Recurring Deposit Scheme
The interest rate offered by banks on RDs depend on factors like which category you fall under and the tenure you choose. Most banks offer senior citizens a higher rate of interest when compared to regular citizens. A variety of RD schemes are made available to you by banks. In addition to the regular schemes, special schemes are also offered to help you achieve the goals. The interest rates offered by banks on Recurring Deposit range between 5.50% to 7.75% p.a. (1 year to 5 years and above) for the general public. Senior citizens are offered an additional rate of interest by banks for opening an RD account.