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SFB FD Rates Compared: Suryoday Vs Fincare Vs NESFB V Ujjivan FD Rates After Recent Hikes

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The Reserve Bank of India (RBI) recent repo rate hike by 40 basis points to 4.4 per cent influenced the cost of borrowing. However, it also hiked the deposit interest rates, which had been steadily declining. In other words, customers are now receiving a higher rate of interest on their deposits. The deposit tenor, whether it is NBFC or bank all influences interest rates.

 

Small Finance Bank (SFB) is not left behind by this influence. Recently one SFB hiked its FD rate. Looking at the recent development, the FD rates by SFBs need to be compared to have a better idea and where should one get a higher ROI and in what tenure. Here, we have given 4 SFB's FD rates and compared them. These SFBs are Suryoday Small Finance Bank, Fincare Small Finance Bank, North East Small Finance Bank, and Ujjivan Small Finance bank. Check rates below:

1. Suryoday Small Finance Bank

1. Suryoday Small Finance Bank

The interest rates offered by the bank range between 3.25% and 7.50% for the tenure of 7 days to 10 years. Citizens can get can highest rate on 3-year tenure, 7% for regular customers and 7.50% for senior citizens. Senior citizens get a 0.50% additional interest rate against the regular FDs by the banks. 

FD Rates for Domestic Fixed Deposits on Less than 2 Cr (w.e.f 10 March 2022)

TenureRegular FD Rates (p.a%)Senior Citizen FD Rates (p.a%)
7 days to 14 days3.25%3.75%
15 days to 45 days3.25%3.75%
46 days to 90 days4.25%4.75%
91 days to 6 months4.75%5.25%
Above 6 months to 9 months5.25%5.75%
Above 9 months to less than 1 Year5.75%6.25%
1 Year to 1 Year 6 Months6.50%7.00%
Above 1 Year 6 Months to 2 Years6.50%7.00%
Above 2 Years to less than 3 Years6.25%6.75%
3 Years7.00%7.50%
Above 3 Years to less than 5 Years6.50%7.00%
5 Years6.75%7.25%
Above 5 years to 10 years6.00%6.50%

Please Note - Only Senior Citizens / Retired Personnel (60 years and above) who are Resident Indians are eligible.

Source- suryodaybank.com

2. Fincare Small Finance Bank
 

2. Fincare Small Finance Bank

The interest rates offered by the bank range from 3% to 6.55% for tenure the tenure of 7 days to 84 Months on regular deposits, and 0.50% additional interest rates for senior citizens' deposits. The bank offers the highest rates to regular depositors on tenure above 36 months and below 66 months, whereas for the same tenure the senior citizens get the highest 7.25% interest rates. These FDs come with a premature withdrawal facility. 

FD Rates for Domestic Fixed Deposits on Less than 2 Cr (w.e.f 27 April 2022)

TenureRegular FD Rates (p.a%)Senior Citizen FD Rates (p.a%)
7 days to 45 days3.00%3.50%
46 days to 90 days3.25%3.75%
91 days to 180 months3.50%4.00%
180 Days to 365 Days5.15%5.65%
12 Months to 15 Months6.00%6.50%
15 Months 1 Day To 18 Months6.00%6.50%
18 Months 1 Day to 21 Months6.50%7.00%
21 Months 1 Day to 24 Months6.50%7.00%
24 Months 1 Day to 3- Months6.50%7.00%
30 Months 1 Day to 36 Months6.50%7.00%
36 Months 1 Day to 42 Months6.75%7.25%
42 Months 1 Day to 48 Months6.75%7.25%
48 Months 1 Day to 59 Months6.75%7.25%
59 Months 1 Day to 69 Months6.75%7.25%
66 Months 1 Day to 84 Months5.50%6.00%

Source- fincarebank.com

Please note -Senior Citizen term deposit interest rate will only be applicable provided the Senior Citizen is 'first holder' on the said term deposit.

3. North East Small Finance Bank

3. North East Small Finance Bank

The bank primarily located in the northeastern region of India. Its interest rates range between 3% for regular deposits and 3.50% for senior citizen deposits. The bank offered the highest 6.75% and 7.50% for tenure between 366 days to 1095 days to regular deposits and senior citizen deposits, respectively.

FD Rates for Domestic Fixed Deposits on Less than 2 Cr (w.e.f 1 April 2022)

TenureRegular FD Rates (p.a%)Senior Citizen FD Rates (p.a%)
7 - 14 Days3.00%3.50%
15 - 29 Days3.00%3.50%
30 - 45 Days3.00%3.50%
46 - 90 Days3.50%4.00%
91 - 180 Days4.00%4.50%
181 - 365 Days5.00%5.50%
366 - 729 Days6.75%7.50%
730 - 1095 Days6.75%7.50%
1096 - 1110 Days6.50%7.25%
1111 Days7.00%7.75%
1112-1825 Days6.50%7.25%
1826 - 3650 Days6.25%7.00%

Source - nesfb.com

4. Ujjivan Small Finance bank

4. Ujjivan Small Finance bank

Ujjivan Small Finance Bank has recently hiked its FD rates for various tenure ranging from 7 days to 10 years. The bank is one of the highest paying interest rates on the FDs. Customers can get the highest return on investment with Platina FD. Platina Deposit is a Retail Non-callable deposit product. Part closure & Pre-closure facility is not available for this scheme.

FD Rates for Platina* Domestic/NRE & NRO (w.e.f 19 May 2022)

TenureRegular FD Rates (p.a%)Senior Citizen FD Rates (p.a%)
12 Months6.70%7.20%
12 Months and 1 Day to 15 Months6.20%6.70%
15 Months and 1 Day to 18 Months6.95%7.45%
18 Months and 1 Day to < 24 Months6.80%7.30%
24 Months7.10%7.60%
24 Months 1 Day to 989 Days 6.85%7.35%
990 Days7.45%7.90%
991 Days to 36 Months 6.85%7.35%
3 Years and 1 Day to 5 Years6.60%7.10%

Please Note - 1) Customers can book Platina Deposit for a minimum of 12 months to a Maximum of 60 Months.
2) Customers can start Platina deposits with above Rs 15 lakh and a maximum of Rs 2 Crore. 

 
FD Rates for Domestic & NRO And Sampoorna Nidhi on deposit less than 2 Cr (w.e.f 19 May 2022)

TenureRegular FD Rates (p.a%)Senior Citizen FD Rates (p.a%)
7 Days to 29 Days2.90%3.40%
30 Days to 89 Days3.50%4.00%
90 Days to 179 Days4.25%4.75%
6 Months5.00%5.50%
> 6 Months to < 9 Months4.75%5.25%
9 Months5.05%5.55%
> 9 Months to < 12 Months6.50%7.00%
12 Months6.50%7.00%
12 Months and 1 Day to 15 Months6.00%6.50%
15 Months and 1 Day to 18 Months6.75%7.25%
18 Months and 1 Day to < 24 Months6.60%7.10%
24 Months6.90%7.40%
24 Months and 1 Day to 989 Days6.50%7.00%
990 Days7.10%7.60%
991 Days to 36 Months6.50%7.00%
3 Years and 1 Day to 5 Years6.25%7.75%
5 Years and 1 Day to 10 Years6.00%6.50%

Source- ujjivansfb.in

Please Note - Sampoorna is a monthly income scheme offered by the bank. 

Story first published: Monday, May 23, 2022, 20:24 [IST]
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