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These 5 Banks Offer More Than 7% Interest Rate On Select FD Tenors; Check Out Rates Here
Reserve Bank of India (RBI) in its September Monetary Policy Committee (MPC) meeting hiked the repo rate 4th time by 0.50%. Since May 2022, the MPC has increased interest rates 4 times by a total of 190 basis points. As a result of this repo rate hike, several banks such as Axis bank, Indian Bank, Kotak Mahindra Bank, RBL Bank and a few others have hiked their FD rates.
The four consecutive hikes in the repo rate, resulted in FD rate rise, which made FDs more appealing to FD investors. Since the era of historically low FD rates is undoubtedly over, FD investors can look forward to brighter times in the future.
High-Interest Rates
Banks such as Small Finance Banks (SFBs) now offer high-interest rates on FDs. SFBs, in FDs lead with the highest interest rates, followed by foreign banks, and finally private banks. Whereas, the Public sector banks do not compete with other banks' interest rates on fixed-term deposits. The SFBs offer higher interest rates on FDs compared to various leading Private, foreign and Public sector banks. These banks on some maturity period offer interest rates up to 7% p.a and above on deposits below 2 Cr. Here are 5 SFBs that offer interest rates more than 7% on select FD tenor.
Jana Small Finance Bank
Jana Small Finance Bank offers FD interest rates starting from 2.50% to 7.35% on maturity tenors starting from 7 days to 10 years for regular customers. Whereas, for the senior citizens, the bank offers FD rates starting from 3.30% to 8.15% maximum for the same tenor. The new rates are effective from 15 June 2022.
Fixed Deposit Interest Rates on Amount Below Rs. 2 Cr
| Period | Regular FD Rate (p.a.) | Senior Citizen FD Rate (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] | 7.00% | 7.80% |
| > 1 Year - 2 Years | 7.25% | 8.05% |
| >2 Years-3 Years | 7.25% | 8.05% |
| > 3 Year- < 5 Years | 7.35% | 8.15% |
| 5 Years[1825 Days] | 7.25% | 8.05% |
| > 5 Years - 10 Years | 6.00% | 6.80% |
Source- janabank.com
Suryoday Small Finance Bank
Suryoday Small Finance Bank has recently, on September 24, 2022, raised the interest rates on FDs. After the hike, the bank now offers 4% to 7.49% interest rates to regular customers and 4.50% to 7.99% to senior citizens for a maturity period of 7 days to 10 years. According to the bank, Only Senior Citizens or Retired Personnel aged 60 years and above Indians Residents are eligible for the additional Interest rates.
Fixed Deposit Interest Rates on Amount Below Rs. 2 Cr
| Period | Regular FD Rate (p.a.) | Senior Citizen FD Rate (p.a.) |
|---|---|---|
| 7 days to 14 days | 4.00% | 4.50% |
| 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 | 7.25% | 7.75% |
| Above 2 years to 998 days | 7.25% | 7.75% |
| 999 Days | 7.49% | 7.99% |
| 32 Months 27 Days to 3 Years | 7.00% | 7.50% |
| Above 3 Years to less than 5 Years | 6.75% | 7.25% |
| 5 Years | 6.75% | 7.25% |
| Above 5 years to 10 years | 6.00% | 6.50% |
Source- suryodaybank.com
Equitas Small Finance Bank
Equitas Small Finance Bank has also hiked interest rates on FD last month, September 8, 2022. After the hike, the bank now offers interest rates starting from 3.50% to 7.25% to the general public and 3.50% to 7.45% to senior citizens for a maturity period of 7 days to 10 years. According to the bank's official website, 0.50% additional interest rates for Senior Citizens are not applicable for NRE/NRO.
Fixed Deposit Interest Rates on Amount Below Rs. 2 Cr
| Period | Regular FD Rate (p.a.) | Senior Citizen FD Rate (p.a.) |
|---|---|---|
| 7 - 14 days | 3.50% | 3.50% |
| 15 - 29 days | 3.50% | 3.50% |
| 30 - 45 days | 3.50% | 3.50% |
| 46 - 62 days | 4.00% | 4.00% |
| 63 - 90 days | 4.25% | 4.25% |
| 91 - 120 days | 4.75% | 4.75% |
| 121 - 180 days | 4.75% | 4.75% |
| 181 - 210 days | 5.25% | 5.32% |
| 211 - 270 days | 5.25% | 5.32% |
| 271 - 364 days | 5.25% | 5.32% |
| 1 year to 18 months | 6.75% | 6.92% |
| 18 months 1 day to 2 years | 6.75% | 6.92% |
| 2 years 1 day to 887 days | 7.00% | 7.19% |
| 888 days | 7.25% | 7.45% |
| 889 days to 3 years | 7.00% | 7.19% |
| 3 years 1 day to 4 years | 6.00% | 6.14% |
| 4 years 1 day to 5 years | 6.00% | 6.14% |
| 5 years 1 day to 10 years | 6.00% | 6.14% |
Source- equitasbank.com
Fincare Small Finance Bank
Fincare Small Finance Bank offers up to 7.5% interest on FDs, whereas the lowest is 3%. The FD rate is applicable to the general public for the tenor of 7 days to 84 months. For senior citizens, the bank offers FD rates starting at 3.50% to 8%. The FD rates are applicable on Domestic amount deposits below 2 Cr with a premature withdrawal facility. The FD rates are effective from August 21, 2022.
Fixed Deposit Interest Rates on Amount Below Rs. 2 Cr
| Period | General Public FD Rate (p.a.) | Senior Citizen FD Rate (p.a.) |
|---|---|---|
| 7 Days - 45 Days | 3.00% | 3.50% |
| 46 Days - 90 Days | 3.50% | 4.00% |
| 91 Days - 180 Days | 4.00% | 4.50% |
| 181 Days - 364 Days | 5.40% | 5.90% |
| 12 Months | - 15 Months | 7.25% |
| 15 Months 1 Day - 499 Days | 6.75% | 7.25% |
| 24 Months 1 Day - 749 Days | 7.00% | 7.50% |
| 750 Days | 7.25% | 7.75% |
| 751 Days - 30 Months | 7.00% | 7.50% |
| 30 Months 1 Day To 999 Days | 7.00% | 7.50% |
| 1000 Days | 7.50% | 8.00% |
| 1001 Days - 36 months | 7.00% | 7.50% |
| 36 months 1 Day - 42 Months | 7.00% | 7.50% |
| 42 Months 1 Day - 48 Months | 7.00% | 7.50% |
| 48 Months 1 Day - 59 Months | 6.75% | 7.25% |
| 59 months 1 days - 66 Months | 7.00% | 7.50% |
| 66 Months 1 Day - 84 Months | 6.00% | 6.60% |
Source- fincarebank.com
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank on August 12, 2022, increased the interest rate on fixed deposits under Rs 2 Cr. The bank is now providing fixed deposits to the general public with maturities ranging from 7 days to 10 years at an interest rate of 4% to 7.50%, and for senior citizens from 4.75% to 8.25%.
Fixed Deposit Interest Rates on Amount Below Rs. 2 cr
| Period | General FD Rate (p.a.) | Senior Citizen FD Rate (p.a.) |
|---|---|---|
| 7 Days to 45 Days | 4.00% | 4.75% |
| 46 Days to 90 Days | 4.25% | 5.00% |
| 91 Days to 180 Days | 5.00% | 5.75% |
| 181 Days to 364 Days | 6.00% | 6.75% |
| 365 Days to 699 Days | 7.15% | 7.90% |
| 365 Days to 699 Days | 7.15% | 7.90% |
| 700 Days upto 5 Years | 7.50% | 8.25% |
Source- utkarsh.bank
