Fixed deposits At 9.10%. Check Which Bank Is Offering This Highest Rate

 

Small Finance Banks (SFBs) are a category of banks in India that were established to cater to the unbanked and underbanked sections of the population, including micro and small enterprises, low-income households, farmers, and small businesses. And they’re making a splash with deposit rates.

These banks are regulated by the Reserve Bank of India and are required to adhere to the same prudential norms and regulations as other banks. SFBs are attractive to depositors because they offer some of the highest deposit rates in the market.

Read More: ICICI Bank revises MCLR: check new loan rates

They’re able to do this by lending at higher rates than larger banks. Their higher-yielding assets help them pay depositors these above-average deposit rates which are now exceeding 9% in some cases.

Most SFBs today offer deposit rates above 8%, with senior citizens being offered 9%. But higher returns often come with higher risks which depositors must understand. Depositors should carefully evaluate the credibility and financial strength of SFBs before investing their money.

Read More: From RBI’s Monetary Policy To Mutual Funds On Children’s Behalf, 8 Changes From June

Adhering to the DICGC insurance coverage limit of ₹5 lakh may help depositors keep their money in case their bank undergoes a crisis.

BankHighest RateTenor For Highest RateSenior Citizen PremiumSenior Citizen Rates
Suryoday Small Finance Bank9.10999 days0.509.60
Unity Small Finance Bank9.001001 days0.509.50
Ujjivan Small Finance Bank8.45560 days0.759.20
Fincare Small Finance Bank8.411000 days0.609.01
ESAF Small Finance Bank8.502 to < 3 years0.509.00
Equitas Small Finance Bank8.50888 days0.509.00
Utkarsh Small Finance Bank8.251000-1500 days0.608.85
Jana Small Finance Bank8.15500 days0.708.85
North East Small Finance Bank8.001111 days0.758.75
Shivalik Small Finance Bank8.0018 to 36 months0.508.50
AU Small Finance Bank8.00> 24 months to 36 months0.508.50
Capital Small Finance Bank7.6012 months; 600 days0.658.25

Read More: Mutual Funds For Senior Citizens: Advantages, Disadvantages That Investors Should Know

Compiled by BankBazaar.com. BankBazaar takes no guarantee for the accuracy of this information. Investors are advised to invest their money after assessing banking risks. Interest rates as advertised by the bank/company on May 22, 2023. Rates pertain to retail deposits. Rates will change as per the bank or company’s policies. Special FD schemes are for limited periods. Highest rates for each bank or company are mentioned here. For companies, the highest cumulative rate is mentioned. Some rates are as per special schemes which for limited periods. In some cases, higher rates may be available to super senior citizens, employees, bulk depositors, or non-callable depositors. Please contact your bank or preferred company for details of deposit schemes.  BankBazaar.com is India’s largest fintech co-brand credit card issuer.

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