Top 5 SFBs Offer Interest Rates Up to 7.95%: Check Tenors With Maximum Rates

Several leading Small Finance Banks have decided to hike their interest rates to citizens investing in saving account, Fixed Deposits, etc. Reserve Bank of India's big move of hiking repo rate by 40 bps has encouraged banks all across India to raise interest rates to make them more competitive and attractive for investors.

The goal of citizens while investing their hard-earned money is to get maximum return. You can achieve this goal by investing in India's leading top-rated Small Finance Banks. Some of these SFBs are offering interest rates as high as 7.95% p.a. on fixed deposits. Check some of the best interest rates being offered by SFBs below:

Ujjivan Small Finance Bank

The bank has hiked its interest rates for saving account and term deposit. Currently, Ujjivan Small Finance Bank is offering the maximum interest rates under the tenor of 990 days in which general citizens can get an interest rate of 7.45% while senior citizens will get an additional .50% interest rate that becomes 7.95%. For instance, if you deposit a sum of Rs 200,000 under this tenor, general citizens will get approximately 2,43,000 while senior citizens will get approximately 2,47,000 after the FD is matured.

Jana Small Finance Bank

It is a leading Micro Finance Institution and offers citizens regular FDs and FD Plus Fixed Deposits. The interest rate varies from 2.50% to 7.00%. According to the latest interest rates as revised on May 5, general public can get maximum interest rate of 7.00% and senior citizens can fetch highest interest rates of 7.80% for tenors above 3 years and less than 5 years.

If you deposit a sum of Rs 200,000 for a tenor of 4 years, you will earn an interest income of Rs approximately 64,410 (general citizens) while senior citizens can get an interest income of approximately 72,955.

Utkarsh Small Finance Bank

The small finance bank is offering competitive rates on its FDs ranging from as low as 3.00% to 7.25% to the general citizens while the bank offers FD rates to senior citizens in the range of 3.50% to 7.75% p.a. RBI has recognized the bank as scheduled bank that makes investors eligible for deposit insurance and credit guarantee corporation.

The highest slab rate of the bank is available in the tenor of 700 days to 1000 days. General citizens can get 7.25% and senior citizens can get 7.75% in this tenor. If you deposit a sum of Rs 200,000 in this tenor, the interest income will be approximately Rs 42,000 while senior citizens will earn approximately Rs 45,000.

Equitas Small Finance Bank

The bank is also recognized by RBI as a scheduled bank and depositors will be provided with depositors insurance and credit guarantee corporation. The maximum interest rate is available in the tenor of 888 days. General citizens can get an interest rate of 6.75% while senior citizens can get 7.25% interest rate. If you deposit a sum of Rs 200,000 under this tenor, you will earn approximately Rs 35,000 when the FD is matured. Meanwhile, senior citizens can earn approximately Rs 38000 on their FDs after maturity.

Shivalik Small Finance Bank

It offers FD interest rates in the range of 3.50% to 7.00% for general citizens while senior citizens are offered an interest rate in the range of 4% to 7.50%. The maximum interest rate comes in the tenor of 730 days to 998 days in which general citizens get an interest rate of 7.00% and senior citizens get an interest rate of 7.50%. So if you deposit a sum of Rs 200,000 in these tenors FDs, general citizens will get an approximate interest income of Rs 40, 000 while senior citizens will get approximately Rs 44,000 after the FD is matured.