Recurring Deposit rate hike in 2023: Not just fixed deposits, the interest rates for recurring deposits in banks have also jumped to near 10% in the new repo rate regime
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Recurring Deposit rate hike in 2023: Not just fixed deposits, the interest rates for recurring deposits in banks have also jumped to near 10% in the new repo rate regime steered by the Reserve Bank of India (RBI) since last year. While the repo rate has increased to 6.5% from 4.4% in May 2022, bank deposit rates including RDs have also gone up in one year.
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The interest rates for fixed deposits and recurring deposits are the same in most cases. In May 2023, Suryoday Small Finance Bank (SSFB) announced 9.6% interest on 5-year FD/RD for senior citizens, which is almost 10%. The Unity Small Finance Bank is also offering 9.5% FD/RD interest to senior citizens. Interestingly, the highest FD/RD interest rate for general citizens is also around 9% in these banks.
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Suryoday Small Finance Bank (SSFB)
Suryoday Small Finance Bank (SSFB) is offering 9.6% interest on 5-year RD to senior citizens. Others can get 9.1% interest on RD. A monthly RD of Rs 5000 by a senior citizen in this bank will grow to approx. Rs 3.85 lakh in 5 years.
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Unity Small Finance Bank (Unity Bank)
Unity Small Finance Bank (Unity Bank) is offering up to 9.5% interest deposits of 1001 days to senior citizens. For deposits of 5 years, the Unity Bank is offering 8.15% interest to senior citizens. Others can get 9.1% interest on deposits of 1001 days and 7.65% interest on RD of 5 years. A monthly RD of Rs 5000 by a senior citizen in this bank will grow to approx. Rs 3.7 lahks in 5 years.
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State Bank of India RD
State Bank of India (SBI) is offering 7.5% interest on 5-year RD to senior citizens. Others can get 6.6% interest on RD. A monthly RD of Rs 5000 by a senior citizen in this bank will grow to approx. Rs 3.6 lakh in 5 years.
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HDFC Bank RD
HDFC Bank is also offering 7.5% interest on 5-year RD to senior citizens. Others can get 7% interest on RD. A monthly RD of Rs 5000 by a senior citizen in this bank will grow to approx Rs 3.6 lakh in 5 years at 7.5% interest. For RDs of 7.5 years and 10 years, HDFC Bank is offering 7.75% interest to senior citizens.
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ICICI Bank RD
ICICI Bank is also offering 7.5% interest on 5-year RD to senior citizens. Others can get 6.9% interest on a 5-year RD. A monthly RD of Rs 5000 by a senior citizen in this bank will grow to approx Rs 3.6 lakh in 5 years.
