Rate increase on recurring deposits in 2023: In the new repo rate system overseen by the (RBI)

Interest rates on recurring deposits in banks have also increased to around 10%

have climbed in the past year, even though the repo rate has risen from 4.4% in May 2022 to 6.5% today.

In most circumstances, the interest rates for recurring deposits and fixed deposits are the same.

Suryoday Small Finance Bank (SSFB) offered a nearly 10% interest rate on 5-year FD/RDs for elderly

which is 9.6%. Senior folks can also receive 9.5% FD/RD interest from the Unity Small Finance Bank

The highest FD/RD interest rate for regular citizens is interesting.

A monthly RD of Rs 5000 by a senior citizen in this bank will grow to approx. Rs 3.85 lakh in 5 years