Best FD Interest Rates 2024: Top SFB Hikes FD Interest Rate To 9.25%

Fixed deposits have emerged popular instruments that can effectively help you grow your precious money over a fixed period at a fixed interest rate. FDs are safe and secure investment option that guarantees you consistent rate of interest. FDs provide special interest rates to senior citizens. Several leading small finance banks in India offer highly competitive interest rates on fixed deposits.

Recently, leading small finance bank Suryoday Small Finance Bank, also known as SSFB) revised its rate of interest available on fixed deposits. The SFB revised interest rates on select tenures for FDs below Rs 2 crore. New interest rates have already come into effect beginning from March 1, 2024. According to the Suryoday Small Finance Bank's press release, interest rates in 25 months tenor has been revised by 41 basis points (bps).

After the revision in rate of interest, SSFB offers interest rates in the range of 4.00%-9.01% for regular citizens and 4.50%-9.25% to senior citizens for fixed deposits below Rs 2 crore for the tenure of 2 years and 1 month or 25 months.

For FDs below Rs 2 crore, the bank offers maximum tenor of 5 years-10 years wherein regular citizens can earn 7.25% and senior citizens can fetch 7.75%. For the tenure of above 2 years to 2 years 1 day, regular citizens can get an interest rate of 8.60% and elderly can fetch 9.10%.

In case of premature withdrawal for closure or renewal or partial withdrawal of term deposits, Suryoday Small Finance Bank has clearly specified on its site, interest will be paid for the period the deposit remained with the bank at a rate of interest prevailing on the date of booking of the deposit for such tenor, less the applicable penalty of 1%.

When it comes to recurring deposts, Suryoday Small Finance Bank offers the highest interest rate of 8.60% to regular citizens and 9.10% to senior citizens for the tenure of 27 months. The minimum tenure for recurring deposits begins from 6 months to maximum 10 years. For 6 months tenure, regular citizens can earn 5.00% interest rate and senior citizens can get 5.50% interest rate. While for 5-10 years tenure, regular citizens can get 7.25% interest rates and elderly can get 7.75%.