Interest rates on fixed deposits (FD) are also falling along with the economy. Some of India's largest banks including State Bank of India, ICICI Bank, and HDFC Bank are not offering more 6.5% returns on FD. However, some small finance banks (SFBs) are offering up to 8.25% interest on fixed deposits. And up to .50% more for senior citizens.
It is because FDs are a cheaper source of fund for small banks and attract more money they offer relatively higher interest rates. According to financial planner, you can deposit up to 10% of your FD portfolio in these banks to earn higher interest rates.
Check out this list of small finance banks that are offering up to 9% rate of interest on FDs.
Also Read: Planning to Invest in a Fixed Deposit? This Might Help!
Suryoday Small Finance Bank FD interest rates
Suryoday Small Finance Bank has revised its FD interest rates on August 1, 2020. It now offers the maximum interest rate of 8.25% on 5-year FD. Senior citizens will get 8.50% interest on this FD and an additional 50 basis points on FDs of other tenure.
Here are the latest rates on FD based on the tenure of your investment.
7 days to 14 days - 4%
15 days to 45 days - 4%
46 days to 90 days - 5%
91 days to 6 months - 5.50%
Above 6 months to 9 months - 6.50%
Above 9 months to less than 1 year - 7.00%
1 year to 2 years - 7.25%
Above 2 years to 3 years - 8.10%
Above 3 years to less than 5 years - 7.75%
5 years - 8.25%
Above 5 years to 10 years - 7.25%
North East Small Finance Bank latest FD interest rates
North East Small Finance Bank offers fixed deposits between 7 days to 10 years. It gives the highest interest of 8% on fixed deposits maturing in 730 days to less than 1095 days.
Here is the detailed list:
7-14 days 4%
15-29 days 4%
30-45 days 4%
46-90 days 4.25%
91-180 days 4.5%
181-364 days 5.5%
365 days to 729 days 7.50%
730 days to less than 1095 days 8%
1096 days to less than 1825 days 7%
1826 days to less than 3650 days 6.5%
Utkarsh Small Finance Bank latest FD interest rates
Utkarsh Small Finance Bank offers the highest interest rate of 8% on fixed deposits maturing in 700 days. For FDs maturing in the time period of 701 days to 3652 Days, it gives 7.75%. Senior citizens will get 50 basis points (bps) extra on these fixed deposits.
Here is the detailed list:
7 Days to 45 Days - 3.50%
46 Days to 90 Days - 4.00%
91 Days to 180 Days - 4.50%
181 Days to 364 Days - 6.50%
365 Days to 699 Days - 7.75%
700 Days - 8.00%
701 Days to 3652 Days - 7.75%