3 recurring deposits of 2 years promising over 8% returns to senior citizens2 min read 12 Sep 2022, 02:50 PM IST
Recurring deposits (RDs), which give a fixed rate of return and also let investors make deposits on a monthly basis similar to mutual fund SIPs
Recurring deposits (RDs), which give a fixed rate of return and also let investors make deposits on a monthly basis similar to mutual fund SIPs, are among the most popular choices for debt investors when it comes to saving money every month for their financial objectives. Investors can pick the tenure based on their needs and the terms of these accounts typically run from six months to ten years. At the time of opening an RD account, the applicable interest rate remains fixed throughout the chosen tenure and the maturity amount that includes both principal amount and interest earned can be taken out at the end of the tenure. As a result, for regular income investors who want to save each month rather than depositing a lump sum like fixed deposits, RDs offer the chance to accumulate savings for a variety of personal financial objectives. Here are the banks that are providing over 8% returns on recurring deposits maturing in 2 years along with DICGC cover benefits to anyone seeking returns that outpace inflation during a time of rising interest rates, notably elderly citizens.