Institutions such as post offices also offer the facility of recurring deposit account.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 BankThe following RD interest rates are offered by Jana bank, according to the bank's website, janabank.com:PeriodGeneral public (% p.a.)Senior citizens (% p.a.)gt; 1 month - 6 months6.00%6.60%gt; 6 months - 12 months8.50%9.10%gt; 12 months - 24 months8.50%9.10%gt; 24 months - < 36 months8.50%9.10%= 36 months9.00%9.60%gt; 36 months - 60 months8.50%9.10%gt; 60 months - 120 months7.00%7.60%AU Small Finance BankThe following RD interest rates are offered by AU bank, according to the bank's 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 months7.77%8.27%21 Months to 24 months8.01%8.51%27 Months to 36 months8.24%8.74%37 Months to 45 Months7.53%8.03%46 Months to 60 Months7.77%8.27%61 Months to 120 Months7.30%7.80%ESAF Small Finance BankThe following RD interest rates are offered by ESAF bank, according to the bank's website, esafbank.com:PeriodGeneral public (% p.a.)Senior citizens (% p.a.)180 - 363 days7.50%8.00%364 days5.60%6.10%365 - 727 days8.75%9.25%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%Suryoday Small Finance BankThe following RD interest rates are offered by Suryoday bank, according to the bank's website, suryodaybank.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%Institutions such as post offices also offer the facility of recurring deposit account.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.