Recurring Deposit (RD) is a kind of term deposit, which helps people to deposit a fixed amount.Recurring Deposit (RD) is a kind of term deposit, which helps people to deposit a fixed amount into their RD account.
Small finance banks generally offer higher interest rates as compared to many leading banks.
Small finance banks are banks, which provide financial inclusion to small businesses, micro and small industries.
The interest rates on recurring deposits of large banks like State Bank of India, ICICI Bank are not as high as those offered by small finance banks such as Equitas Small Finance Bank, AU Small Finance Bank and Suryoday Bank.Here are the Recurring Deposit interest rate on Small Finance Banks:Recurring deposit (RD) interest rates of Equitas Small Finance Bank:TenureInterest rates for amount less than Rs.
1 crore12 Months8.00%15 Months8.00%18 Months8.00%21 Months7.75%24 Months7.75%30 Months7.75%36 Months7.75%48 Months7.00%60 Months7.00%90 Months7.00%120 Months7.00%TDS (Tax Deducted at Source) will be deducted as applicable, said the bank.
Senior citizens will get 0.5 per cent extra interest rate on RDs.Recurring deposit (RD) interest rates of AU Small Finance Bank:TENURE BUCKETSInterest Rate p.a.
(%)For Domestic/NROFor Senior Citizensdeposits (%)(%)3 Months6.75%7.25%6 Months6.90%7.40%9 Months7.00%7.50%12 Months7.00%7.50%15 Months7.75%8.25%18 Months7.75%8.25%21 Months7.15%7.65%24 Months7.15%7.65%27 Months7.25%7.75%30 Months7.25%7.75%33 Months7.25%7.75%36 Months7.25%7.75%37 Months to 45 Months7.30%7.80%46 Months to 60 Months8.00%8.50%61 Months to 120 months7.25%7.75%The amount on the instalment of recurring deposit account, once fixed, cannot be changed at any later date.
Partial payment of RD instalments is not permitted and for premature withdrawals, AU Small Finance Bank levies a penalty of 1 per cent on the applicable rate, said the bank.Recurring deposit (RD) interest rates of Suryoday Bank:Interest Rates PeriodDomestic Deposits Interest Rate (Per Annum)Senior Citizen Rate (Per Annum)6 months7.50%7.75%9 months7.75%8.00%12 months8.50%8.75%15 months8.50%8.75%18 months8.50%8.75%21 months8.50%8.75%24 months8.50%8.75%27 months8.75%9.00%30 months8.75%9.00%33 months8.75%9.00%36 months8.75%9.00%Above 3 years to 5 years7.75%8.00%Above 5 years to 10 years7.25%7.50%The rate applicable on premature withdrawal would be 1 per cent less than the rate applicable from the lower of the two:Rate for original tenure for which the deposit has been booked (as on the date of booking the deposit).Rate for the actual tenure for which the deposit was in force with the Bank (as on the date of booking the deposit).
In case of premature withdrawal before 1 month, customer gets only the principal amount, according to suryodaybank.com.