This Small Finance Banks provide up to a 9.5% interest rate on Fixed Deposits. Check it out!

These SFBs provide the maximum interest of FDs.

Interest on FD Rates

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. 

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