With the Reserve Bank maintaining a high interest rate regime by keeping the repo rate unchanged, banks have sustained elevated interest rates on term deposits for nearly 18 months in alignment with the RBI’s policy. Recently, many banks have even increased their fixed deposit rates. In this article, we will compare the fixed deposit rates offered by small finance banks in the country, helping you identify which banks are providing the highest returns on their fixed deposits.
Here are the top 10 banks offering the highest FD rates, detailed for general citizens and senior citizens, with rates listed for 1-year, 3-year, and 5-year tenors. Data is sourced from paisabazaar.com.
Unity Small Finance Bank:
Unity Small Finance Bank offers a top FD rate of 9% p.a. to general subscribers and 9.5% to senior citizens on FD tenure of 1001 days. For a 1-year FD, the rate is 7.85%, for a 3-year FD, it’s 8.15%, and for a 5-year FD, it stands at 8.15%. Senior citizens receive an additional 0.50%, making their rates 8.35% for 1 year, 8.65% for 3 years, and 8.65% for 5 years.
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North East Small Finance Bank:
North East Small Finance Bank also provides a maximum FD rate of 9% p.a. to general subscribers and 9.5% to senior citizens on FD tenure of 1111 days. The 1-year FD rate is 7.00%, the 3-year rate is 9.00%, and the 5-year rate is 6.25%. Senior citizens benefit from an additional 0.50%, so their rates are 7.50% for 1 year, 9.50% for 3 years, and 6.75% for 5 years.
Also read: Fixed Deposits: Which banks are offering highest fixed deposit rates in July?
Suryoday Small Finance Bank:
Suryoday Small Finance Bank offers an FD rate of 8.65% p.a. to general customers and 9.15% to senior citizens on FD tenure of 2 years 2 days. For a 1-year FD, the rate is 6.85%, for a 3-year FD, it’s 8.60%, and for a 5-year FD, it is 8.25%. Senior citizens receive an additional 0.24% to 0.50%, resulting in rates of 7.09% for 1 year, 8.84% for 3 years, and 8.49% for 5 years.
Shivalik Small Finance Bank:
Shivalik Small Finance Bank provides an FD rate of 8.55% p.a. to general customers and 9.05% to senior citizens on FD tenure of 18 months to 24 months. The 1-year rate is 6.00%, the 3-year rate is 7.50%, and the 5-year rate is 6.50%. With an additional 0.50% for senior citizens, their rates are 6.50% for 1 year, 8.00% for 3 years, and 7.00% for 5 years.
Equitas Small Finance Bank:
Equitas Small Finance Bank offers an FD rate of 8.50% p.a. to general customers and 9% to senior citizens on FD tenure of 444 days. The rates for a 1-year FD are 8.20%, for a 3-year FD, 8.00%, and for a 5-year FD, 7.25%. Senior citizens receive an additional 0.50%, resulting in rates of 8.70% for 1 year, 8.50% for 3 years, and 7.75% for 5 years.
Utkarsh Small Finance Bank:
Utkarsh Small Finance Bank provides an FD rate of 8.50% p.a. to general customers and 9% to senior citizens on tenure of 2 to 3 years. The 1-year FD rate is 8.00%, for 3 years, it is 8.50%, and for 5 years, 7.75%. With an additional 0.60% for senior citizens, their rates are 8.60% for 1 year, 9.10% for 3 years, and 8.35% for 5 years.
Jana Small Finance Bank:
Jana Small Finance Bank offers an FD rate of 8.25% p.a. to general customers and 8.75% to senior citizens on tenure of 1 year to 3 years. For a 1-year FD, the rate is 8.25%, for 3 years it is 8.25%, and for 5 years, it’s 7.25%. Senior citizens receive an additional 0.50%, so their rates are 8.75% for 1 year, 8.75% for 3 years, and 7.75% for 5 years.
Also read: FD Laddering: How to earn high fixed deposit rates across various tenors through this strategy
Ujjivan Small Finance Bank:
Ujjivan Small Finance Bank provides an FD rate of 8.25% p.a. to general customers and 8.75% to senior citizens on FD tenure of 1 year. The 1-year FD rate is 8.25%, the 3-year FD rate is 7.20%, and the 5-year FD rate is 7.20%. Senior citizens get an additional 0.50%, resulting in rates of 8.75% for 1 year, 7.70% for 3 years, and 7.70% for 5 years.
ESAF Small Finance Bank:
ESAF Small Finance Bank offers an FD rate of 8.25% p.a. to general customers and 8.75% to senior citizens on tenure of 2 to 3 years. The 1-year FD rate is 6.00%, the 3-year FD rate is 6.75%, and the 5-year FD rate is 6.25%. Senior citizens receive an additional 0.50%, resulting in rates of 6.50% for 1 year, 7.25% for 3 years, and 6.75% for 5 years.
SBM Bank:
SBM Bank provides an FD rate of 8.25% p.a. to general customers and 8.75% to senior citizens on tenures ranging 18 months to 2 years 3 days. The rates for a 1-year FD are 7.05%, for a 3-year FD, it’s 7.30%, and for a 5-year FD, it is 7.75%. Senior citizens benefit from an additional 0.50%, giving them rates of 7.55% for 1 year, 7.80% for 3 years, and 8.25% for 5 years.
