For the general public, some small finance banks are offering interest rates up to 9% per annum, on tenures ranging from one to five years. Senior citizens are offered 0.25% to 0.75% higher interest rates.
Fixed deposits (FDs), also known as term deposits or time deposits, are considered a much safer investment tool. Banks and other financial institutions allow customers to put a certain amount of money in fixed deposits for a set period and earn guaranteed returns at a fixed interest rate.
Withdrawal of money from FDs is allowed with a penalty during the investment period. Generally, FDs offer higher interest rates compared to standard savings accounts. People looking for guaranteed returns with minimal risk often choose fixed deposits.
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For the general public, some small finance banks are offering interest rates up to 9% per annum, on tenures ranging from one to five years. Senior citizens are offered 0.25% to 0.75% higher interest rates compared to the rates offered to the general public. Let’s look at current interest rates offered by five small finance banks – Suryoday Small Finance Bank, Unity Small Finance Bank, Utkarsh Small Finance Bank, Equitas Small Finance Bank and Jana Small Finance Bank.
Here are the fixed deposit interest rates for tenures ranging from 1 to 5 years offered by these small finance banks.
Suryoday Small Finance Bank FD rates
Suryoday Small Finance Bank is currently offering a 9% interest rate on FDs of 5 years tenure for the general public. The interest rate is 8.6% on 3-year FDs and 6.85% on 1-year deposits for general customers. On tax saving FDs, the small finance bank is offering interest rate of 9.01% per annum for the general public and 9.25% per annum for senior citizens for a tenure of 5 years.
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Unity Small Finance Bank FD rates
Unity Small Finance Bank is offering an interest rate of 8.15% on FDs of 5 years tenure for the general public. The interest rates on 3-year and 1-year deposits are 8.15% and 7.85%, respectively. On tenures ranging up to 10 years, general customers are offered up to 9% per annum interest rate. The bank is currently offering 9.5% per annum interest rate on tenures up to 10 years for senior citizens.
Utkarsh Small Finance Bank FD rates
Utkarsh Small Finance Bank’s current fixed deposit interest rate for a 5-year tenure is 7.5% per annum. The small finance bank’s interest rates on FDs of 3-year and 1-year tenures are 8.5% and 8%, respectively. On tenures up to 10 years, the lender is offering up to 8.5% per annum FD rate for the general public. Senior citizens are offered up to 9.1% interest rate on FDs of up to 10-year tenures. The interest rate on tax saving FDs is 7.5% per annum for the general public and 8.1% per annum for senior citizens for a tenure of 5 years.
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Equitas Small Finance Bank FD rates
Equitas Small Finance Bank is currently offering an interest rate of 7.25% on FDs of 5 years tenure. On 3-year and 1-year FDs, the bank provides rates of 8% and 8.2%, respectively. On tenures up to 10 years, the rate is 8.5% per annum for the general public and 9% per annum for senior citizens.
Jana Small Finance Bank FD rates
Jana Small Finance Bank’s FD interest rate for a 5-year tenure is 7.25% per annum for the general public. The bank offers 7.25% and 8.5% interest rates on FDs with tenures of 3 years and 1 year, respectively. It is offering up to 9% per annum interest rate for senior citizens opting for tenures up to 10 years. On Jana Small Finance Bank Tax Saving FDs, the rate is 7.25% per annum for the general public and 7.75% per annum for senior citizens for a tenure of 5 years.
