Several banks have revised their fixed deposit rates in the past few months, with small finance banks offering up to 9.5% FD interest to its customers.
Best fixed deposit (FD) rates in July: With the Reserve Bank maintaining the key interest rate unchanged for the past nearly 1.5 years, banks and non-bank lenders have been offering high interest rates on fixed deposits for various tenures. Certain banks are offering rates up to 9.5% to their senior citizen FD customers.
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Compared to large public and private sector banks, small finance banks offer higher FD rates to customers as the latter find themselves in tough competition with their larger peers in terms of getting more customers and building a deposit base.
As newer entities, small finance banks use competitive rates to draw in customers. Another thing that works in the favour of small finance banks is that they have lower operational costs and a focus on rapid growth, which enable them in passing on benefits to their customers. Which are the banks offering the highest fixed deposit rates in July 2024?
Check out the best interest rates offered by these 10 small finance banks, based on paisabazaar data:
North East Small Finance Bank FD rates:
North East Small Finance Bank, a scheduled bank by the RBI, offers fixed deposit interest rates of 3.25%-9% per annum to the general public and 3.75%-9.50% per annum to senior citizens. These rates are applicable on tenures ranging from 7 days to 10 years.
Being a scheduled bank, its depositors are eligible for deposit insurance provided by the Depositor Insurance and Credit Guarantee Corporation (DICGC). The deposit insurance cover from DICGC, an RBI subsidiary, insures cumulative deposits up to Rs 5 lakh made by each depositor.
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Unity Small Finance Bank FD rates:
Unity Small Finance Bank offers FD interest rates of 4.50%-9% per annum to the general public and 4.50%-9.50% per annum to senior citizens on tenures ranging from 7 days to 10 years.
Suryoday Small Finance Bank FD rates:
Suryoday Small Finance Bank offers FD interest rates of 4%-8.65% per annum to the general public and 4.50%-9.10% per annum to senior citizens on tenures ranging from 7 days to 10 years. The bank is providing interest rate of 8.25% for the general public on tax saving FDs and 8.75% for senior citizen depositors for tenures of 5 years.
Suryoday Small Finance Bank also offers various fixed deposit products for NRIs, such as NRO and NRE fixed deposits.
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Utkarsh Small Finance Bank FD rates:
Utkarsh Small Finance Bank offers interest rates of 4%-8.50% per annum to the general public and 4.75%-9.10% per annum to senior citizens on tenures ranging from 7 days to 10 years. Utkarsh Small Finance Bank Tax Saving FDs fetch investors 7.50% per annum for the general customers and 8.10% per annum for senior citizens for tenures of 5 years.
Shivalik Small Finance Bank FD rates:
Shivalik Small Finance Bank is offering general customers 3.50%-8.55% interest rates per annum and 4%-9.05% per annum to senior citizens. These rates are applicable on tenures ranging from 7 days to 10 years. Interest rate on Shivalik Small Finance Bank Tax Saving FDs is 6.50% for the general public and 7% for senior citizens for tenures of 5 years.
Equitas Small Finance Bank FD rates:
Equitas Small Finance Bank offers FD interest rates of 3.5%-8.5% to the general customers and 4-9% per annum to senior citizens. The tenors for these rates span from 7 days to 10 years. Equitas Small Finance Bank also offers various FD schemes for NRIs, such as NRO, and NRE fixed deposits.
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Jana Small Finance Bank FD rates:
Jana Small Finance Bank is offering its general customers interest rates of 3%-8.25% per annum and 3.5%-8.75% per annum to senior citizens on tenures of 7 days to 10 years. On Jana Small Finance Bank Tax Saving FDs, the interest rate is 7.25% per annum for the general public and 7.75% per annum for senior citizens for tenures of 5 years.
Ujjivan Small Finance Bank FD rates:
Ujjivan Small Finance Bank is offering general customers FD interest rates of 3.75%-8.25% per annum and 4.25%-8.75% per annum to senior citizens. The tenures range from 7 days to 10 years. Ujjivan Small Finance Bank Tax Saving FDs interest rate is 7.20% per annum for the general public and 7.70% per annum for senior citizens for tenures of 5 years.
ESAF Small Finance Bank FD rates:
ESAF Small Finance Bank is offering FD interest rates of 4%-8.25% per annum to the general public and 4.5%-8.75% per annum to senior citizens on tenures ranging from 7 days to 10 years.
AU Small Finance Bank FD rates:
AU Small Finance Bank is giving general customers FD interest rates of 3.75%-8% per annum. Senior citizens get 4.25%-8.5% annually on tenures ranging from 7 days to 10 years. Its tax saving FDs fetch 7.25% for the general public and 7.75% for senior citizen depositors for tenures of 5 years.
