Recurring Deposit Scheme: Small finance bank offers up to 8% interest on RD investment, check details

A few small finance banks or SFBs are offering impressive returns to investors for their fixed deposit and recurring deposit schemes. 

New Delhi: In India, banks offer various fixed deposit and recurring deposit schemes providing decent returns to investors. However, in the recent past, the return on fixed deposit schemes has become unattractive due to the rising inflation. In such a case, investors are likely to shy away from fixed deposit schemes to riskier avenues. 

However, a few small finance banks or SFBs are offering impressive returns to investors for their fixed deposit and recurring deposit schemes. One such lender, the North East Small Finance Bank, is offering up to an 8% interest rate on recurring deposit schemes to senior citizen investors. 

For regular investors, the bank is offering an interest rate of 7.50 per cent on recurring deposit schemes for a tenure of two years. Customers can also get returns at 7.50% for their RD investments maturing in three, four or five years. The bank offers an additional return of 50 basis points or 0.50% to senior citizen investors. 

An investor can open a recurring deposit account with the North East Small Finance Bank for a minimum maturity period of 3 months. The bank offers an interest rate of 4.25% on RD investments maturing in 3 months. 

Moreover, investors can get a 4.50% interest rate on the RD scheme with a maturity period of 6 months. The lender is offering an interest rate of 5.50 per on RD Scheme maturing in 9 months. Senior citizens get a 0.50% interest rate on all RD schemes. Also Read: Apple iPhone 13 Mini selling at iPhone SE 2022 price: Check offer details before pre-booking phone