Recurring Deposit Interest Rates: Here's What Small Finance Banks Offer
Recurring Deposit (RD) is a kind of term deposit under which one needs to deposit a fixed amount at fixed interval, which generates interest income. Unlike a fixed deposit (FD) account, in which a lump-sum amount is locked in for a defined period against a fixed return, a recurring deposit (RD) account allows the investor to invest fixed amount of funds at regular intervals; for instance, every month. On maturity, the depositor is paid a lump-sum amount which includes the periodic investments and the interest income earned on them.
Here's a comparison of fixed deposit (FD) interest rates paid by Jana Small Finance Bank, AU Small Finance Bank, ESAF Small Finance Bank and Suryoday Small Finance Bank:
Jana Small Finance Bank
The following RD interest rates are offered by Jana bank, according to the bank's website, janabank.com:
| Period | General public (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| > 1 month - 6 months | 6.00% | 6.60% |
| > 6 months - 12 months | 8.50% | 9.10% |
| > 12 months - 24 months | 8.50% | 9.10% |
| > 24 months - < 36 months | 8.50% | 9.10% |
| = 36 months | 9.00% | 9.60% |
| > 36 months - 60 months | 8.50% | 9.10% |
| > 60 months - 120 months | 7.00% | 7.60% |
AU Small Finance Bank
The following RD interest rates are offered by AU bank, according to the bank's website, aubank.in:
| Period | General public (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| 3 Months | 6.75% | 7.25% |
| 6 Months | 6.90% | 7.40% |
| 9 Months to 12 Months | 7.01% | 7.51% |
| 15 Months to 18 months | 7.77% | 8.27% |
| 21 Months to 24 months | 8.01% | 8.51% |
| 27 Months to 36 months | 8.24% | 8.74% |
| 37 Months to 45 Months | 7.53% | 8.03% |
| 46 Months to 60 Months | 7.77% | 8.27% |
| 61 Months to 120 Months | 7.30% | 7.80% |
ESAF Small Finance Bank
The following RD interest rates are offered by ESAF bank, according to the bank's website, esafbank.com:
| Period | General public (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| 180 - 363 days | 7.50% | 8.00% |
| 364 days | 5.60% | 6.10% |
| 365 - 727 days | 8.75% | 9.25% |
| 728 days | 6.80% | 7.30% |
| 729 - 1091 days | 8.00% | 8.50% |
| 1092 days | 5.66% | 6.16% |
| 1093 - 1819 days | 7.30% | 7.80% |
| 1820 days | 5.65% | 6.15% |
| 1821 - 3652 days | 7.30% | 7.80% |
Suryoday Small Finance Bank
The following RD interest rates are offered by Suryoday bank, according to the bank's website, suryodaybank.com:
| Period |
General public (% p.a.) |
Senior citizens (% p.a.) |
|---|---|---|
| 6 months | 7.50% | 8.00% |
| 9 months | 7.75% | 8.25% |
| 12 months | 8.50% | 9.00% |
| 15 months | 8.50% | 9.00% |
| 18 months | 8.50% | 9.00% |
| 21 months | 8.50% | 9.00% |
| 24 months | 8.50% | 9.00% |
| 27 months | 8.75% | 9.25% |
| 30 months | 8.75% | 9.25% |
| 33 months | 8.75% | 9.25% |
| 36 months | 8.75% | 9.25% |
| Above 3 Years to less than 5 Years | 8.00% | 8.50% |
| 5 Years | 8.25% | 8.75% |
| Above 5 Years to 10 Years | 7.25% | 7.75% |
Institutions such as post offices also offer the facility of recurring deposit account.
