Best FD rates in September 2024: There are expectations that the RBI would lower the repo rate, probably in December. This will lead to fixed deposit rates of banks coming down.
There are speculations that the high fixed deposit regime may be over soon amidst chances that the Reserve Bank might consider starting rate cut as early as from December 2024. Last month, the US Federal Reserve cut interest rates by 0.50% and many central banks globally are considering softening their rates. This has led to expectations that the RBI would also lower the repo rate, probably in December. It has to be seen that how the RBI responds to the global central banks rate cuts going ahead.
But, if the Reserve Bank cuts the rate in December, we might see that fixed deposit rates too coming down. For almost two years, FD investors, across banks and NBFCs, have earned high interest rates on their deposits. In this story, we will explore the list of top 10 small finance banks that are offering best interest rates on their fixed deposits to general customers and senior citizens.
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Here are the top 10 banks offering the highest FD rates. Data is sourced from paisabazaar.com.
Unity Small Finance Bank
Unity Small Finance Bank offers the best FD rate of 9% to general customers and 9.5% for senior citizens on a 1001-day term. Rates are 7.85% for 1 year, 8.15% for 3 years, and 8.15% for 5 years. Senior citizens get an extra 0.50%, making their rates 8.35%, 8.65%, and 8.65% for the same terms.
North East Small Finance Bank
This bank provides a maximum FD rate of 9% for general customers and 9.5% for senior citizens on an 1111-day term. Rates are 7% for 1 year, 9% for 3 years, and 6.25% for 5 years. Senior citizens are offered an additional 0.50%, resulting in rates of 7.50%, 9.50%, and 6.75%.
Suryoday Small Finance Bank
This small finance bank offers an FD rate of 8.65% for general customers and 9.15% for senior citizens on a 2-year 2-day term. Rates are 6.85% for 1 year, 8.60% for 3 years and 8.25% for 5 years. Senior citizens get an extra 0.24% to 0.5%, yielding rates of 7.09%, 8.84% and 8.49%.
Shivalik Small Finance Bank
This small finance bank offers an FD rate of 8.55% for general customers and 9.05% for senior citizens on terms of 18 months to 24 months. Rates are 6% for 1 year, 7.50% for 3 years, and 6.50% for 5 years. With an extra 0.50%, senior citizens get 6.50%, 8%, and 7%.
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank’s FD rate stands at 8.5% for general customers and 9.10% for senior citizens on a 2 to 3-year term. Rates are 8% for 1 year, 8.5% for 3 years, and 7.75% for 5 years. Senior citizens get an additional 0.60%, resulting in rates of 8.60%, 9.10%, and 8.35%.
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Jana Small Finance Bank
Jana Small Finance Bank offers an FD rate of 8.25% for general customers and 8.75% for senior citizens on terms of 1 to 3 years. The rates are 8.25% for 1 year, 8.25% for 3 years, and 7.25% for 5 years. Senior citizens receive an additional 0.50%, making their rates 8.75%, 8.75%, and 7.75%.
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank offers an FD rate of 8.25% for general customers and 8.75% for senior citizens on a 1-year term. Rates are 8.25% for 1 year, 7.20% for 3 years, and 7.20% for 5 years. Senior citizens receive an extra 0.50%, resulting in rates of 8.75%, 7.70%, and 7.70%.
ESAF Small Finance Bank
This bank offers an FD rate of 8.25% for general customers and 8.75% for senior citizens on terms of 2 to 3 years. Rates are 6% for 1 year, 6.75% for 3 years and 6.25% for 5 years. Senior citizens get an additional 0.50%, resulting in rates of 6.50%, 7.25%, and 6.75%.
Equitas Small Finance Bank
Equitas Small Finance Bank offers an FD rate of 8.5% for general customers and 9% for senior citizens on a 444-day term. Rates are 8.2% for 1 year, 8% for 3 years, and 7.25% for 5 years. Senior citizens receive an additional 0.5%, leading to rates of 8.7%, 8.5%, and 7.75%.
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SBM Bank
SBM Bank provides an FD rate of 8.25% for general customers and 8.75% for senior citizens on terms of 18 months to 2 years 3 days. Rates for 1 year are 7.05%, for 3 years, 7.3%, and for 5 years, 7.75%. Senior citizens benefit from an additional 0.50%, giving them rates of 7.55%, 7.80%, and 8.25%.
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