Recurring deposit (RD) interest rates: These banks offer up to 8.5%

Small finance banks not only offer higher interest rates on fixed deposits (FD) but also on RDs.

3 min read . Updated: 28 May 2021, 12:44 PM IST Edited By Sangeeta Ojha

For most small finance banks, the minimum tenure of RD is six months and the maximum is 10 years

Recurring deposit (RD) is a popular savings scheme. In the recurring deposit account, the customer makes the payments in installments and receives the maturity amount at the maturity date. Top lenders including State Bank of India (SBI), HDFC Bank, ICICI Bank and others give you the option of opening an RD account. Apart from these banks and post office, RD accounts can be opened with the Small finance banks (SFBs) too.

Small finance banks not only offer higher interest rates on fixed deposits (FD) but also on RDs. For most small finance banks, the minimum tenure of RD is six months and the maximum is 10 years. The minimum investment amount is ₹100.

MORE FROM THIS SECTIONSee All

Utkarsh Small Finance Bank latest RD rates

Utkarsh Small Finance Bank, for example, provides the highest rate of 8% on an RD of 24-36 months.

For other tenures, 12, 15, 18, 21, and 24 months, the bank offers 7.25% rates. The same rates are for RDs above three years and up to 10 years.

Just like FD, senior citizens get 50 bps over and above the rate applicable for general customers. For instance, Utkarsh Small Finance Bank provides the highest rate of 8.5% on an RD of 24-36 months to senior citizens.

These rates are with effect from 1 September 2020.

Up to 6 months - 6.50%

9 months - 6.50%

12 months - 7.25%

15 months 7.25%

18 months 7.25%

21 months 7.25%

Above 21 Months to less than 24 Months 7.25%

24 months to 36 months 8.00%

Above 3 Years up to 5 Years 7.25%

Above 5 years up to 10 years 7.25%

Jana Small Finance Bank latest RD rates

Jana Small Finance Bank, for example, provides the highest rate of 7.25% on an RD of fewer than 36 months - 60 months to the general public and 7.75% to senior citizens. These rates are with effect from 11 April 2021.

>1 Month - 6 Months -4%

>6 Months - 12 Months -6%

>12 Months - 36 Months -7%

>36 Months - 60 Months -7.25%

>60 Months - 120 Months -6.50%

Suryoday Small Finance Bank latest RD rates

Suryoday Small Finance Bank offer their highest rate on RD for a tenure of five years. These deposits will give general customer 7.25% and senior citizens 7.75%. These rates are effective from 15 February 2021.

6 months 5.50%

9 months 6.00%

12 months 6.75%

15 months 6.75%

18 months 6.75%

21 months 6.75%

24 months 6.75%

27 months 7.00%

30 months 7.00%

33 months 7.00%

36 months 7.00%

Above 3 Years to less than 5 Years 7.10%

5 Years 7.25%

Above 5 Years to 10 Years 6.50%

North East Small Finance Bank latest RD rates

North East Small Finance Bank offers its highest rate of 7.50% on RD of two years. The bank gives 50 bps extra to senior citizens. These rates are with effect from 1 September

3 Months 4.25%

6 Months 4.50 %

9 Months 5.50 %

1 Year 5.50 %

2 Year 7.50 %

3 Year 7.00 %

4 Year 7.00 %

5 Years 6.50 %

More than 5 years up to 10 years 6.50 %

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!