Up to 9.5% FD interest rate: Here is the list of banks offering high fixed deposit rates The customer should, however, confirm that the small finance bank they are investing in is protected by the DICGC's insurance of Rs. 5 lakh
Many small finance banks offer fixed deposit interest rates that are higher than the bigger public and private sector banks. Like other types of banks in India, the RBI regulates and governs SFBs. However, the customer should make sure that the small finance bank you are investing in is covered under the Deposit Insurance and Credit Guarantee Corporation (DICGC)’s insurance of Rs 5 lakh, which includes both principal and interest.Also read: Best FDs: Banks offering interest rates up to 8% on 2-year fixed deposits
Here is a comparison of small finance banks offering best rates on fixed deposits.
Unity Small Finance Bank
Unity SFB offers general citizens interest rates ranging from 4.50 percent to 9% on FDs maturing between 7 days and 10 years. The bank is offering senior citizens interest rates ranging from 4.50 percent to 9.50 percent for terms ranging from 7 days to 10 years.
The maximum interest rate on a fixed deposit on a term of 1001 days is 9% for the general public and 9.50% for senior persons.
Suryoday Small Finance Bank
For deposits maturing between 7 days and 10 years, Suryoday Small Finance Bank offers interest rates ranging from 4% to 8.51% to regular citizens. The interest rates on fixed-term deposits for older citizens range from 4.5% to 8.76% for different tenures. The general public will receive the maximum interest rate of 8.51% for FDs on tenure of 999 days. The interest rate for senior citizens on FDs maturing in 999 days is 8.76%. These rates are effective from March 1, 2023.
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank customers (general citizens) can earn interest rates ranging from 4 per cent to 8.25% for deposits maturing between 7 days and 10 years. For senior citizens, the interest can go up to 9% on fixed deposits. The highest interest rate of 8.25% will be offered on deposits maturing in 700 days to general citizens. Senior citizens will earn an interest rate of 8.75%on FDs maturing in 700 days. These rates are effective from February 27, 2023.
Jana Small Finance Bank
For FDs with maturities ranging from 7 days to 10 years, Jana Small Finance Bank offers interest rates ranging from 3.75 percent to 8.15 percent to the general public and 4.45 to 8.80% to senior citizens.
The highest interest rate for fixed deposits with 500-day maturities is 8.15 percent for the general public and 8.85 percent for senior citizens. The rates are effective from April 10, 2023.
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank offers interest rates between 3.75% and 8.25% to general citizens on FDs maturing between 7 days and 10 years. For general citizens, the highest interest rate will be 8.25% on FDs maturing in 560 days. The rates are effective from March 1, 2023.
Fincare Small Finance Bank
Fincare Small Finance Bank offers interest rates ranging from 3% to 8.11%to general residents and up to 8.71 per cent to senior citizens for term deposits maturing between 7 days and 10 years. The highest interest rate of 8.11% will be offered to deposits maturing in 750 days to general citizens. For senior citizens, the interest can go up to 8.71% for FDs maturing in 750 days.
ESAF
ESAF Small Finance Bank offers interest rates between 4% and 8.50%on deposits maturing between 7 days and 10 years to general citizens. Senior citizens can earn between 4.50% and 9% on FDs maturing between 7 days and 10 years. The highest interest rate of 8.50% (for the general public) and 9% (for senior citizens) will be offered on FDs maturing in 999 days. The new rates are effective from April 4, 2023.
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This story originally appeared on: India Times - Author:Faqs of Insurances
