Banks revise their interest rates on fixed deposits (FDs) or term deposits on a periodic basis for general customers and senior citizens. We will discuss in this article about the best FD rates being offered by 10 small finance banks in the country.
These small finance banks offer senior citizens (aged 60 years and above) fixed deposit rates of up to 9.50% annually on tenures spanning 1 year to 10 years. Banks usually offer up to 80 bps extra interest rates to senior citizens over and above the regular fixed deposit rates. Banks also launch special FD schemes for senior citizens time to time, which offer up to 20-30 bps additional interest rates.
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Here are the top 10 scheduled banks offering the best-fixed deposit rates:
(Source: paisabazaar.com)
Unity Small Finance Bank fixed deposit rates
Unity Small Finance Bank offers interest rates of up to 9% per annum to its general customers and up to 9.5% per annum to senior citizens. These rates are applicable on tenures ranging from 7 days to 10 years. Unity Small Finance Bank is a scheduled commercial bank, recognised by the Reserve Bank of India. Depositors of the scheduled banks are eligible for deposit insurance provided under the Depositor Insurance and Credit Guarantee Corporation (DICGC).
Suryoday Small Finance Bank fixed deposit rates
Suryoday Small Finance Bank offers interest rates of up to 8.65% per annum to general customers and up to 9.15% per annum on fixed deposits to senior citizens on tenures ranging from 7 days to 10 years. The bank is offering an interest rate of 8.25% per annum on tax-saving fixed deposits (FDs) for general customers and 8.75% per annum for senior citizens for tenures of 5 years.
Shivalik Small Finance Bank fixed deposit rates
Shivalik Small Finance Bank offers interest rates of up to 8.55% per annum to general customers and up to 9.05% per annum to senior citizens. Interest rates are applicable on tenures ranging from 7 days to 10 years. On its tax-saving fixed deposits, the small finance bank is offering an interest rate of 6.5% per annum to general customers and 7% per annum to senior citizens for tenures of 5 years.
Equitas Small Finance Bank fixed deposit rates
Equitas Small Finance Bank offers fixed deposit interest rates of up to 8.5% per annum to general customers and up to 9% per annum to senior citizens on tenures ranging from 7 days to 10 years.
Jana Small Finance Bank fixed deposit rates
Jana Small Finance Bank offers fixed deposit interest rates of up to 8.5% per annum to general customers and up to 9% per annum to senior citizens. The rates are for tenures spanning 7 days to 10 years. On tax-saving FDs, general customers will get 7.25% interest rate and senior citizens 7.75% per annum for tenures of 5 years.
Utkarsh Small Finance Bank fixed deposit rates
Utkarsh Small Finance Bank offers fixed deposit interest rates of up to 8.5% annually for general customers and up to 9% per annum for senior citizens. Tenors span 7 days to 10 years. The bank is offering an interest rate of 7.5% per annum on tax-saving fixed deposits to general depositors and 8.1% per annum for senior citizens for tenures of 5 years.
Ujjivan Small Finance Bank fixed deposit rates
The small finance bank offers interest rates of up to 8.5% per annum on fixed deposits to normal customers and up to 9% per annum to senior citizens. These tenures range from 7 days to 10 years. The interest rate on tax-saving FDs stands at 7.2% per annum for its general customers and 7.7% per annum for senior citizens for tenures of 5 years.
SBM Bank India fixed deposit rates
SBM Bank offers interest rates of up to 8.25% per annum to general customers and up to 8.75% per annum to senior citizens on tenures spanning 7 days to 10 years. The bank offers 7.75% per annum interest rate on tax-saving FDs to general customers and 8.25% per annum to senior citizens on 5-year FDs.
ESAF Small Finance Bank fixed deposit rates
ESAF Small Finance Bank offers up to 8.25% interest rates on tenures ranging from 7 days to 10 years for normal depositors. Senior citizens are eligible for 50 bps extra interest on the same tenure FDs.
RBL Bank Fixed Deposit fixed deposit rates
RBL Bank offers up to 8% per annum interest rates to general fixed deposits on tenures ranging from 7 days to 10 years. The bank offers 50 bps extra to senior citizens subscribing to same tenure fixed deposits.
Disclaimer: The above content is for informational purposes only. Please consult your financial advisor before investing.
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