Small finance banks (SFBs) often offer comparatively higher interest rates on fixed deposits (FDs) than what private and public sector banks offer. Interest rates on FDs usually range from 8 to 8.5% in small finance banks now. Higher returns can be lucrative for many but how safe is it to invest in FDs in small finance banks? Do remember that deposits in small finance banks are covered under the insurance scheme provided by Deposit Insurance and Credit Guarantee Corporation (DICGC) to the tune of Rs 5 lakh. The amount includes both principal amount and interest.
POTD, Sukanya Samriddhi Yojana interest rates hiked; investors who will get higher rates on these small saving schemes
Here's a look at some of these small finance banks that provide relatively high-interest rates for regular fixed deposits.
1. AU Small Finance Bank FD interest rate
AU Small Finance Bank offers FD interest rates ranging from 3.75% to 8% for tenures between 7 days and 10 years to general citizens. The highest interest rate of 8% is offered on FDs maturing in 18 months. The rates are effective from January 24, 2024.
2. Equitas Small Finance Bank FD interest rate
Equitas Small Finance Bank offers FD interest rates ranging from 3.5% to 8.50% for deposit tenures between 7 days and 10 years to general citizens. The highest interest rate of 8.50% is offered on FDs maturing in 444 Days. The rates are effective from August 21, 2023.
3. ESAF Small Finance Bank FD interest rate
ESAF Small Finance Bank offers FD interest rates ranging from 4% to 8.25% for tenures between 7 days to 10 years to general citizens. The highest interest rate of 8.25% is offered on FDs maturing between two years and less than three years. These FD interest rates are effective from January 1, 2024.
4. Fincare Small Finance Bank FD interest rate
Fincare Small Finance Bank offers FD interest rates ranging from 3% to 8.61% for tenures between 7 days and 10 years to general citizens. The highest interest rate of 8.61% is offered on FDs maturing in 750 days. The rates are effective from October 28, 2023.
5. Jana Small Finance Bank FD interest rate
Jana Small Finance Bank offers FD interest rates ranging from 3% and 8.50% for tenure between 7 days to 10 years to general citizens. The highest interest rate of 8.50% is offered on FDs maturing in 365 days. The FD rates are effective from January 2, 2024.
6. Suryoday Small Finance Bank FD interest rate
Suryoday Small Finance Bank offers FD interest rates ranging from 4% to 8.65% for tenure between 7 days and 10 years to general citizens. The highest interest rate of 8.65% is offered on FDs maturing in two years and two days. These fixed deposit rates are effective from December 22, 2023.
7. Ujjivan Small Finance Bank FD interest rate
Ujjivan Small Finance Bank offers interest rates ranging from 3.75% to 8.25% for tenures between 7 days and 10 years to general citizens. The highest interest rate of 8.25% is offered on FDs maturing in 560 days. The rates are effective from June 1, 2023
8. Unity Small Finance Bank FD interest rate
Unity Small Finance Bank offers FD interest rates ranging from 4.50% to 9% for tenures maturing between 7 days and 10 years to general citizens. The highest interest rate of 9% is offered on FDs maturing in 1001 Days. The rates are effective from October 9, 2023.
9. Utkarsh Small Finance Bank FD interest rate
Utkarsh Small Finance Bank offers FD interest rates ranging from 4% to 8.50% for tenures between 7 days to 10 years to general citizens. The highest interest rate of 8.50% is offered on FDs maturing between two years and up to three Years. These fixed deposit rates are effective from August 21, 2023.
FAQs
Unity Small Finance Bank offers FD interest rates ranging from 4.50% to 9% for tenures maturing between 7 days and 10 years to general citizens. The highest interest rate of 9% is offered on FDs maturing in 1001 Days. The rates are effective from October 9, 2023.
Which bank is currently giving highest interest on FD? ›
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| Bank | Highest interest rate available (p.a.) | Tenure |
|---|
| State Bank of India (SBI) | 3.20% | 12 months |
| DBS / POSB | 3.20% | 12 months |
| RHB | 3.15% | 6 months |
| Standard Chartered | 3.00% | 6 months |
9 more rowsApr 4, 2024
Unity Small Finance Bank offers FD interest rates ranging from 4.50% to 9% for tenures maturing between 7 days and 10 years to general citizens. The highest interest rate of 9% is offered on FDs maturing in 1001 Days. The rates are effective from October 9, 2023.
Which bank is giving 8% on FD? ›
Top 20 Scheduled Banks offering Best FD Rates
| Banks | Highest FD rate (% p.a.) | 1-year FD rate (% p.a.) |
|---|
| AU Small Finance Bank | 8.00 | 6.50 |
| Fincare Small Finance Bank | 8.00 | 6.50 |
| DCB Bank | 8.00 | 7.15 |
| IDFC First Bank | 8.00 | 6.50 |
16 more rowsTop 5 banks offering highest interest rates on FDs:
- HDFC Bank. HDFC Bank offers 7.10 percent to senior citizens on deposits of one year to 15 months. ...
- ICICI Bank. ICICI Bank offers interest in the range of 7 to 7.25 per cent depending on the tenure. ...
- State Bank of India. ...
- Bank of Baroda.
Best High-Yield Online Savings Accounts of May 2024
- BrioDirect High Yield Savings Account: 5.35% APY.
- Ivy Bank High-Yield Savings Account: 5.30% APY.
- TAB Bank High Yield Savings: 5.27% APY.
- UFB Secure Savings: Up to 5.25% APY.
- EverBank Performance℠ Savings: 5.15% APY.
- Bask Interest Savings Account: 5.10% APY.
Highest Fixed Deposit Interest Rates for 1 Year 2024
| FD Scheme | Interest Rate | Senior Citizen Rates |
|---|
| Union Bank of India FD | 6.75 % | 7.25 % |
| Central Bank of India FD | 6.75 % | 7.25 % |
| City Union Bank FD | 6.75 % | 7 % |
| Punjab National Bank FD | 6.75 % | 7.25 % |
16 more rowsAt Unity Small Finance Bank, senior citizens can get up to 9.50 per cent on FDs of 1,001 days. The bank revised rates on February 2, 2024. It provides 9.25 per cent to senior citizens for more than six months to 201-day FDs. For 501-day FDs, the bank offers the elderly 9.25 per cent.
Which bank has 9.5 FD interest rate? ›
Unity Small Finance Bank FD rates for general customers
Senior citizens get an interest rate ranging from 4.5% to 9.5% on deposits maturing in seven days to ten years. The deposit interest rate stands revised from 3 February 2024. The highest interest rate of 9% is offered on a tenure of 1001 days.
Which bank gives 8.75 interest rate? ›
On the lower side, Ujjivan Small Finance Bank provides an interest of 8.75 per cent for 80 weeks and 12 months. ESAF Small Finance Bank offers a 8.75 per cent for 2 years to less than 3 years. AU Small Finance Bank is providing 8.50 per cent on an FD for an 18-month tenure.
Unity SFB offers interest rates between 4.50% to 7.85% for tenure ranging from 7 days to one year for general citizens. Jana SFB offers interest rates between 3% to 8.50% for tenure ranging from 7 days to one year for general citizens.
Which Bank gives 8.5 interest rate? ›
Ujjivan Small Finance Bank has revamped its fixed deposit rates, offering up to 8.50% interest for regular customers and a lucrative 9% for senior citizens. The bank also introduces special benefits for Platina FD customers with deposits exceeding Rs. 1 crore.
What is the FD rate for senior citizens? ›
FD Interest Rates 2024 in India
ICICI Bank offers FD interest rates as high as 7.75% p.a. for Senior Citizens (60 years and above age) and up to 7.2% p.a. for citizens below 60 years of age.
Why a FD is good for senior citizens? ›
Benefits of FD for Senior Citizen
It allows you to save tax on earnings under Section 80C of the Income Tax Act. Regular interest payout is the biggest boon of Senior Citizen FD Account as it can act as a regular income source. Once you retire, you will need to continue investing in order to ensure regular income.
What is the minimum amount for FD in SBI for senior citizens? ›
Minimum deposit of ₹1000 - The minimum deposit for most FD schemes is only ₹1,000. This makes it easy for most people in the country to invest. In case of SBI Multi Option FD, the minimum investment is ₹10,000 and for SBI annuity scheme, it is ₹25,000.
Which small finance bank has highest FD rates? ›
In the subset of scheduled small finance banks, Unity Small Finance Bank stands out with the highest FD interest rate at 9.00% p.a., closely followed by Suryoday Small Finance Bank offering rate of 8.65% p.a. In the scheduled private sector banks, SBM Bank takes the lead with the best FD interest rate of 8.25% p.a. for ...
Which bank is best for fixed deposit for 2 years? ›
Bajaj Finance offers one of the highest FD interest rates for 2 years. Bajaj Finance FD offers fixed deposit interest rates up to 8.60% p.a. for non-senior citizens. Senior citizens can earn up to 8.85% p.a. as they get an additional rate benefit of up to 0.25% p.a. on their deposits.
How do I get the highest interest rate on my FD? ›
In general, it has been witnessed that the interest rates for fixed deposit schemes rise with inflation. Thus, it is suggested to invest in a short-term fixed deposit scheme which will help you tackle inflation. This method of investment will help you maximise your returns from your fixed deposit schemes.
What is the current DBS fixed deposit interest rate? ›
DBS Bank offers the below fixed deposit interest rates*:
| Tenor | Regular | Senior Citizen |
|---|
| 2 years to less than 2 years & 6 months | 7.00% | 7.50% |
| 2 years & 6 months | 7.00% | 7.50% |
| 2 years 6 months 1 day & less than 3 years | 7.00% | 7.50% |
| 3 years and less than 4 years | 6.50% | 7.00% |
17 more rowsBest Fixed Deposit Rates (March 2024): i) RHB: 3.80% pa, 6 months, min. RM1,000 ii) Public Bank: 3.80% pa, 12 months, min.
