When it comes to investment with a guaranteed return, still people prefer to park their hard-earned money in a fixed deposit as it is a low-risk investment tool. So, before you decide to open an FD, it’s very important to compare the rates across various tenure. Investors are most likely to put their money in a bank that gives them the highest interest rate. But the rate offered by top lenders like the State Bank of India (SBI), HDFC Bank, ICICI Bank and others have been falling for some time. On the contrary, some small finance banks (SFBs) are offering higher interest rates when compared to bigger and established players.
Small finance banks offer the highest interest rate ranging from 6.75% and 7%. According to its website, Suryoday Small Finance Bank offers interest ranging from 3.25% to 6.75% on deposits maturing in 7 days to 10 years.
North East Small Finance Bank offers an interest rate ranging from 3% to 7% on FDs maturing in 7 days to 10 years.
Jana Small Finance Bank offers interest rates ranging from 2.5% to 6.75%. Utkarsh Small Finance Bank offers interest rates ranging from 3% to 6.75%
SBI FDs between 7 days to 10 years will give 2.9% to 5.4% to general customers.
HDFC Bank offers interest ranging from 2.50% to 5.50% on deposits maturing between 7 days and 10 years.
ICICI Bank gives interest rates ranging from 2.5% to 5.50% on deposits maturing in 7 days to 10 years.
