4 Fixed Deposits That Give Regular Citizens Above 8.45% Interest

It's been a good year for those looking to invest in fixed deposits. The Reserve Bank of India (RBI) has lifted the repo rates from 4% to 6.5% in the last 1-2 years. This has led banks to increase their fixed deposit rates to meet surging loan requirements. Most fixed deposits now offer maximum interest rate in the range of 7% to 8% for regular deposits. Here are a few that offer more than 8.45% interest.

Unity Small Finance Bank

This bank offers a stellar 9% on fixed deposits, if you are investing for a period of 1001-days. Senior citizens are entitled to much higher interest rates. Please note, Unity Small Finance Bank, like Ujjivan Small Finance Bank is a small finance bank. Generally speaking interest rates of small finance banks are better than that of full-fledged commercial banks.

Jana Small Finance Bank

This bank offers 8.50% interest on 366 - 499 Days deposit. If one invests in the 501 days to 2-years, the interest rates are the same for regular depositors at 8.50%. In a way if investors are investingupto Rs 5 lakhs the deposits are safe as the same is insured.

Ujjivan Small Finance Bank Fixed Deposits

The maximum interest rate that Ujjivan Small Finance Bank offers is 8.25% for general public and upto 8.75% for senior citizens on the regular deposits. However, the platina deposits offer a slightly higher interest rates that go as high as 8.45% for regular depositors. But, here the amount of deposit required is Rs 15 lakhs and above. Overall, these interest rates are very good and over and above the average rates.

Equitas Small Finance Bank

In the case of Equitas Small Finance Bank, the interest rates go as high as 8.50% on regular deposits. This bank too like Ujjivan, Jana and Unity are all small finance banks. Interest rates have now peaked and we would advise investors to go for the long term deposits, rather than ones with a short-term tenure. Already, we are seeing some signs of interest rate reduction by some banks. By the end of the year, we might see policy rates drifting lower.