RD interest rates: Large banks of the country like State Bank of India (SBI), HDFC Bank, ICICI Bank and other banks offer the facility to open RD account.
Every person tries that he has more money, but due to family needs and other expenses, he is not able to deposit more money even if he wants. But if you start saving a small amount with a little effort, then on seeing you will have a big fund ready. You can raise more money for yourself by depositing a small amount every month in a recurring deposit account. Today we are telling you where RD account is getting more interest than FD.
Large banks of the country like State Bank of India (SBI), HDFC Bank, ICICI Bank and other banks provide the facility to open RD account. Apart from these banks and post offices, one can open RD account in Small Finance Bank (SFB). Small finance banks not only offer higher interest on Fixed Deposit (FD) but are also offering higher interest on RD account.
Most of the small finance banks offer RD schemes ranging from 6 months to 10 years. RD account can be opened with a minimum of Rs 100. Utkarsh Small Finance Bank is giving up to 8 percent interest on RD of 24 to 36 months. The bank is offering 7.25 per cent interest on RDs opened for 12, 15, 18, 21 and 24 months. The rate of RD for 3 to 10 years will be the same. The bank gives 50 basis points more interest to senior citizens. For a period of 24 to 36 months, the bank pays 8.5 percent interest to the senior citizen. These rates are applicable from 1 September 2020.
Jana Small Finance Bank also gives good returns on recurring deposits. It pays 7.25 per cent interest on RD done for 36 to 60 months while 7.75 per cent for senior citizens.