On May 21, 2022, the bank raised interest rates on recurring deposits, and as a result of the adjustment, the bank will continue to provide an interest rate of 3.50 per cent on 6-month RDs and 4.40 per cent on 9-month RDs.
After the RBI raised the repo rate by 40 basis points to 4.4 per cent in May, interest rates on banks debt instruments started to rise and are currently climbing.
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Post Office RD also offers higher interest rates. The advantages of this scheme are that the minimum investment is as little as Rs 100, and there is no maximum investment limit.