These Banks Pay Up To 9.55% Interest On Fixed Deposits Below Rupees 1 Crore

tate Bank of India (SBI), offers 6.8 per cent interest for a tenure of one year to less than two years.

Small finance banks (SFBs) are niche banks which aim to extend financial services to under-banked customers. Since these banks are new, they offer higher interest rates than mainstream banks because they want to attract more customers. They also offer door-step services to customers. Consider this: on deposits below Rs. 1 crore, the largest lender of the country, State Bank of India (SBI), offers 6.8 per cent interest for a tenure of one year to less than two years. Jana Small Finance Bank offers 8.5 per cent for 181-365 days; Ujjivan Small Finance Bank pays 7.5 per cent on a tenor of 180 days to 364 days and Equitas Small Finance Bank pays 7.50 per cent for a period of 271 – 364 days.

Given below are fixed deposit interest rates of Jana Small Finance Bank, Ujjivan Small Finance Bank and Equitas Small finance Bank:

FD interest rates of Jana Small Finance Bank

Period Interest Rate (per annum)
7 days to 45 days 6.00%
46 days to 60 days 6.50%
61 days to 180 days 7.00%
181 days to 365 days 8.50%
More than 1 year up to 2 years 8.50%
More than 2 years up to 3 years 8.50%
More than 3 years up to 5 years 8.50%
More than 5 years up to 10 years 7.00%
Source: janabank.com

(Also Read: This Zero Balance SBI Savings Account Can Be Opened Even Without Valid Documents)

Senior Citizens get an additional 0.6 per cent interest over and above the FD interest rate, the lender said.

FD interest rates of Ujjivan Small Finance Bank

TENURE Interest Rate (per annum)
(Under Rs. 1 Crore)
7 Days to 29 Days 5.50%
30 Days to 89 Days 6.25%
90 Days to 179 Days 6.75%
180 Days to 364 Days 7.50%
1 Year to 2 Years 8.30%
2 Years and 1 Day to 734 Days 7.50%
735 Days 8.25%
736 Days to 798 Days 7.50%
799 Days 8.60%
800 Days to 3 Years 7.50%
3 Years and 1 Day to 5 Years 7.00%
5 Years and 1 Day to 10 Years 6.50%
Additional Interest Rate for Senior Citizens 0.50%
Source: ujjivansfb.in

(Also Read: SBI’s Multi-Option Deposit Scheme: Here Are 10 Things To Know)

FD interest rates of Equitas Small Finance Bank

Tenure Interest rates for amount less than Rs. 1 crore
w.e.f 1st Nov 2018
7-14  days 5.00%
15 – 29 days 5.50%
30 – 45 days 6.00%
46 – 62 days 6.25%
63 – 90 days 6.25%
91 – 120 days 6.50%
121 – 180 days 6.50%
181 – 210 days 6.75%
211- 270 days 6.75%
271 – 364 days 7.50%
1 year to 18 months 8.50%
18 months 1 day to 2 years 8.75%
2 years 1 day to 3 years 8.80%
3 years 1 day to 4 years 7.00%
4 years 1 day to 5 years 7.00%
5 years 1 day to 10 years 7.00%
Source: equitasbank.com

(Also Read: Looking To Invest In Post Office Recurring Deposit? 10 Things To Know)

COMMENT

A total of 0.75 per cent extra interest rate is paid to senior citizens, the lender said.

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