FD Rates: To tackle the issue of rising inflation, the Reserve Bank of India (RBI) began raising the repo rate from May of the previous year. As a result, many public, private, and small finance banks responded by increasing the interest rates on Fixed Deposits (FDs).
Currently, it is the small finance banks that are offering higher interest rates to customers compared to other public and private sector banks. In fact, some small finance banks are providing FDs with interest rates exceeding 9%. Let’s explore which banks are offering the highest interest rates, giving individuals an opportunity to make the most of their investments.
Top Small Finance Banks Offering Lucrative FD Rates
If you’re considering investing in Fixed Deposits (FDs), here are some small finance banks that offer attractive interest rates:
1. Unity Small Finance Bank: This bank provides a 9.00% interest rate to the general public and 9.50% to senior citizens on 1001-day FDs. Additionally, they offer a 9.25% interest rate on FDs ranging from 181 to 201 days.
2. Jana Small Finance Bank: For FDs lasting over two to three years, this bank offers an 8.50% interest rate to the general public and 9.00% to senior citizens. The interest rates provided by Jana Small Finance Bank range from 4.25% to 9.00% for different durations.
3. Suryoday Small Finance Bank: This bank offers a 9.00% interest rate to the general public and 9.60% to senior citizens on 999-day FDs. Suryoday Finance provides a maximum interest rate of 9.60% to its customers. The bank’s interest rates range from 4.50% to 9.60%, and the new rates came into effect on May 5.
4. Equitas Small Finance Bank: Equitas offers an 8.50% interest rate to the general public and 9.00% to senior citizens on 888-day FDs. These revised rates were implemented on April 11.
5. ESAF Small Finance Bank: Senior citizens can benefit from a 9.00% interest rate on FDs lasting more than 2 years but less than 3 years. The general public receives an 8.50% interest rate from ESAF Small Finance Bank.
