RBI-approved Small Finance Banks in India offering 8-9 percent interest on fixed deposits, check details

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The Reserve Bank of India (RBI) recently increased the repo rate, which has caused banks to increase their fixed deposit (FD) interest rates. This change has been especially beneficial for customers of small finance banks, which have been offering interest rates of 8 to 9 percent on FDs.

Ujjivan Small Finance Bank (SFB) has applied its new interest rates, offering 8.00 per cent to the general public and 8.75 per cent to senior citizens, to FDs with a maximum deposit term of 560 days. These rates are effective as of November 5, 2022.

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Similarly, Utkarsh SFB has implemented new interest rates of 8.00 per cent for the general public and 8.75 per cent for senior citizens on FDs with a maximum deposit term of 700 days, effective November 21, 2022.

Equitas SFB has also updated its interest rates, offering 8.00 per cent to the general public and 8.50 per cent to senior citizens on FDs with a maximum deposit term of 888 days. These rates are effective as of December 14, 2022.

Fincare SFB has implemented new interest rates of 8.00 per cent for the general public and 8.50 per cent for senior citizens on FDs with a maximum deposit term of 1000 days, effective December 16, 2022.

Unity SFB has updated its interest rates, offering 8.50 per cent to the general public and 9.00 per cent  to senior citizens on FDs with maximum deposit terms of 181 days and 501 days. These rates are effective as of November 21, 2022.

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Suryoday SFB has applied new interest rates of 8.51 per cent for the general public and 8.76 per cent for senior citizens to FDs with a maximum deposit term of 999 days, effective December 21, 2022.

ESAF SFB has also updated its interest rates, offering 8.00 per cent to the general public and 8.51 per cent to senior citizens on FDs with a maximum deposit term of 999 days, effective December 15, 2022.

Finally, Jana SFB has implemented new interest rates of 7.85 per cent for the general public and 8.80 per cent for senior citizens on FDs with a maximum deposit term of 2 to 3 years, effective December 15, 2022.

It is worth noting that these interest rate increases from small finance banks come after the RBI’s repo rate increase