Investment
oi-Vipul Das
For debt investors looking to build up significant capital in the short, medium or long term, recurring deposits are a safe investment to bet for 6 months to 10 years since depositors can make monthly deposits through a systematic deposit plan ( SDP), which is similar to mutual fund SIPs. One of the most attractive features of a recurring deposit account is the favorable interest rate, which is comparable to term deposits and is not influenced by market fluctuations.
Recurring deposits, which offer a guaranteed interest rate payable at maturity and a benefit compounded quarterly, are available to domestic residents and the elderly. Unlike term deposit plans, which require a single deposit as a lump sum, recurring deposit plans require monthly contributions, making them the ideal option for investors with regular income or modest income. . Here are the top 10 banks that currently guarantee the highest interest rates in the market on recurring deposits, with deposit insurance coverage of up to Rs 5 lakhs granted by the Deposit and Insurance Company. credit guarantee (DICGC).
Top 10 Public Sector Banks With The Highest Interest Rates On Recurring Deposits
Here are the top 10 public sector banks based on our own research, which currently offer the highest interest rates on recurring deposits to ordinary citizens and senior citizens.
| No Sr. | Banks | Regular interest rates | The elderly | Wef |
|---|---|---|---|---|
| 1 | National Bank of India | 4.40% to 5.40% | 4.90% to 6.20% | 08.01.2021 |
| 2 | Baroda Bank | 4.30% to 5.25% | 4.80% to 6.25% | 16.11.2020 |
| 3 | Union Bank of India | 4.40% to 5.50% | 4.90% to 6.00% | 09/01/2021 |
| 4 | Canara Bank | 4.40% to 5.25% | 4.90% to 5.75% | 09.08.2021 |
| 5 | National Bank of Punjab | 4.40% to 5.25% | 4.90% to 5.75% | 08/01/2021 |
| 6 | Indian Bank | 4.00% to 5.25% | 4.50% to 5.75% | 05.11.2021 |
| 7 | Indian Overseas Bank | 4.90% to 5.20% | 5.40% to 5.70% | 09.11.2020 |
| 8 | Bank of India | 4.35% to 5.05% | 4.85% to 5.55% | 08/01/2021 |
| 9 | Bank of Punjab and Sindh | 4.45% to 5.30% | 4.95% to 5.50% | September 16, 2021 |
| ten | Central Bank of India | 4.25% to 5.00% | 4.75% to 5.50% | 10.11.2021 |
| Source: Bank website |
Top 10 Private Sector Banks Offering the Highest Interest Rates on Recurring Deposits
According to our analysis, the top 10 private sector banks that now offer the highest interest rates on recurring deposits to normal and senior customers are as follows.
| No Sr. | Banks | Regular interest rates | The elderly | Wef |
|---|---|---|---|---|
| 1 | Yes Bank | 5.00% to 6.25% | 5.50% to 7.00% | November 3, 2021 |
| 2 | RBL Bank | 3.25% to 6.30% | 3.75% to 6.80% | 01 September 2021 |
| 3 | IndusInd Bank | 5.50% to 6.00% | 6.00% to 6.50% | July 23, 2021 |
| 4 | IDFC Premier Bank | 3.25% to 6.00% | 3.75% to 6.50% | 23 November 2021 |
| 5 | Axis Bank | 4.40% to 5.75% | 4.65% to 6.50% | 10.11.2021 |
| 6 | DCB Bank | 5.25% to 5.95% | 5.75% to 6.45% | 22 November 2021 |
| 7 | ICICI Bank | 3.50% to 5.60% | 4.00% to 6.30% | 04.12.2021 |
| 8 | HDFC Bank | 3.50% to 5.50% | 4.00% to 6.00% | 01 Dec. 2021 |
| 9 | IDBI Bank | 5.05% to 5.25% | 5.55% to 5.75% | August 16, 2021 |
| ten | Bandhan Bank | 4.50% to 5.00% | 5.25% to 5.75% | June 7, 2021 |
| Source: Bank website |
Top 10 Small Corporate Finance Banks Promising Highest Interest Rates on Recurring Deposits
The 10 small financing banks that now offer the highest interest rates on recurring deposits, according to our study, are as follows.
| No Sr. | Banks | Regular interest rates | The elderly | Wef |
|---|---|---|---|---|
| 1 | Small North-East finance bank | 4.25% to 7.50% | 4.75% to 8.00% | April 19, 2021 |
| 2 | Utkarsh Small Financial Bank | 6.50% to 7.00% | 7.00% to 7.50% | July 01, 2021 |
| 3 | Suryoday Small Finance Bank | 4.75% to 7.00% | 4.75% to 7.30% | September 09, 2021 |
| 4 | Jana Small Finance Bank | 4.00% to 6.75% | 4.50% to 7.25% | 10 June’21 |
| 5 | Fincare Small Financial Bank | 3.00% to 6.75% | 3.00% to 7.25% | 25 October 2021 |
| 6 | Small Ujjivan Financial Bank | 4.75% to 6.50% | 5.25% to 7.00% | August 16, 2021 |
| 7 | Small Equitas Financial Bank | 5.85% to 6.00% | 6.35% to 6.50% | October 1, 2021 |
| 8 | Small Shivalik Corporate Bank | 5.50% to 6.25% | 6.00% to 6.75% | 01.12.2021 |
| 9 | Small finance bank ESAF | 5.00% to 6.25% | 5.50% to 6.75% | 12/01/2021 |
| ten | AU Small Finance Bank | 4.00% to 6.00% | 4.50% to 6.75% | October 14, 2021 |
| Source: Bank website |
Article first published: Wednesday December 8th, 2021, 4:18 PM [IST]
