Latest Recurring Deposit Interest Rates of Small Finance Banks

thumbnail
Reading Time: 3 minutes


Recurring Deposit (RD) Interest Rates of Small Finance Banks (September 2020)

Introduction

In this article you will find the latest Recurring Deposit (RD) Interest Rates of Small Finance Banks in India. These interest rates are as on last updated by the banks respective websites.

eBook by Invest Yadnya
eBook by Invest Yadnya

Recurring Deposit Interest Rates of Small Finance Banks (September 2020)

What is Recurring Deposit (RD)?

  • A Recurring Deposit, commonly known as RD, is a unique term-deposit that is offered by Indian Banks. It is an investment tool which allows people to make regular deposits and earn decent returns on the investment. 
  • Due to the regular deposit factor and an interest component, it often provides flexibility and ease of investments to users/individuals.
  • However, it is essential to know that RDs are different from Fixed Deposits/FDs. RDs are flexible in most aspects. An RD account holder can choose to invest a fixed amount each month while earning decent interest on the amount. RDs are an ideal saving-cum-investment instrument.
  • Most major small finance banks in India offer Recurring Deposit Accounts, with a term that often ranges between 6 months  to 10 years, also providing individuals with the opportunity to choose a term according to their needs. However, the interest rate, once determined, does not change during the tenure.
  • On maturity, the individual will be paid a lump sum amount which includes the regular investments as well as the interest earned.
Also Read on FinMedium:  Why L&T Stock is Falling?

Below are the Recurring Deposit (RD) Interest Rates offered by major small finance banks for various durations :

RD Interest Rates for Tenure up to 2 years

RD - Recurring Deposit Interest Rates of Small Finance Banks for Tenure up to 2 years (September 2020)
RD – Recurring Deposit Interest Rates of Small Finance Banks for Tenure up to 2 years (September 2020)

RD Interest Rates for Tenure from 2 years up to 10 years

RD Interest Rates of Small Finance Banks for Tenure from 2 yrs up to 10 yrs (September 2020)
RD Interest Rates of Small Finance Banks for Tenure from 2 yrs up to 10 yrs (September 2020)

Summary

  • For a tenure less than 2 years, Utkarsh Small Finance Bank offers highest interest rate up to 8%. North East Small Finance Bank also offers comparatively higher interest rate (7.50%).
  • While, for a tenure from 2 years up to 10 years, Suryoday Small Finance Bank offer highest interest rate of 8.25% for the Tenure of 60 months (5 year).



Source link

Every Wednesday and Saturday, we send Info-Graphic and FinMedium Weekly Digest newsletters to our 25000+ Subscribers.

Join Them Now!

Please Share :)
Invest Yadnya
Yadnya Investment Academy focuses on Investor Education, Personal Finance, Money Ideas, Mutual Funds, Stock Market, Investing, and Savings.
Back To Top