Highest FD charges: Small finance banks present nice rates of interest on fixed deposits (FDs), with some going as excessive as 9%. If you are in search of high charges, you may want to make investments quickly, as charges might go down later. Before you make investments, check out the very best FD charges from small finance banks. Remember, these charges apply to deposits up to Rs 2 crore.
However, in accordance to an ET report, due to their distinctive enterprise mannequin, small finance banks have a distinct danger profile in contrast to common business banks.This implies that fixed deposits from these banks can’t be in contrast to these in full-service banks owing to the chance profile.
However, deposits in small finance banks are insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, overlaying each principal and curiosity. Experts recommend that common buyers ought to restrict their funding in small finance financial institution FDs to guarantee it is inside this insurance coverage restrict. This method, if one thing goes incorrect, they’re protected.
ALSO READ | Short-term fixed deposits: Earn FD charges up to 8.75%; high banks for highest rates of interest for lower than 1 12 months tenure
Here’s a list of small finance banks providing the best fixed deposit (FD) rates of interest:
1. Unity Small Finance Bank
Unity Small Finance Bank provides a 9% rate of interest on fixed deposits (FDs) with a 1001-day maturity.
2. Suryoday Small Finance Bank
Suryoday Small Finance Bank offers an 8.65% rate of interest for FDs maturing in two years and two days.
3. Ujjivan Small Finance Bank
Ujjivan Small Finance Bank provides an 8.5% rate of interest for FDs with a maturity of 15 months.
4. Jana Small Finance Bank
Jana Small Finance Bank offers an 8.5% rate of interest for FDs maturing in one year.
5. Equitas Small Finance Bank
Equitas Small Finance Bank provides an 8.5% rate of interest for FDs maturing in 444 days.
6. Utkarsh Small Finance Bank
Utkarsh Small Finance Bank offers an 8.5% rate of interest for FDs with maturities between two and three years.
ALSO READ | High FD rates of interest for senior residents: Get up to 8.1% on 3-year fixed deposits; check banks list here
Highest FD rates of interest by small finance banks
However, in accordance to an ET report, due to their distinctive enterprise mannequin, small finance banks have a distinct danger profile in contrast to common business banks.This implies that fixed deposits from these banks can’t be in contrast to these in full-service banks owing to the chance profile.
However, deposits in small finance banks are insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, overlaying each principal and curiosity. Experts recommend that common buyers ought to restrict their funding in small finance financial institution FDs to guarantee it is inside this insurance coverage restrict. This method, if one thing goes incorrect, they’re protected.
ALSO READ | Short-term fixed deposits: Earn FD charges up to 8.75%; high banks for highest rates of interest for lower than 1 12 months tenure
Here’s a list of small finance banks providing the best fixed deposit (FD) rates of interest:
1. Unity Small Finance Bank
Unity Small Finance Bank provides a 9% rate of interest on fixed deposits (FDs) with a 1001-day maturity.
2. Suryoday Small Finance Bank
Suryoday Small Finance Bank offers an 8.65% rate of interest for FDs maturing in two years and two days.
3. Ujjivan Small Finance Bank
Ujjivan Small Finance Bank provides an 8.5% rate of interest for FDs with a maturity of 15 months.
4. Jana Small Finance Bank
Jana Small Finance Bank offers an 8.5% rate of interest for FDs maturing in one year.
5. Equitas Small Finance Bank
Equitas Small Finance Bank provides an 8.5% rate of interest for FDs maturing in 444 days.
6. Utkarsh Small Finance Bank
Utkarsh Small Finance Bank offers an 8.5% rate of interest for FDs with maturities between two and three years.
ALSO READ | High FD rates of interest for senior residents: Get up to 8.1% on 3-year fixed deposits; check banks list here
Highest FD rates of interest by small finance banks
| Bank Name | Highest Interest price | Tenure |
| Unity Small Finance Bank | 1001 days | |
| Suryoday Small Finance | 8.65% | 2 years 2 days |
| Ujjivan Small Finance Bank | 8.50% | 15 months |
| Jana Small Finance Bank | 8.50% | one year |
| Equitas Small Finance Bank | 8.50% | 444 days |
| Utkarsh Small Finance Bank | 8.50% | two years and three years |
Source: Paisabazar.com as of April 27, 2024 quoted by ET
7. ESAF Small Finance Bank
ESAF Small Finance Bank provides an 8.25% rate of interest for FDs maturing between two years and fewer than three years.
8. AU Small Finance Bank
AU Small Finance Bank provides an 8% rate of interest for FDs maturing in 18 months.
