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