In the debt category, fixed deposit and recurring deposit investments are becoming increasingly popular as a result of the current rising cycle in interest rates. Investors, particularly older citizens who view those deposits as a solid alternative for their retirement years, should be pleased that interest rates are on the rise. Recurring deposits offer a range of benefits for senior citizens such as deposits made would be insured up to ₹5 lakhs by DICGC, monthly deposits, additional interest rate benefits, flexible tenors, easy liquidation, loan against deposits, guaranteed rate of return and much more. Here are the banks that give above 8% returns to senior citizens on a 2-year maturity period for recurring deposits, which they perceive to be far more attractive investment options.
Utkarsh Small Finance Bank Recurring Deposit
On August 12, 2022, Utkarsh Small Finance Bank last changed its interest rates on recurring deposits (RD). The bank accepts recurring deposits with terms of six months to ten years. The bank offers an interest rate of 8% on recurring deposits maturing in 21 months to 24 months, and on deposits maturing in 24 months to 36 months, the bank offers the highest interest rate of 8.50% for senior citizens, which is significantly higher than inflation and government-backed small savings schemes.
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North East Small Finance Bank RD
The interest rates of North East Small Finance Bank’s recurring deposits are in effect as of April 1, 2022. The bank offers RDs with maturities ranging from three months to ten years. The bank is now giving elderly people an interest rate of 8% on recurring deposits that mature in two years.
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Jana Small Finance Bank RD
Effective from 15th June 2022, recurring deposit interest rates of Jana Small Finance Bank are in force. The bank gives an interest rate of 8.05% on recurring deposits maturing in 12 months to 36 months, and it offers senior citizens the highest interest rate of 8.15% on recurring deposits maturing in 36 months to 60 months. Customers of Jana Small Finance Bank can make monthly installment payments with a minimum of ₹100 and in multiples of ₹100, and the bank accepts recurring deposits with terms ranging from 1 month to 120 months. If the recurring deposit is prematurely withdrawn, a 0.5% penalty will be imposed on the relevant interest rate for the term that the deposit has been kept with the bank.
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