3 Small Finance Bank FDs With Higher Returns Up To 7.5% For General Public

A significant stream of savings with banks to get assured returns are fixed deposits. Generally, interest rates on FDs differ based on the capital invested, deposit tenure, type of depositor and so on. Considering a range of advantages provided by fixed deposits, key coveted is assured returns. That being said, across multiple FD providers, the returns provided on FD vary. Therefore, a significant aspect to glance at before investing in FD is the highest FD interest rates across all banks and NBFCs. And considering the highest interest rates currently, there are many banks that provide good returns ranging from 7% to 7.5% respectively. SBI currently proposes an interest rate of 4.90 per cent for a deposit amount of Rs 2 Cr and a tenure of 1 year and 2 years. Unlike stocks, the return received on a bank FD is fixed and determined at the time of investment. The minimum and maximum duration provided for which it is possible to hold an FD differs from bank to bank. In FD, you can usually invest for a minimum of 7 days up to 10 years. Small finance banks typically offer higher interest rates on fixed deposits as opposed to commercial banks. Several banks are currently providing interest rates ranging from 2.5 to 7.5 per cent on FDs.

Jana Small Finance Bank

On FDs spanning from 7 days to 10 years, Jana Small Finance Bank proposes an interest rate of between 2.5% and 7.50 per cent. The bank offers senior citizens an additional interest of 0.50 per cent. Currently, this bank is giving an interest rate of 4 per cent to 8 per cent to senior citizens respectively. The highest interest rate is offered by Jana Small Finance Bank on deposits maturing in two to three years. For these deposits, the bank provides the general public and senior citizens with an interest rate of 7.25 per cent and 7.75% per cent respectively. The below given FD interest rates of the bank are valid from Dec 22, 2020 and is valid for a deposit amount of Rs 2 Cr.

Utkarsh Small Finance Bank

On FDs maturing in 7 days to 10 years, Utkarsh Small Finance Bank offers interest rates ranging from 3% to 7% to the general public and 3.50 per cent to 7.50 per cent to senior citizens. The highest interest rate on deposits with a maturity term of 700 days is offered by the bank. For these deposits, the bank pays a 7.0 per cent interest rate. For these deposits, senior citizens get an additional 50 basis points. The below-listed interest rates on FDs of Utkarsh Small Finance Bank are valid from Oct-19.

Suryoday Small Finance Bank

For the general public, the Suryoday Bank FD rate varies from 4 per cent to 7.50 per cent. On deposits maturing in 5 years, the bank offers the best interest rate i.e. 7.5 per cent. The current FD interest rates of Suryoday Bank are effective from September-19.