The biggest feature of RD is that you can start it with a very small amount. At the same time, with its help, investors also get the benefits of flexibility, fixed returns and liquidity.
Where are you getting high interest rates on RD
Recurring Deposit is one of the most common investment avenues for Indian households. With its help, you can fulfill big dreams by adding small amounts. Despite the method of investment being SIP-like, RD remains the first choice of a large section of investors due to the lack of risk compared to SIP. RD gives three benefits to its investor like flexibility, fixed return and liquidity, so if you also want to do RD then know in which bank you are getting the highest interest rate in it.
What are the features of Recurring Deposit
The biggest feature of RD is that you can start it with a very small amount. This is a very good way to get high interest on your very small savings. Before the introduction of SIP, RD was the most common mode of investment in India. At the same time, due to no risk in this and better returns, from today it is a good way of saving for many families. Such people who are running with a short term goal can take advantage of RD as you can run it from 6 months to 10 years. That is, if you want to buy something after 6 months, then you can deposit money every month by opening an RD accordingly and get some interest on it.
Where are you getting the highest rates
IDFC First is offering the best interest rate on RD where you will get 7.25 percent interest for a period of 24 months. Whereas senior citizens can get the same interest for 18, 21 and 24 months. The bank is offering you 4.5 percent for a period of 6 months. IDBI Bank is also included in the banks offering more than 7 percent interest. On the other hand, those offering maximum interest rate of 6 percent or more include Indian Bank, Yes Bank, AU Small Finance Bank, RBL Bank and IndusInd Bank. Talking about other banks, SBI, ICICI Bank, HDFC are offering maximum interest of 5.5 percent. All banks are offering additional interest to senior citizens over and above this.
how much will be the benefit
If you make an RD of Rs 1000 every month for two years, then you will get Rs 25887 at a return of 7.25 percent. According to the calculation, during this period an additional Rs 1887 will be available on the total investment of Rs 24000.
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