highlights
Small financial banks have outperformed all banks in interest rates on FDs.
Many small financial banks offer more than 9 percent interest on FD.
These banks also compete with investment funds in terms of returns.
New Delhi. All banks and financial institutions have increased FD rates due to RBI’s multiple hikes in repo rate. For a few months there has been a competition among banks for the maximum interest rate on fixed-term deposits. But some small financial banks are making a splash in the banking sector with an interest rate of over 9 percent for FD, leaving all banks behind. These banks also compete with investment funds in terms of returns.
Currently, most small financial banks offer interest rates in excess of 8%. At the same time, seniors are offered interest rates of up to 9 percent. Here we tell you about the small financial banks that offer the highest interest rates on FD.
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Everyone gets more than 9 percent interest at these banks
Among the small finance banks that offer the highest interest rate on FDs, Suryoday Small Finance Bank offers a top interest rate of 9.10 percent on FDs with a term of 999 days. At the same time, the bank pays 9.60 percent interest for seniors with a surcharge of 0.50 percent. Likewise, Ekta Small Finance Bank offers a maximum of 9.00% interest on FD for 1001 days and 9.50% interest with 0.50% premium for seniors.
More than 9 percent interest for seniors
Ujjivan Small Finance Bank grants citizens 8.45 percent interest on FDs with a term of 560 days. At the same time, 9.20 percent interest is granted for seniors with a surcharge of 0.75 percent. Fincare Small Finance Bank pays 8.41 percent interest to citizens and 9.01 percent to seniors for 1000 days FD. ESAF Small Finance Bank pays interest rates of 8.50 percent for ordinary citizens and 9.00 percent for seniors for FDs with a term of 2 to less than 3 years. At the same time, Equitas Small Finance Bank’s FD rates are also 8.50 percent for ordinary people and 9.00 percent for seniors.
These banks grant more than 8 percent interest
Utkarsh Small Finance Bank offers 8.25 percent interest for general citizens and 8.85 percent interest for seniors for FDs with a term of 1000 to 1500 days. Jana Small Finance Bank grants 8.15% interest to everyone and 8.85% to seniors on FD for 500 days. North East Small Finance Bank grants 8.00 percent interest on 1111 days FD to general citizens and 8.75 percent interest to seniors. Shivalik Small Finance Bank grants 8.00 percent interest to citizens and 8.50 percent to seniors for 18 to 36 months. Likewise, AU Small Finance Bank grants 8.00 percent interest to everyone and 8.50 percent to seniors for a period of 24 to 36 months.
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Tags: Bank FD, FD prices, fixed deposits
FIRST RELEASED : Jun 02, 2023 6:54 PM IST
