Senior citizens are being offered 8.05 per cent interest on John Small Finance Bank RDs maturing in two years. The RD rate is higher than the current rate of inflation of 6.71 percent. If the RD is broken prematurely, a penalty of 0.5% on interest will be payable.
Senior citizens are getting more than 8% return in RD account
Recurring Deposit is a medium of investment where equal amount of deposits are easily withdrawn later. Recurring deposits i.e. RD are invested on a monthly basis, on which the benefit of a pre-determined rate of interest is availed. Investing in RDs is similar to investing in mutual fund SIPs. The most important thing is that the investor chooses the tenure accordingly, for how many months or how many years he has to run the account. RD account can be operated from 6 months to 10 years. In this phase, there are three RD schemes which are giving customers more than 8 percent return in 2 years. These schemes are for senior citizens. Let’s know about them.
1-January Small Finance Bank
John Small Finance Bank RD Rate effective from June 15, 2022 The tenure of this scheme is minimum 6 months and maximum 120 months. RD account should be opened with a minimum of Rs.100 in John Small Finance Bank. After that, deposits should start from Rs.100 per month. This bank is offering 8.05 percent interest to senior citizens on RD maturing in two years. The RD rate is higher than the current rate of inflation of 6.71 percent. John Small Finance Bank’s RD will incur a penalty of 0.5 percent on interest if it is prematurely terminated.
2-Superior Small Finance Bank
Utkarsh Small Finance Bank’s new rate of RD is applicable from August 12, 2022. To open an RD account with this bank, a scheme of minimum six months and maximum 10 years is required. Senior citizens are getting 8% interest on RD of more than 21 months but less than 24 months. According to Utkarsh Small Finance Bank, if the RD account is prematurely closed or withdrawn, interest will be paid at 1% less than the specified interest rate.
3-North East Small Finance Bank
New RD Rate of North East Small Finance Bank is applicable from 1st April, 2022. This bank offers 8% interest on 2 years RD to senior citizen customers. This rate is higher than the rate of inflation, as well as getting more benefits from small savings schemes. This bank is offering 4.25 percent interest to general public and 4.75 percent interest to senior citizens on 3 months RD. 4.50 for 6 months RD and 5 percent interest for senior citizens. 5.50 on 9 months RD and 6% interest to senior citizens. 5.50 on 1 year RD and 6% interest to senior citizens.
North East Small Finance Bank is offering 7.50% interest to general public and 8% to senior citizens on 2 years RD. 7 percent interest on 3 year RD and 7.50 percent to senior citizens, 7 percent interest on 4 year RD and 7.50 percent to senior citizens. 6.50 to general public and 7% to senior citizens, 6.50 to general depositors and 7% to senior citizens above 5 years and below 10 years on 5 years RD.