Best Recurring deposit rates in India – Jan-2013
There are various investment options where an investor can invest a fixed amount per month. Though there are best Mutual funds SIP’s, Debt mutual funds, monthly income plan mutual funds etc. investment in recurring deposits is continued to be one of the best investment plans for several investors.
Why investors are choosing recurring deposits?
I see several investors keep enquiring about best recurring deposit rates. Recurring deposits have become prominent due to various features.
- Recurring deposits can be opened with any bank with a click of a button
- These deposits can be closed at any time and amount would credited back to our bank account within 24 hours. Some banks offer online closure facility
- The recurring deposit can be opened with Rs 100 and recurring amount as low as Rs 100 per month. Small savings can convert into lacs of rupees over the years.
- Since interest rates are already indicated, the returns are known well ahead of time.
Recurring deposits can make you millionaire / Crorepathi?
Yes, if you refer my article I have written 2 months back which has the top hits in my blog, recurring deposits can be make you millionaire / crorepathi. Do you know that if you invest Rs 6,100 per month, you can become crorepathi in 30 years ?
How to maximize returns from recurring deposits?
Choosing the best recurring deposit rates may not be the only option to maximize returns, but still you can gain more by following few tips.
- Invest in recurring deposits with multiple banks instead of opening in a single bank. This way, you can make this as safe investment option.
- Invest in banks, where interest rates are high. If you do not have bank account, try opening the bank account. It does not take any extra money for you, except that you need to maintain minimum balance of Rs 1,000. This would be good when you invest lacs of rupees and loose Rs 1,000 as minimum balance to be maintained.
- Invest in variable recurring deposits (VRD). I have a VRD in Indian bank where in I opted to invest for Rs 1,000 minimum recurring deposit to be done every month. Whenever I have any surplus money, I would invest in this bank account and would still get benefit of highest interest rate which they have been offering for the past 2 years. The interest rates offered by them 2 years back were 9.75% whereas the current interest rates for recurring deposit / FD is 9.25%.
Best Recurring deposit rates in India for Jan 2013
Conclusion: No doubt, these best recurring deposit rates would provide a good opportunity to multiply your money with less risk. Small savings in best bank recurring deposits would make you crorepathi.
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Best recurring deposit rates in India
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Hi suresh ji I am serving in defence as 5 year of service I want to invest about 1lac money plz guide me where how and when to invest.I am interested in FD RD and mutual funds like ICICI Pru fmcg .girls sun life front line .ICICI pru flexi and SBI ultra short term plz mail me .
Manoj, If you want to invest lumpsum of Rs 1 Lakh, my advice is to invest in Bank FD and Debt mutual funds. In Debt funds, you can choose SBI Dynamic bond fund or IDFC Dynamic bond fund etc. ICICI Pru FMCG is high risk investment, but I would recommend to invest through SIP (equal amount of investments every month). Birla SL Frontline is also good for SIP. ICICI Pru Flexi income plan is good ultra short term fund. Invest only if you are want to park money in short term. SBI ultra short term is just 6 months old. Please hold till we get confidence on this fund.