Which one is better for savings: RD or FD?
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I recently finished an internship and now have a decent job in my hometown, earning 28k per month. I intend to invest some of my earnings. So tell me recurring deposits are good for investment purposes, or should I go with FDs for investment/savings purposes?
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If you have a consistent income, RD is the most suitable option for you. RD is a good option for beginners likeRD is an excellent choice for those who are just starting their savings journey, asOn the other hand, FD is a one-time deposit scheme that offers a high interest rate, but its flexibility is limited.
So for regular savings, choose RD if you want to start with a low amount, and FD you can choose for a higher interest rate.
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Almost all the banks give the same rate of interest on RDs but here are the top five banks that are best for opening an RD account:
Yes Bank: Provides 7.75% of interest rate.
SBI Bank: Provides 7.0% of interest rate.
IDFC First Bank: Provides 7.50% of interest rate.
Kotak Mahindra Bank: provides 7.10% of interest rate.
RBL Bank Bank: provides 7.50% of interest rate.For Senior Citizens:
Yes Bank: Provides 8.25% of interest rate.
SBI Bank: Provides 7.50% of interest rate.
IDFC First Bank: Provides 8% of interest rate.
Kotak Mahindra Bank: provides 7.60% of interest rate.
RBL Bank : provides 8.0% interest rate.