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Fixed Deposit: Check Which Bank Is Offering Over 8% Return Rate

Fixed deposits (FDs) are the best ways to save money for emergencies. If you have just started your career, opening a fixed deposit may be an ideal way to begin your savings. FDs are seeing renewed interest after the Reserve Bank of India raised the key rates by 250 basis points between May 2022 and February 2023. Also, the current return rates, which are touching 8%, have made FDs an attractive option to park your money. Offering guaranteed returns and capital appreciation, FDs are now a preferred choice for low-risk investors.

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Fixed deposits allow you to invest funds for a fixed tenure at a predetermined interest rate. Interest rates offered by FDs are comparatively higher than what a savings account offers, while their tenure typically ranges from 7 days to 10 years. On maturity, investors can withdraw the accumulated sum or re-invest it into another FD.

Many leading banks have recently hiked interest rates on fixed deposits across different tenors. However, small finance banks are currently offering above-average FD returns and may be a suitable option to get higher returns. However, you should pick a small finance bank after proper risk assessment. Here are the interest rates being offered by several leading small finance banks today.

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Bank<1year1 to 2years2 to 3years3 to 5years
AU Small Finance Bank6.357.7587.75
Equitas Small Finance Bank67.58.27.25
Fincare Small Finance Bank5.57.58.117
Jana Small Finance Bank78.158.17.35
Suryoday Small Finance Bank68.018.517.5
Ujjivan Small Finance Bank6.58.257.757.2

Disclaimer: Data taken from respective bank websites on March 17, 2023. All rates for normal FDs amounting to less than Rs.1 crore.

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