Banks offer different recurring deposit schemes to suit various needs:
- Regular RD: Standard monthly deposit for 6 months to 10 years.
- Senior Citizen RD: Offers higher rates for customers aged 60 years and above.
- Flexi RD: Allows variable monthly installments within a predefined range.
- RD for minors: Guardians can open RDs for children; encourages early saving habits.
- NRE/NRO RD: Available to NRIs; interest rates similar to domestic RDs but repatriability conditions differ.
Sample RD Interest Rates (1‑Year Approx.)
| Bank | Approx. 1‑year RD rate | Notes |
|---|---|---|
| Ujjivan Small Finance Bank | 8.25 % | Higher for senior citizens |
| Equitas Small Finance Bank | 8.20 % | |
| Utkarsh Small Finance Bank | 7.75 % | |
| IndusInd Bank | 7.75 % | |
| Bandhan Bank | 7.50 % |
Rates for longer tenures (5 years) may be lower. Always check each bank’s RD interest table and rules on premature closure before opening an account.
