Recurring Deposit or RD is a kind of term deposit under which one needs to deposit a fixed amount at fixed interval, which generates interest income. On maturity, the depositor is paid a lump-sum amount which includes his/her periodic investments and the interest income earned on them. Small finance banks generally offer higher interest rates as compared to many leading banks. The interest rates on recurring deposits of large banks like State Bank of India, HDFC 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 is a comparison of recurring deposit (RD) rates offered by Equitas Small Finance Bank, AU Small Finance Bank and Suryoday Bank:
Equitas Small Finance Bank
Recurring Deposit for Domestic/NRE/NRO effective from July 5, 2018 as stated on equitasbank.com:
| Tenure | Interest rates |
|---|---|
| 12 Months | 8.00% |
| 15 Months | 8.00% |
| 18 Months | 8.00% |
| 21 Months | 7.75% |
| 24 Months | 7.75% |
| 30 Months | 7.75% |
| 36 Months | 7.75% |
| 48 Months | 7.00% |
| 60 Months | 7.00% |
| 90 Months | 7.00% |
| 120 Months | 7.00% |
AU Small Finance Bank
Rates for recurring deposits effective from October 10, 2018 as stated on aubank.in:
| TENURE BUCKETS | For Domestic/NRO deposits (%) | For Senior Citizens*(%) |
|---|---|---|
| 3 Months | 6.75% | 7.25% |
| 6 Months | 6.90% | 7.40% |
| 9 Months | 7.00% | 7.50% |
| 12 Months | 7.00% | 7.50% |
| 15 Months | 8.25% | 8.75% |
| 18 Months | 8.25% | 8.75% |
| 21 Months | 8.50% | 9.00% |
| 24 Months | 8.50% | 9.00% |
| 27 Months | 7.75% | 8.25% |
| 30 Months | 7.75% | 8.25% |
| 33 Months | 7.75% | 8.25% |
| 36 Months | 7.75% | 8.25% |
| 37 Months to 45 Months | 7.75% | 8.25% |
| 46 Months to 60 Months | 8.00% | 8.50% |
| 61 Months to 120 months | 7.25% | 7.75% |
Suryoday Bank
Rates for domestic recurring deposits effective from September 29, 2018 as stated on suryodaybank.com:
| Period | Interest Rate (Per Annum) | Senior Citizen Rate (Per Annum) |
|---|---|---|
| 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 5 years | 8.00% | 8.50% |
| Above 5 years to 10 years | 7.25% | 7.75% |
Post office also offers the facility of recurring deposits.
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