In recent news, many government and private banks across the country have raised the interest rates on their Recurring Deposits (RD) and Fixed Deposits (FD).
This increase in interest rates has resulted in customers receiving higher returns on their investment than before.
DCB Bank
DCB Bank is offering an interest rate of 7.6 percent per annum on 5-year Recurring Deposit (RD) to its customers. This interest rate is applicable to recurring deposits of less than Rs 2 crore.
Sarvodaya Small Finance Bank
Sarvodaya Small Finance Bank is providing an interest rate of up to 7.25 percent to its customers on RD for a tenure ranging from 5 years to 10 years.
Additionally, senior citizens are getting the benefit of an interest rate of 7.5 percent.
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank is giving its investors an interest rate of 7.2 percent on recurring deposits for a period of 36 to 60 months.
Customers are also getting the benefit of 6.5 percent interest rate on FDs maturing in a period of 63 to 120 months.
Deutsche Bank
Deutsche Bank, a foreign bank operating in India, is offering an interest rate of 7.25 percent to its customers on recurring deposits maturing in 60 months.
IndusInd Bank
IndusInd Bank is giving its customers an interest rate benefit of 7 percent on Recurring Deposits for a period of 61 months or more. Senior citizens are getting the benefit of 50 percent extra basis points on the interest rate.
Axis Bank
Axis Bank, the largest private sector bank, is offering an interest rate of 7 percent on recurring deposits for a period of 5 years. Senior citizens are also receiving the benefit of an extra 75 basis points on recurring deposits of less than Rs 5 crore.
HDFC Bank
HDFC Bank, the largest private sector bank, is providing an interest rate of 7 percent per annum on RD maturing in 5 years.
Additionally, senior citizens are getting the benefit of a 7.5 percent interest rate on this bank recurring deposit.
This increase in interest rates by various banks is a great opportunity for customers to invest their savings and earn better returns.
