Equitas Bank Revises Recurring Deposit Interest Rates; What Other Banks Pay

Equitas Bank Revises Recurring Deposit Interest Rates; What Other Banks Pay

Equitas Bank, a small finance bank, has revised its recurring deposit (FD) rates with effect from November 1, 2018. Small finance banks are banks, which provide financial inclusion to small businesses, micro and small industries. 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. 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, 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 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 November 1, 2018 as stated on equitasbank.com:

Tenure Interest rates for amount less than Rs. 1 crore w.e.f 1 st Nov 2018
12 Months 8.50%
15 Months 8.50%
18 Months 8.50%
21 Months 8.75%
24 Months 8.75%
30 Months 8.80%
36 Months 8.80%
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%

 

[“source=forbes]