Business

3 recurring deposits for 2 years promise more than 8% return for seniors

Recurring Deposit (RD), which offers a fixed rate of return and also allows investors to make a monthly deposit similar to a mutual fund SIP, is one of the most popular choices for investors. debt investors when saving money every month for their financial goals. Investors can choose a term based on their needs, and the terms of these accounts typically range from six months to ten years. At the time of opening an RD account, the applicable interest rate remains fixed for the duration of the selected term, and the maturity amount including both principal and interest earned can be calculated at the end of the term. Therefore, for regular income investors who want to save monthly instead of making a one-time deposit like a fixed deposit, RD offers the opportunity to accumulate savings for a variety of personal financial goals. Here are the banks that are offering returns over 8% on term deposits maturing in 2 years with DICGC hedging the benefit for anyone looking for a return that exceeds inflation during interest rates increase, especially in the elderly.

Jana Small Finance Bank

Jana Small Finance Bank’s recurring deposit interest rate is effective from June 15, 2022. The minimum term of the recurring deposit is 6 months and not more than 120 months. A minimum deposit is Rs. 100 is required to create an RD account with Jana Small Finance Bank and subsequent installments must be a multiple of Rs. 100. For RDs with a maturity of two years, the bank is offering seniors an interest rate of 8.05%, significantly higher than the current retail inflation rate of 6.71% . If the recurring deposit is withdrawn early, a penalty of 0.5% will be added to the actual interest for the period for which the account holder has maintained the deposit with the bank.

Jana . Small Finance Bank RD Rate

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

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank’s periodic deposit interest rate is effective as of August 12, 2022. The minimum term of the allowed recurring deposit is six months and the maximum is ten years to set up an account. RD account with the bank. Senior individuals can get 8% interest on term deposits maturing in more than 21 months but less than 24 months from Utkarsh Small Finance Bank. The bank mentioned on its website that “The penalty for early withdrawal is 1% (not applicable for closing within 7 days) which is 1% lower than the card interest rate at deposit date , for the period during which the deposit remains in the Bank or 1% below the contracted rate, whichever is lower.”

Utkarsh Small Finance Bank RD Rate

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Utkarsh Small Finance Bank RD Rate (utkarsh.bank)

Northeastern Small Finance Bank

Dong Bac Small Finance Bank’s periodic deposit interest rate is effective from April 1, 2022. Currently, the bank is guaranteeing the elderly with an interest rate of 8% for matured term deposits. In two years, not only is the yield, but it’s also inflation-defying, it’s significantly higher than for small savings programs.

RD Rate of Northeastern Small Finance Bank

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RD Rate of Northeastern Small Finance Bank (nesfb.com)

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