Recurring deposit (RD), which gives a fixed rate of return and allows investors to deposit on a monthly basis similar to mutual fund SIPs, is one of the most popular options for loan investors when it comes to money every month for their financial purposes. When it comes to saving. , Investors can choose the tenure depending on their needs and the terms of these accounts usually run from six months to ten years. While opening an RD account, the applicable interest rate remains fixed throughout the chosen tenure and the maturity amount which includes both the principal amount and the interest earned can be withdrawn at the end of the tenure. As a result, regular income investors who wish to save every month instead of making lump sum deposits like fixed deposits, RDs offer an opportunity to accumulate savings for various personal financial purposes. Here are the banks that are offering more than 8% return on Recurring Deposits maturing in 2 years, along with DICGC cover benefits that demand inflation outpacing returns at times of rising interest rates, especially Elderly citizens.
Jana Small Finance Bank
The recurring deposit interest rates of Jana Small Finance Bank are effective from June 15, 2022. The tenure of the Recurring Deposit should be at least 6 months and not more than 120 months. Minimum deposit Rs. 100 is required to create an RD account with Jana Small Finance Bank, and subsequent installments should be in multiples of Rs. 100. For RDs maturing in two years, the bank is offering an interest rate of 8.05% to elderly citizens, which is significantly higher than the current retail inflation rate of 6.71%. If the recurring deposit is withdrawn prematurely, a penalty of 0.5% will be added to the effective rate of interest for the period for which the deposit is held by the account holder with the bank.
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Utkarsh Small Finance Bank
Utkarsh Small Finance Bank recurring deposit interest rates are effective from August 12, 2022. The minimum period of recurring deposit for setting up an RD account with the bank will be six months and a maximum of ten years. Elderly individuals from Utkarsh Small Finance Bank can avail an interest rate of 8% on recurring deposits maturing in more than 21 months but less than 24 months. The bank has mentioned on its website that “The penalty on premature withdrawal is 1% (not applicable for closure within 7 days) i.e. 1% less than the card rate on the date of deposit, for the period for which the deposit remains 1% below the Bank or the contracted rate, whichever is lower.”
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North East Small Finance Bank
North East Small Finance Bank recurring deposit interest rates are effective from April 1, 2022. The bank is now guaranteeing senior citizens an interest rate of 8% on recurring deposits maturing in two years, which is not only a return that beats inflation but also a return that is much higher than small savings schemes. Is.
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