FD Interest Rates: FDs generally offer higher interest rates compared to standard savings accounts. People looking for guaranteed returns with low risk often opt for fixed deposits. Some small finance banks for general public offer interest rates of up to 9 percent per annum for one to five years.
Fixed deposits are also known as term deposits or time deposits. They are considered as a safe investment vehicle in India. Banks and other financial institutions allow customers to keep a certain amount in fixed deposits for a fixed period of time, earning guaranteed returns at a fixed rate of interest. However, withdrawal of money from FDs during the investment period is allowed with penalty. FDs generally offer higher interest rates compared to standard savings accounts. People looking for guaranteed returns with low risk often opt for fixed deposits. Some small finance banks for general public offer interest rates of up to 9 percent per annum for one to five years. Senior citizens are offered higher interest rates ranging from 0.25 percent to 0.75 percent as compared to the rates offered to the general public. In this context, which banks are offering high interest? Let’s find out.
Suryoday Small Finance Bank
Suryoday Small Finance Bank is currently offering an interest rate of 9 percent on FDs with a tenure of 5 years for the general public. 8.6 percent on 3-year FDs for general customers. It offers 6.85 percent interest rate on 1 year deposits. Small Finance Bank is offering an interest rate of 9.01 per cent per annum for general public and 9.25 per cent per annum for senior citizens for a tenure of 5 years on tax saving FDs.
Unity Small Finance Bank
Unity Small Finance Bank offers an interest rate of 8.15 percent on 5-year tenure FDs for general public. Interest rates on 3 year and 1 year deposits are 8.15 percent and 7.85 percent respectively. It offers regular customers an interest rate of up to 9 percent per annum on tenures of up to 10 years. The bank currently offers senior citizens an interest rate of 9.5 per cent per annum for a tenure of up to 10 years.
Utkarsh Small Finance Bank
The current fixed deposit interest rate of Utkarsh Small Finance Bank is 7.5 percent per annum for a tenure of 5 years. Small Finance Bank’s interest rates on FDs of 3 years and one year tenure are 8.5 percent and 8 percent respectively. It offers an interest rate of 8.5 percent per annum to the general public on tenures up to 10 years. Senior citizens are offered an interest rate of up to 9.1 percent on 10-year tenure FDs. The interest rate on tax saving FDs is 7.5 percent per annum for general public and 8.1 percent per annum for senior citizens for a tenure of 5 years.
Equitas Small Finance Bank
Equitas Small Finance Bank is currently offering an interest rate of 7.25 percent on FDs with a tenure of 5 years. The bank offers interest rates of 8 percent and 8.2 percent on FDs of 3 years and 1 year respectively. 8.5 per cent per annum for general public and 9 per cent per annum for senior citizens on tenures up to 10 years.
Jana Small Finance Bank
Jana Small Finance Bank offers FD interest rate of 7.25 percent per annum to general public for a tenure of 5 years. This bank offers interest rates of 7.25 percent and 8.5 percent on FDs with tenure of 3 years and 1 year respectively. It offers an interest rate of up to 9 percent per annum to senior citizens who opt for a tenure of up to 10 years. Jana Small Finance Bank offers an interest rate of 7.25 per cent per annum for general public and 7.75 per cent per annum for senior citizens on tax saving FDs for a tenure of 5 years.
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