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If you are planning to invest in Recurring Deposit Scheme. So you can get returns with higher interest by investing now. At present, not only FDs, the interest rates of recurring deposits have also jumped by almost 10% since last year in the new repo rate regime operated by the Reserve Bank of India (RBI). While the repo rate has increased from 4.4% to 6.5% in May 2022, bank FD rates including RD have also increased in one year.
The interest rates of FD and Recurring Deposit are same in most of the cases. In May 2023, Suryoday Small Finance Bank (SSFB) has announced 9.6 percent interest rate on 5-year FD/RD for senior citizens, which is around 10%. Unity Small Finance Bank is also giving 9.5% interest on FD/RD to senior citizens. The most important thing is that the highest FD / RD interest rate for common citizens is also around 9% in these banks.
These 5 small finance banks are offering good interest rates
- Suryoday Small Finance Bank (SSFB) is giving 9.6% interest on 5-year RD to senior citizens. Others can get 9.1% interest on RD. Every month RD of Rs 5000 by a senior citizen in this bank will increase to about Rs 3.85 lakh in 5 years.
- Unity Small Finance Bank (Unity Bank) is offering up to 9.5% interest on deposits of 1001 days to senior citizens. Unity Bank is giving 8.15% interest to senior citizens for a deposit of 5 years. Others can get 9.1% interest on 1001 days deposit and 7.65% interest on 5 year RD. RD of Rs 5000 every month by a senior citizen in this bank will increase to about Rs 3.7 lakh in 5 years.
- State Bank of India (SBI) is offering 7.5% interest on 5-year RD to senior citizens. Others can get 6.6% interest on RD. RD of Rs 5000 every month by a senior citizen in this bank will increase to about Rs 3.6 lakh in 5 years.
- HDFC Bank is also giving 7.5% interest on 5 years RD to senior citizens. Others can get 7% interest on RD. RD of Rs 5000 every month by a senior citizen in this bank at 7.5% interest will be around Rs 3.6 lakh in 5 years. HDFC Bank is giving 7.75% interest to senior citizens for 7.5 years and 10 years RD.
- ICICI Bank is also giving 7.5% interest on 5 years RD to senior citizens. Others can get 6.9% interest on RD of 5 years. Every month RD of Rs 5000 by a senior citizen in this bank will increase to about Rs 3.6 lakh in 5 years.
