One of the most refined SFB increased a 7.5% RD interest rate over 2-year recurring deposits.
Moreover, this SFB has provided an extra .5% RD interest rate for senior citizens. Perhaps, their decision to increase the RD interest rates might help lower the inflation rate.
After all, the small saving schemes are nowhere close to overpowering the average inflation rates in India.
Furthermore, even the returns on bank deposits have not come close to beating the inflation hikes in India.
Known as the North East Small Finance Bank, offers 7.5% RD interest rates on 2yr recurring payments during such times.
Presently, this SFB’s offer seems to be a scheme to attract investors.
More details on the decision to increase the RD interest rates up to 7.5%
Firstly, the SFB to offer a 7.5% RD Interest rate on 2-year recurring payments is the North East SFB.
As per the official website, a depositor can open an RD account for a minimum period of 3 months.
Moreover, they offers RD accounts for three months, six months, nine months, 1-year, and 2-year tenures.
Following is the list of RD interest rates on various RD accounts,
- 3-Month Tenure: 4.25% RD interest rate
- 6-Month Tenure: 4.50% RD interest rate
Furthermore, the RD interest rate offered by this SFB on 9-month and 1-year tenures is upto 5.50%.
Moreover, their 2-year tenure sounds like a catch. After all, you get a 7.5% RD interest rate on recurring payments.
However, the North Eastern SFB is offering RD account tenures for up to 10years.
The North East SFB offers even higher Interest Rates for Senior Citizens.
Presently, on the one hand, the SFB offers 7.7% RD Interest rates on 2-year recurring payments.
While on the other hand, this SFB decides to provide an extra 50bps on RD interest rates for senior citizens.
Perhaps, the North East SFB will provide 8% RD interest rates on 2-year tenures for Senior citizens.
Following is the list of RD interest rates for senior citizens,
- 3-Month Tenure: 4.75% RD interest rate
- 6-Month Tenure: 5.0% RD interest rate
Furthermore, the RD interest rate offered by this SFB on 9-month and 1-year tenures is upto 6%.
As you all know, the North East SFB is offering the highest RD interest rates on 2-year recurring payments.
After all, no one else offers 7.5% and 8% (for senior citizens) RD interest rates on 2-year recurring payments.
We will all see how the North East SFB’s decision affects the hiked-up inflation rates in India.