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3 Small Finance Bank FDs With Higher Returns Up To 7% For General Public
A significant stream of savings with banks to get assured returns are fixed deposits. Generally, interest rates on FDs differ based on the capital invested, deposit tenure, type of depositor and so on. Considering a range of advantages provided by fixed deposits, key coveted is assured returns. That being said, across multiple FD providers, the returns provided on FD vary. Therefore, a significant aspect to glance at before investing in FD is the highest FD interest rates across all banks and NBFCs. And considering the highest interest rates currently, there are many banks that provide good returns ranging from 7% to 7.5% respectively. SBI currently proposes an interest rate of 4.90 per cent for a deposit amount of Rs 2 Cr and a tenure of 1 year and 2 years. Unlike stocks, the return received on a bank FD is fixed and determined at the time of investment. The minimum and maximum duration provided for which it is possible to hold an FD differs from bank to bank. In FD, you can usually invest for a minimum of 7 days up to 10 years. Small finance banks typically offer higher interest rates on fixed deposits as opposed to commercial banks.
Jana Small Finance Bank
On FDs spanning from 7 days to 10 years, Jana Small Finance Bank proposes an interest rate of between 2.5% and 6 per cent. The bank offers senior citizens an additional interest of 0.50 per cent. Currently, this bank is giving an interest rate of 3.3 per cent to 6.8 per cent to senior citizens respectively. The highest interest rate is offered by Jana Small Finance Bank on deposits maturing in 1 to 5 years. For these deposits, the bank provides the general public and senior citizens with an interest rate of 6.75 per cent and 7.55% per cent respectively.
| Tenure | Regular interest rates p.a. | Interest rates for senior citizens p.a. |
|---|---|---|
| 7-14 days | 2.50% | 3.30% |
| 15-60 days | 3.00% | 3.80% |
| 61-90 days | 3.75% | 4.55% |
| 91-180 days | 4.50% | 5.30% |
| 181-364 days | 5.50% | 6.30% |
| 1 Year [365 Days] | 6.75% | 7.55% |
| > 1 Year - 2 Years | 6.75% | 7.55% |
| >2 Years - 3 Years | 6.75% | 7.55% |
| > 3 Year - < 5 Years | 6.75% | 7.55% |
| 5 Years [1825 Days] | 6.75% | 7.55% |
| > 5 Years - 10 Years | 6.00% | 6.80% |
| Source: Bank Website. Effective from 11th January 2022 |
Utkarsh Small Finance Bank
On FDs maturing in 7 days to 10 years, Utkarsh Small Finance Bank offers interest rates ranging from 3% to 6% to the general public and 3.50 per cent to 6.50 per cent to senior citizens. The highest interest rate on deposits with a maturity term of 1000 days is offered by the bank. For these deposits, the bank pays a 6.9 per cent interest rate. For these deposits, senior citizens get an additional 50 basis points.
| Tenure | Regular interest rates p.a. | Interest rates for senior citizens p.a. |
|---|---|---|
| 7 Days to 45 Days | 3.00% | 3.50% |
| 46 Days to 90 Days | 3.25% | 3.75% |
| 91 Days to 180 Days | 4.00% | 4.50% |
| 181 Days to 364 Days | 5.75% | 6.25% |
| 365 Days to 699 Days | 6.50% | 7.00% |
| 700 Days to 999 Days | 6.75% | 7.25% |
| 1000 Days | 6.90% | 7.40% |
| 1001 Days upto 5 Years | 6.75% | 7.25% |
| Above 5 Years to 10 Years | 6.00% | 6.50% |
| Source: Bank Website. W.E.F. January 20, 2022 |
Suryoday Small Finance Bank
For the general public, the Suryoday Bank FD rate varies from 3.25 per cent to 6 per cent. On deposits maturing in 3 years, the bank offers the best interest rate i.e. 7 per cent.
| Tenure | Regular interest rates p.a. | Interest rates for senior citizens p.a. |
|---|---|---|
| 7 days to 14 days | 3.25% | 3.25% |
| 15 days to 45 days | 3.25% | 3.25% |
| 46 days to 90 days | 4.25% | 4.25% |
| 91 days to 6 months | 4.75% | 4.75% |
| Above 6 months to 9 months | 5.25% | 5.25% |
| Above 9 months to less than 1 Year | 5.75% | 5.75% |
| 1 Year to 1 Year 6 Months | 6.50% | 6.75% |
| Above 1 Year 6 Months to 2 Years | 6.50% | 6.75% |
| Above 2 Years to less than 3 Years | 6.25% | 6.50% |
| 3 Years | 7.00% | 7.30% |
| Above 3 Years to less than 5 Years | 6.50% | 6.50% |
| 5 Years | 6.75% | 7.00% |
| Above 5 years to 10 years | 6.00% | 6.00% |
| Source: Bank Website. Effective: From September 09, 2021 |
