The Reserve Bank of India (RBI) has increased the repo rate by 250 basis points (bps) since May 2022. Banks have also hiked the interest rates on fixed deposits in a bid to lure investors.
New Delhi: Fixed deposits have once again become attractive investment areas due to the rising interest rates. The Reserve Bank of India (RBI) has increased the repo rate by 250 basis points (bps) since May 2022. Banks have also hiked the interest rates on fixed deposits in a bid to lure investors.
Listed below is a list of small finance banks that offer attractive rates of interest on fixed deposits up to Rs 2 crore.
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Unity Small Finance Bank
| Tenure | General Interest Rate | Senior Citizens’ Interest Rate |
| 7 to 14 days | 4.50% | 4.50% |
| 15 to 45 days | 4.75% | 4.75% |
| 46 to 60 days | 5.25% | 5.75% |
| 61 to 90 days | 5.50% | 6.00% |
| 91 to 164 days | 5.75% | 6.25% |
| 165 to 180 days | 5.75% | 6.25% |
| 181 to 201 days | 8.75% | 9.25% |
| 202 to 364 days | 6.75% | 7.25% |
| 1 year | 7.35% | 7.85% |
| 1 year 1 day | 7.35% | 7.85% |
| Above 1 year to 500 days | 7.35% | 7.85% |
| 501 Days | 8.75% | 9.25% |
| 502 days to 18 months | 7.35% | 7.85% |
| Above 18 months to 1000 days | 7.40% | 7.90% |
| 1001 days | 9.00% | 9.50% |
| 1002 days to 3 years | 7.65% | 8.15% |
| Above 3 years to 5 years | 7.65% | 8.15% |
| Above 5 years to 10 years | 7.00% | 7.50% |
UTKARSH SMALL FINANCE BANK
| Tenure | General Interest Rate | Senior Citizens’ Interest Rate |
| 7 days to 45 days | 4.00% | 4.75% |
| 46 days to 90 days | 4.25% | 5.00% |
| 91 days to 180 days | 5.00% | 5.75% |
| 181 days to 364 days | 6.00% | 6.75% |
| 365 days to 699 days | 7.15% | 7.90% |
| 700 Days | 7.75% | 8.50% |
| 701 days to 5 years | 7.50% | 8.25% |
| Above 5 years to 10 years | 6.25% | 7.00% |
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SURYODAY SMALL FINANCE BANK
| Tenure | General Interest Rate | Senior Citizens’ Interest Rate |
| 7 days to 14 days | 4.00% | 4.50% |
| 15 days to 45 days | 4.25% | 4.75% |
| 46 days to 90 days | 4.50% | 5.00% |
| 91 days to 6 months | 5.00% | 5.50% |
| Above 6 months to 9 months | 5.50% | 6.00% |
| Above 9 months to less than 1 Year | 6.00% | 6.50% |
| 1 Year | 6.85% | 7.35% |
| Above 1 Year to 1 Year 6 Months | 7.00% | 7.50% |
| Above 1 Year 6 Months to 2 Years | 8.01% | 8.51% |
| Above 2 years to 998 days | 7.51% | 8.01% |
| 999 Days | 8.51% | 8.76% |
| 32 Months 27 Days to 3 Years | 7.25% | 7.75% |
| Above 3 Years to less than 5 Years | 6.75% | 7.25% |
| 5 Years | 7.50% | 7.75% |
| Above 5 years to 10 years | 7.25% | 7.50% |
NORTH EAST SMALL FINANCE BANK
| Tenure | General Interest Rate | Senior Citizens’ Interest Rate |
| 7 days to 14 days | 3.00% | 3.75% |
| 15 days to 29 days | 3.00% | 3.75% |
| 30 days to 45 days | 3.50% | 4.25% |
| 46 days to 90 days | 4.50% | 5.25% |
| 91 days to 180 days | 4.75% | 5.50% |
| 181 days to 365 days | 6.50% | 7.25% |
| 366 days to 776 days | 7.25% | 8.00% |
| 777 days | 7.50% | 8.25% |
| 778 days to 1095 days | 7.25% | 8.00% |
| 1096 days to 1110 days | 6.50% | 7.25% |
| 1111 days | 8.00% | 8.75% |
| 1112 days to 1825 days | 6.50% | 7.25% |
| 1826 days to 3650 days | 6.25% | 7.00% |
ESAF SMALL FINANCE BANK
| Tenure | General Interest Rate | Senior Citizens’ Interest Rate |
| 7 days to 14 days | 4.00% | 4.50% |
| 15 days to 59 days | 4.50% | 5.00% |
| 60 days to 90 days | 5.00% | 5.50% |
| 91 days to 182 days | 5.25% | 5.75% |
| 183 days to 1 year | 5.50% | 6.00% |
| 1 year 1 day to less than 2 years | 7.25% | 7.75% |
| 2 years to 998 days | 7.50% | 8.00% |
| 999(2 years 8 months & 26 days)* | 8.00%* | 8.50% |
| 1000 days to less than 3 years | 7.50% | 8.00% |
| 3 years to less than 5 years | 5.75% | 6.25% |
| 5 years to 10 years | 5.25% | 5.75% |
THINGS TO KEEP IN MIND WHILE INVESTING IN SMALL FINANCE BANK FD SCHEMES
Small finance banks have limited lending scope and are considered riskier than traditional scheduled commercial banks. Therefore, depositors prefer to invest in FDs of the latter.
Small finance banks offer higher interest rates than private or public sector banks to reward depositors for the extra risk and make their FDs attractive to investors.
Check the track record and financial strength of the bank. You should not compromise on the safety of your hard-earned money just to get some extra returns.
