Home / Money / Personal Finance /  7 recurring deposits offer over 7% returns to senior citizens on a 5-year tenor

Recurring deposits (RDs) are the debt instrument that investors with low-risk tolerance want to use to produce risk-free income from their monthly investment. Instead of investing everything at once, you may set up recurring deposits to make deposits on a monthly basis, which not only helps you create the corpus you need for immediate demands but also gives you a clearer view of your other personal financial responsibilities. The recurring deposit's minimum and maximum terms of six months and ten years, respectively, show that you can meet your short- and long-term personal financial demands. We have selected 8 recurring deposits (RDs) that provide elderly people over 7% on a 5-year term, since investing in debt instruments like RDs would be advantageous considering the rising trend in interest rates.

Yes Bank RD Rates

Recurring deposit interest rates of Yes Bank are in effect as of August 10, 2022. Senior adults are eligible for a 7.50% interest rate on recurring deposits made during the next five years from Yes Bank. Up to INR 1.99 Crore in monthly installments per RD account are subject to this interest rate.

Yes Bank RD Rates
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Yes Bank RD Rates (yesbank.in)

Suryoday Small Finance Bank

Interest rates on recurring deposits of Suryoday Small Finance Bank are in force as of September 24, 2022. Only senior citizens and retired employees who are resident Indians and are at least 60 years old are eligible for the bank's additional interest rate advantage. Minimum tenure of 6 months and subsequent tenures in multiples of 3 months, up to a maximum of 10 years, are allowed for recurring deposit accounts with the bank. The bank is giving elderly people an interest rate of 7.25% on RDs maturing in 5 years.

Suryoday Small Finance Bank RD Rates
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Suryoday Small Finance Bank RD Rates (suryodaybank.com)

Jana Small Finance Bank RD Rates

The interest rates on recurring deposits of Jana Small Finance Bank are in effect as of June 15, 2022. Recurring deposits shall have a minimum tenor of six months and a maximum tenor of 120 months, as determined by the bank. The bank is giving elderly people an interest rate of 8.15% on recurring deposits maturing in 5 years.

Jana Small Finance Bank RD Rates
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Jana Small Finance Bank RD Rates (janabank.com)

IndusInd Bank RD Rates

The interest rates for RDs from IndusInd Bank are in effect as of August 12, 2022. One can register an RD account with the bank for a tenure ranging from 09 months to 61 months and upwards, with the minimum value of RD being 500 and thereafter in multiples of 100. The bank is providing older people with an interest rate of 7.50 on RDs maturing in 5 years.

IndusInd Bank RD Rates
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IndusInd Bank RD Rates (indusind.com)

RBL Bank RD Rates

Interest rates on RBL Bank's recurring deposits are effective as of July 21, 2022. The RD occupation has a 6-month minimum and a 240-month maximum term. At RBL Bank, the minimum duration for NRE RDs is 12 months. The bank is giving elderly folks an interest rate of 7.05% on recurring deposits of less than 2 Cr maturing in 5 years. RBL Bank has mentioned on its website that “Senior Citizens (60 years to less than 80 years) are eligible for additional interest rate of 0.50% p.a. and Super Senior Citizens (80 years and above) are eligible for additional interest rate of 0.75% p.a. Senior Citizens/Super Senior Citizens rates are not applicable on Non Resident Recurring Deposits (NRE/NRO)."

RBL Bank RD Rates
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RBL Bank RD Rates (rblbank.com)

Utkarsh Small Finance Bank

Since August 12th, 2022, interest rates have been in effect for Utkarsh Small Finance Bank recurring deposits. The specified recurring deposit would have a minimum tenor of six months and a maximum ten-year term with the bank. The bank is giving elderly people an interest rate of 7.25% on RDs maturing in 5 years. 

Utkarsh Small Finance Bank RD Rates
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Utkarsh Small Finance Bank RD Rates (utkarsh.bank)

Ujjivan Small Finance Bank

The interest rates on RDs of Ujjivan Small Finance Bank are in effect as of August 9th, 2022. The bank is giving elderly people an interest rate of 7.95% on RDs maturing in 5 years.

Ujjivan Small Finance Bank RD Rates
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Ujjivan Small Finance Bank RD Rates (ujjivansfb.in)
ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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