North East Small Finance Bank is offering an interest rate of 7.50 percent on recurring deposits for two years, which is better. For senior citizens, an additional 50 bps higher interest rate is being offered.
RD interest rate: In today’s time inflation is increasing a lot and the savings kept in the bank are not able to beat the rising inflation rate. Very low interest rates are available on the money kept in banks. In such a situation, some small finance banks (SFBs) are offering higher interest rates on recurring deposits, which is attracting investors who do not want to take any risk on their investments.
North East Small Finance Bank is one such SFB. It is offering an interest rate of 7.50 per cent on recurring deposits for two years, which is better. For senior citizens, an additional 50 bps higher interest rate is being offered. This means that senior citizens can get 8 percent interest rate for a tenure of 2 years in North East Small Finance Bank.
Interest varying from 3 months to 2 years
As per the information available on the official website of North East Small Finance Bank, a bank depositor can open a Recurring Deposit or Recurring Deposit account with this SFB for a minimum period of 3 months. Here the interest rate on RD for a tenure of 3 months is 4.25 percent, while the interest rate on Recurring Deposit for 6 months is 4.50 percent.
If you want to keep the money for a tenor of 9 months and one year then this North East Small Finance Bank will give you 5.50 percent interest rate. Similarly for a tenure of 2 years, the RD rate of North East Small Finance Bank is 7.50 percent.
