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Recurring Deposit Interest Rates: Here's What Small Finance Banks Pay

A recurring deposit (RD) account allows the investor to put in a fixed amount of funds at regular intervals; for instance, every month.

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Recurring Deposit Interest Rates: Here's What Small Finance Banks Pay

The interest rates paid by small finance banks are usually higher compared commercial banks


Small finance banks offer competitive interest rates and a range of maturity options for recurring deposit. A recurring deposit or RD account enables the investor to contribute a fixed amount of money at regular intervals, and generates interest income. The interest rates offered by small finance banks are often higher compared to commercial banks, and other financial institutions such as designated post offices. Many small finance banks - which are aimed at financial inclusion - provide interest rates to the tune of 5.60-9.60 per cent per annum on recurring deposit accounts.  

Here is a comparison of recurring deposit interest rates paid by small finance banks:

AU Small Finance Bank

The bank offers the following interest rates on RD accounts according to its website, aubank.in:

PeriodGeneral public (% p.a.)Senior citizens (% p.a.)
3 months6.75%7.25%
6 months6.90%7.40%
9 months to 12 months7.01%7.51%
15 months to 18 months7.63%8.13%
21 months to 24 months7.87%8.37%
27 months to 36 months8.10%8.60%
37 months to 45 months7.53%8.03%
46 months to 60 months7.77%8.27%
61 months to 120 months7.30%7.80%

Jana Small Finance Bank

The bank offers the following interest rates on RD accounts according to its website, janabank.com:

PeriodGeneral public (% p.a.)Senior citizens (% p.a.)
> 1 month - 6 months6.00%6.60%
> 6 months - 12 months8.50%9.10%
> 12 months - 24 months8.50%9.10%
> 24 months - < 36 months8.50%9.10%
= 36 months9.00%9.60%
> 36 months - 60 months8.50%9.10%
> 60 months - 120 months7.00%7.60%

Suryoday Small Finance Bank

The bank offers the following interest rates on RD accounts according to its website, surodaybank.com:

PeriodGeneral public (% p.a.)Senior citizens (% p.a.)
6 months7.50%8.00%
9 months7.75%8.25%
12 months8.50%9.00%
15 months8.50%9.00%
18 months8.50%9.00%
21 months8.50%9.00%
24 months8.50%9.00%
27 months8.75%9.25%
30 months8.75%9.25%
33 months8.75%9.25%
36 months8.75%9.25%
Above 3 years to less than 5 years8.00%8.50%
5 years8.25%8.75%
Above 5 years to 10 years7.25%7.75%

ESAF Small Finance Bank

The bank offers the following interest rates on RD accounts according to its website, esafbank.com:

PeriodGeneral public (% p.a.)Senior citizens (% p.a.)
180 - 363 days7.50%8.00%
364 days5.60%6.10%
365 - 727 days8.50%9.00%
728 days6.80%7.30%
729 - 1091 days8.00%8.50%
1092 days5.66%6.16%
1093 - 1819 days7.30%7.80%
1820 days5.65%6.15%
1821 - 3652 days7.30%7.80%

Equitas Small Finance Bank

The bank offers the following interest rates on RD accounts according to its website, equitasbank.com:

PeriodGeneral public (% p.a.)
12 months8.20%
15 months8.20%
18 months8.20%
21 months8.40%
24 months8.40%
30 months8.55%
36 months8.55%
48 months7.00%
60 months7.00%
90 months7.00%
120 months7.00%

The bank pays 0.75 per cent extra to senior citizens, according to the its website.

The interest rates paid by small finance banks are often higher compared to state-owned lender State Bank of India, and its private sector peers such as HDFC Bank and ICICI Bank.



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