There are a variety of Indian banks that offer various fixed deposit and recurring deposit schemes that give you a decent return. However, recently recurring deposits are becoming more popular than FDs as they offer better interest rates.
A few small finance banks or SFBs are offering attractive returns to investors for their FDs and RDs. One such bank is the North East Small Finance Bank which is offering interest up to 8% on RDs to senior citizens.
For non-senior citizen investors, the bank is offering a 7.50% interest rate on RDs for 2 years. Customers can get returns at 7.50% for their RD investments for 3, 4 or 5 years.
You can open a recurring deposit account with a maturity period of a minimum of 3 months. The bank will offer a minimum interest rate of 4.25% on RD investments in that case.
In the case of 6 months, the bank is offering 4.50% for regular citizens and 5% for senior citizens for RDs. The headquarters of this bank is in Guwahati but it has branches in some states. It is a great deal with huge interest rates. The FD interest rates are also impressive. They offer up to a 7% interest rate for a maturity period of 777 days.
For more breaking news, click here.