FD Interest Rate Hike: Earn More Than 9% Interest On 2 Small Finance Bank FDs

Banks began raising the interest rates on fixed deposits (FDs) in 2022 after the Reserve Bank Of India (RBI) begin raising repo rates. RBI in the last seven months, since May 2022, has hiked the repo rate by 225 basis points. Since May, many banks have increased their FD interest rates and started passing on the benefits of the rate hike to fixed deposit holders. FDs are the best investment option, especially for people who are looking to safeguard their money with good returns. Also for benefits such as high liquidity, and premature withdrawal options.

Among small finance banks operating in India, Unity Small Finance Bank and Suryoday Small Finance Bank are offering FD rates of 9% and more than 9% for certain maturity periods.

Unity Small Finance Bank

Unity Small Finance Bank offers FD interest rates ranging from 4.5% to 8.50% to General Public and 4.50% to 9% to Senior Citizens. According to the bank website, it currently offers senior citizens an interest rate of 9% annually on fixed deposits invested for terms of 181 and 501 days, respectively, while general investors receive 8.50% for the same terms. The maturity period for fixed deposits ranges between 7 days to 10 Years. According to the bank, for premature withdrawal of a fixed deposit, the interest rate payable would be the corresponding FD rate minus 1.00% for the tenor for which the deposit has actually run.

Interest Rates On Fixed Deposits effective from 21st November 2022

Tenure	General FD Rates % p.a.	Senior Citizen FD Rates % p.a.
7-14 Days	4.50%	4.50%
15-45 Days	4.75%	4.75%
46-60 Days	5.25%	5.75%
61-90 Days	5.50%	6.00%
91-180 Days	5.75%	6.25%
181 Days	8.50%	9.00%
182 Days - 364 Days	6.75%	7.25%
365 Days(1 Year)	7.35%	7.85%
1Year 1 day	7.35%	7.85%
>1Year 1 day - 500 days	7.35%	7.85%
501 Days	8.50%	9.00%
502 Days - 18 M	7.35%	7.85%
>18 M -2 Year	7.40%	7.90%
>2 Year -3 Year	7.65%	8.15%
>3 Year - 5Year	7.65%	8.15%
>5 Year - 10 Year	7.00%	7.50%

Source- theunitybank.com

Suryoday Small Finance Bank

Suryoday Small Finance Bank recently revised the interest rates on fixed deposits under Rs 2 crore. According to the bank's official website, the revised interest rates are effective from December 06, 2022. The modification has caused the bank to increase its interest rates across all tenors. The interest rate offered by the Bank for the general public ranges from 4.00% to 9.00% and for senior citizens from 4.50% to 9.59%. For a maturity period of 5 years, the bank offers the highest 9.01% to General investors and for senior citizens, it is 9.26% for the same tenor. The bank offers fixed deposits with maturities ranging from 7 days to 10 years.

Interest Rates On Fixed Deposit Below Rs. 2 Crore effective from 6 December 2022

Period	Interest Rate	Senior Citizen Rate
7 days to 14 days	(Per Annum)	(Per Annum)
15 days to 45 days	4.25%	4.75%
46 days to 90 days	4.50%	5.00%
91 days to 6 months	5.00%	5.50%
Above 6 months to 9 months	5.50%	6.00%
Above 9 months to less than 1 Year	6.00%	6.50%
1 Year to 1 Year 6 Months	7.00%	7.50%
Above 1 Year 6 Months to 2 Years	8.01%	8.51%
Above 2 years to 998 days	7.51%	8.01%
999 Days	8.51%	8.76%
32 Months 27 Days to 3 Years	7.25%	7.75%
Above 3 Years to less than 5 Years	6.75%	7.25%
5 Years*	9.01%	9.26%
Above 5 years to 10 years	6.00%	6.50%

 Source- Suryodaybank.com