There are still some banks that are offering interest rates of 8 percent and above.
One of the most popular savings instruments in the country are fixed deposits. The government has been cutting down small savings scheme interest rates regularly that includes Fixed Deposits.
The rates were cut as recent as April 1 when the government further slashed the interest earned on small savings deposit by 70 to 140 basis points.
However, despite that, there are several banks in India that still offer 8% and above interest rate on fixed deposits.
| Best FD Offers from Small Finance Banks in India | |||
| Fincare Small Finance Bank | 9.00% | 9.50% | 36 months 1 day to 42 months |
| Jana Small Finance Bank | 8.25% | 8.75% | 1555 days |
| Utkarsh Small Finance Bank | 9.00% | 9.50% | 777 days |
| Equitas Small Finance Bank | 8.25% | 9.85% | 888 days |
As outlined above, new and small finance banks are still offering rates above 8 percent.
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Apart from the small finance banks, there are several commercial banks that are offering close to 8 percent interest on fixed deposits for general users and over 8 percent interest for senior citizens. These rates are among the highest among commercial banks.
Here's the list:
| Best Fixed Deposit Rates by Retail Banks in India | |||
| Bank | FD Interest Rate | Deposit Tenure | |
| Regular Individuals | Senior Citizens | ||
| DCB Bank | 7.70% | 8.00% | 36 months |
| IDFC First Bank | 7.50% | 8.20% | 500 days |
| RBL Bank | 7.45% | 8.00% | 24 months to less than 36 months |
