RD Calculator: At a time when returns on bank deposits and popular small savings schemes have not been able to beat the average inflation rate in India, some small finance banks (SFBs) are offering higher interest rates on fixed deposits, which may attract investors. Take any risk on the investments of those who do not want to. North East Small Finance Bank is one such SFB. It is offering a recurring deposit interest rate or RD interest rate of 7.50 per cent on deposits for a tenure of two years. For senior citizens, it is offering an additional 50 bps higher RD interest rate, which means that North East Small Finance Bank has a senior citizen RD interest rate of 8 per cent for a tenure of two years.
As per the information available on the official official website of North East Small Finance BankA bank depositor can open a recurring deposit account in this SFB for a minimum period of 3 months. Here the RD interest rate for 3 months tenure is 4.25 per cent while for 6 months recurring deposit interest rate is 4.50 per cent. For a tenor of 9 months and one year, the RD interest rate offered by North East Small Finance Bank is 5.50 per cent. For a tenure of 2 years, North East Small Finance Bank has an RD rate of 7.50 per cent.
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RD interest rate up to 8% for senior citizens
Like any other bank, North East Small Finance Bank is offering 50 bps additional RD interest rate to senior citizens. A senior citizen is offered a 4.75 return on his recurring deposit for a tenure of 3 months, while on a tenure of 6 months, the RD interest rate offered to senior citizens is 5.0 per cent. On tenures of 9 months and one year, the recurring deposit interest rate offered to senior citizens is 6 per cent. For a senior citizen’s RD account, North East Small Finance Bank offers 8 per cent RD interest rate for a tenure of 2 years.
One can open RD account in North East Small Finance Bank for 3 months, 6 months, 9 months, one year, two years, three years, 4 years, 5 years and 5 years to 10 years. SFB is offering the highest RD interest rate on RD account for a tenure of two years.
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