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.
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