FD rate hike: Today these small banks of the country are giving tough competition to the big banks because these banks have increased the interest of FD due to which customers are opening FDs in small banks instead of big banks.
Many small finance banks offer higher interest rates on fixed deposits as compared to large public and private sector banks. Like other types of banks in India, RBI regulates SFBs (small finance banks). However, the customer must ensure that the small finance bank you are investing in is covered by Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance of Rs 5 lakh, which covers both principal and interest.
These banks offer best rates on fixed deposits
Ekta Small Finance Bank
Unity SFB offers interest rate ranging from 4.50% to 9% on FDs maturing between 7 days to 10 years to general citizens. The bank is offering senior citizens an interest rate ranging from 4.50 per cent to 9.50 per cent for tenures ranging from 7 days to 10 years. The maximum interest rate on 1001 days fixed deposit is 9% for general public and 9.50% for senior individuals.
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% for regular citizens. The interest rates on Fixed Term Deposits for senior citizens range from 4.5% to 8.76% for different tenures.
The general public will get a maximum interest rate of 8.51% on FDs of 999 days duration. 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 percent to 8.25 percent on deposits maturing between 7 days and 10 years. The interest on Fixed Deposit for senior citizens can go up to 9%.
Common citizens will be offered the highest interest rate of 8.25% on deposits maturing in 700 days. Senior citizens will earn an interest rate of 8.75% on FDs maturing in 700 days. These rates are effective from February 27, 2023.
People’s 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 per cent to 8.15 per cent to general public and 4.45 to 8.80 per cent to senior citizens.
The highest interest rate for fixed deposits of 500-day maturity is 8.15 per cent for general public and 8.85 per cent for senior citizens. The rates are effective from April 10, 2023.
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank offers an interest rate of 3.75% to 8.25% to common citizens on FDs maturing between 7 days to 10 years.
For common citizens, the highest interest rate on FDs maturing in 560 days will be 8.25 percent. The rates are effective from March 1, 2023.
