Highest FD Interest Rate In India: North East SFB Hikes FD Rates Up To 9.75%

The nation's highest interest rate on fixed deposits (FDs) is now 9.75%, based on a rate hike of 50 bps by North East Small Finance Bank (NESFB). The bank offers rates as high as 9.25% for the general public and 9.75% for senior citizens on non-callable deposits of Rs 1 to Rs 5 Cr maturing in 546 - 1111 days. Because North East Small Finance Bank Ltd. is registered with DICGC, your deposits are insured up to Rs. 5 lakh.

"NESFB's revised FD rates offer the highest rates across the banking sector. This increase in fixed deposit rates gives customers, particularly senior citizens, the potential to earn inflation-beating returns on their fixed deposits. Given the high liquidity and easy encashability of FDs, along with the better returns compared to money market instruments, the interest generated from these deposits can provide a regular income stream, supporting senior citizens in their retirement years," said the bank in a statement on Thursday.

Mr. Satish Kumar Kalra, Managing Director & CEO, North East Small Finance Bank said, "The increased interest rates are intended to provide our customers with a variety of attractive investment opportunities. These developments have a dual purpose: they assist our customers to develop their wealth by increasing returns, but they also help the bank balance and optimize its overall deposit cost. By modifying the rates, the bank ensures that it can offer competitive returns to its customers while remaining efficient in resource management."

North East Small Finance Bank Standard FD Rates

On callable fixed deposits of up to Rs 5 Cr, the bank is now offering the following interest rates to the general public.

7 - 14 Days: 3.25%
15 - 29 Days: 3.75%
30 - 45 Days: 4.25%
46 - 90 Days: 4.75%
91 - 180 Days: 6.25%
181 - 365 Days: 7.00%
366 - 545 Days: 8.75%
546 - 1111 Days: 9.00%
1112 - 1825 Days: 8.00%
1826 - 3650 Days: 6.25%

North East Small Finance Bank FD Rates For Senior Citizens

7 - 14 Days: 3.75%
15 - 29 Days: 4.25%
30 - 45 Days: 4.75%
46 - 90 Days: 5.25%
91 - 180 Days: 6.75%
181 - 365 Days: 7.50%
366 - 545 Days: 9.25%
546 - 1111 Days: 9.50%
1112 - 1825 Days: 8.50%
1826 - 3650 Days: 6.75%

Customers of North East Small Finance Bank can easily utilise mobile banking or net banking to book or invest in FDs from the convenience of their homes or offices. On a monthly or quarterly basis, the depositor's authorised savings account receives the interest from the FD account. At North East Small Finance Bank, there is a minimum initial FD principal of Rs. 1,000. After making a booking, customers can make use of services like doorstep banking, auto renewal, partial withdrawal, reinvestment option, and loan/OD facility. A penalty of 1% is imposed by the bank on premature withdrawals of fixed deposits.

"DICGC is liable to pay the depositors of liquidated banks/ banks placed under "All Inclusive Directions" by the Reserve Bank of India, with restrictions on withdrawal of deposits, in "the same capacity and same right", up to the insurance limit of Rs 5 lakh," mentioned North East Small Finance Bank on its website.