- Date : 27/02/2023
- Read: 2 mins
These SFBs provide the maximum interest of FDs.
The Reserve Bank of India (RBI) undertook a rate-hike spree, increasing banks' FD rates. All banks, whether small finance, government, or private, have increased rates across tenures. Small Finance Banks (SBFs) are financial institutions providing unbanked and unserved Indian regions with banking services. SFBs are offering as high as 9.50% interest on Fixed Deposits.
Also Read: NBFCs with higher interest rates. Check them out!
Banks & Their Interest Rates on fixed deposits
These are the SFBs providing the highest interest rates:
Unity Small Finance Bank
The Unity Small Finance Bank offers senior citizens a 9.50% interest rate and a 9% interest rate to the general public on a 1001-day fixed deposit (FD).
Jana Small Finance Bank
The Jana Small Finance Bank offers senior citizens an 8.80% interest rate and an 8.10% interest rate to the general public on a 1-3 year fixed deposit (FD).
Suryoday Small Finance Bank
The Suryoday Small Finance Bank offers senior citizens an 8.76% interest rate and an 8.51% interest rate to the general public on a 999-day fixed deposit (FD).
Ujjvan Small Finance Bank
The Ujjvan Small Finance Bank offers senior citizens an 8.75% interest rate and an 8% interest rate to the general public on a 560-day fixed deposit (FD).
Utkarsh Small Finance Bank
The Utkarsh Small Finance Bank offers senior citizens an 8.75% interest rate and an 8% interest rate to the general public on a 700-day fixed deposit (FD).
Also Read: Find out the new interest rates on small savings schemes.
North East Small Finance Bank
The North East Small Finance Bank offers senior citizens an 8.75% interest rate and an 8% interest rate to the general public on an 1111-day fixed deposit (FD).
These SFBs are public entities under the Companies Act 2013, and the primary reason behind their introduction was to provide an alternative market player and financial services. We witness senior citizens invest a considerable portion of their savings in fixed deposits. It ensures liquidity and fixed periodic income. It also helps as an emergency fund.
The Reserve Bank of India (RBI) undertook a rate-hike spree, increasing banks' FD rates. All banks, whether small finance, government, or private, have increased rates across tenures. Small Finance Banks (SBFs) are financial institutions providing unbanked and unserved Indian regions with banking services. SFBs are offering as high as 9.50% interest on Fixed Deposits.
Also Read: NBFCs with higher interest rates. Check them out!
Banks & Their Interest Rates on fixed deposits
These are the SFBs providing the highest interest rates:
Unity Small Finance Bank
The Unity Small Finance Bank offers senior citizens a 9.50% interest rate and a 9% interest rate to the general public on a 1001-day fixed deposit (FD).
Jana Small Finance Bank
The Jana Small Finance Bank offers senior citizens an 8.80% interest rate and an 8.10% interest rate to the general public on a 1-3 year fixed deposit (FD).
Suryoday Small Finance Bank
The Suryoday Small Finance Bank offers senior citizens an 8.76% interest rate and an 8.51% interest rate to the general public on a 999-day fixed deposit (FD).
Ujjvan Small Finance Bank
The Ujjvan Small Finance Bank offers senior citizens an 8.75% interest rate and an 8% interest rate to the general public on a 560-day fixed deposit (FD).
Utkarsh Small Finance Bank
The Utkarsh Small Finance Bank offers senior citizens an 8.75% interest rate and an 8% interest rate to the general public on a 700-day fixed deposit (FD).
Also Read: Find out the new interest rates on small savings schemes.
North East Small Finance Bank
The North East Small Finance Bank offers senior citizens an 8.75% interest rate and an 8% interest rate to the general public on an 1111-day fixed deposit (FD).
These SFBs are public entities under the Companies Act 2013, and the primary reason behind their introduction was to provide an alternative market player and financial services. We witness senior citizens invest a considerable portion of their savings in fixed deposits. It ensures liquidity and fixed periodic income. It also helps as an emergency fund.
