Recurring deposit (RD) interest rates: These banks offer up to 8.5%

Small finance banks not only offer higher interest rates on fixed deposits (FD) but also on RDs.

3 min read . 09:10 AM ISTEdited By Sangeeta Ojha

Recurring deposit (RD) is a well-known savings-incentivizing scheme for many in India. In the recurring deposit account, the customer makes the payments in installments and receives the maturity amount at the maturity date. Top lenders including State Bank of India (SBI), HDFC Bank, ICICI Bank and others give you the option of opening an RD account. Apart from these banks and post office, RD accounts can be opened with the Small finance banks (SFBs) too.

Small finance banks not only offer higher interest rates on fixed deposits (FD) but also on RDs. For most small finance banks, the minimum tenure of RD is six months and the maximum is 10 years. The minimum investment amount is ₹100.