month – 6 Months | 4.00% | 4.50% |
| > 6 Months – 12 Months | 5.50% | 6.00% |
| > 12 Months – 36 Months | 6.50% | 7.00% |
| > 36 Months – 60 Months | 6.75% | 7.25% |
| > 60 Months – 120 Months | 6.00% | 6.50% |
| Source: Bank Website, Effective Date – 10th June’21 |
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