Recurring Deposit (RD) Interest Rates: Equitas Bank Vs Suryoday Bank Vs AU Small Finance Bank

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:

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:

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:

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.