Highest fixed deposit rates: 8 Small finance banks offer up to 9% interest; check full list here | Business - Times of India (2024)
Highest FD rates: Small finance banks provide great interest rates on fixed deposits (FDs), with some going as high as 9%. If you're looking for top rates, you might want to invest soon, as rates could go down later. Before you invest, check out the best FD rates from small finance banks. Remember, these rates apply to deposits up to Rs 2 crore. However, according to an ET report, due to their unique business model, small finance banks have a different risk profile compared to regular commercial banks.
This means that fixed deposits from these banks cannot be compared to those in full-service banks owing to the risk profile. However, deposits in small finance banks are insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, covering both principal and interest. Experts suggest that regular investors should limit their investment in small finance bank FDs to ensure it's within this insurance limit. This way, if something goes wrong, they are protected. ALSO READ | Short-term fixed deposits: Earn FD rates up to 8.75%; top banks for highest interest rates for less than 1 year tenure
Here’s a list of small finance banks offering the highest fixed deposit (FD) interest rates: 1. Unity Small Finance Bank Unity Small Finance Bank offers a 9% interest rate on fixed deposits (FDs) with a 1001-day maturity. 2. Suryoday Small Finance Bank Suryoday Small Finance Bank provides an 8.65% interest rate for FDs maturing in two years and two days. 3. Ujjivan Small Finance Bank Ujjivan Small Finance Bank offers an 8.5% interest rate for FDs with a maturity of 15 months.
4. Jana Small Finance Bank Jana Small Finance Bank provides an 8.5% interest rate for FDs maturing in 365 days. 5. Equitas Small Finance Bank Equitas Small Finance Bank offers an 8.5% interest rate for FDs maturing in 444 days. 6. Utkarsh Small Finance Bank Utkarsh Small Finance Bank provides an 8.5% interest rate for FDs with maturities between two and three years. ALSO READ | High FD interest rates for senior citizens: Get up to 8.1% on 3-year fixed deposits; check banks list here Highest FD interest rates by small finance banks
Bank Name
Highest Interest rate
Tenure
Unity Small Finance Bank
9%
1001 days
Suryoday Small Finance
8.65%
2 years 2 days
Ujjivan Small Finance Bank
8.50%
15 months
Jana Small Finance Bank
8.50%
365 days
Equitas Small Finance Bank
8.50%
444 days
Utkarsh Small Finance Bank
8.50%
two years and three years
Source: Paisabazar.com as of April 27, 2024 quoted by ET 7. ESAF Small Finance Bank ESAF Small Finance Bank offers an 8.25% interest rate for FDs maturing between two years and less than three years. 8. AU Small Finance Bank AU Small Finance Bank offers an 8% interest rate for FDs maturing in 18 months.
Jana Small Finance Bank is offering an interest rate of 8.5% for FDs maturing in 365 days. Equitas Small Finance Bank is offering an interest rate of 8.5% for FDs maturing in 444 days.
SBM Bank India is offering an interest of 9% for the tenure above 3 years 2 days to less than 5 years, 7.6% for 1st year tenure, 8.15% for 2nd year tenure and 7.55% for the third-year tenure.
The highest FD rates are offered for a tenure of 42 months, which is 8.85% p.a. for senior citizens and 8.50% p.a. for customers below 60 years of age. You can use the FD calculator to know the FD interest earned on your investment.
Suryoday Small Finance Bank FD rates. Suryoday Small Finance Bank is currently offering a 9% interest rate on FDs of 5 years tenure for the general public. ...
Farmers Savings Bank has a high-yield checking account paying up to 9.01% APY, but there are limitations and caveats. The checking account must be opened at a Farmers Savings Bank branch in Iowa. Other banks have competitive accounts that you can open from anywhere in the United States.
As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
In general, it has been witnessed that the interest rates for fixed deposit schemes rise with inflation. Thus, it is suggested to invest in a short-term fixed deposit scheme which will help you tackle inflation. This method of investment will help you maximise your returns from your fixed deposit schemes.
The deposit made under these rules shall bear interest as directed by Govt of India from time to time quarterly. At present it is 8.20% per annum with effect from 01.04.2023.
It offers the highest interest rate of 7.25% on tenures ranging 2 to 3 years. The bank offers a 6.85% interest rate on 1-year fixed deposits, 7.25% interest rate for a 3-year term and 6.5% on 5-year FDs.
There are two major types of private banks – universal banks and small finance banks. Small finance banks generally offer a higher interest rate as compared to the universal banks. Thus, guided and regulated by RBI, it is pretty safe to invest in FDs offered by private and small finance banks.
Nationwide launched its market-leading 8% regular saver on 21 September 2023, which followed on from its previous flex issue offering 4.5% AER back in October 2022. The account permitted you to save between £1 and £200 per month, and unlike a lot of other regular savers, this one required no minimum monthly payment.
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