As SBI Fixed Deposit Interest Rates Rise, Small Finance Banks Pay As High As 9%

Even after increasing the fixed deposit (FD) interest rates on May 28, the State Bank of India still offers the rate of just 6.65 per cent on its one-year fixed deposits (FD). As the SBI FD interest rates continue to stay below the 7 per cent level, the depositors now have a reason to look for alternative savings. Even the post offices fixed deposits also pay just 6.6 per cent on its one-year deposits, the interest rates offered by small finance banks outpace their large counterparts by a wide margin, sometimes as high as 225 basis points (2.25 per cent).

Sample this. Ujjivan small finance bank offers FD interest rate of 8 per cent on its one-year fixed deposits (FDs).

Ujjivan Small Finance Bank Fixed Deposit (FD) Interest Rates

Even after increasing the fixed deposit (FD) interest rates on May 28, the State Bank of India still offers the rate of just 6.65 per cent on its one-year fixed deposits (FD). As the SBI FD interest rates continue to stay below the 7 per cent level, the depositors now have a reason to look for alternative savings. Even the post offices fixed deposits also pay just 6.6 per cent on its one-year deposits, the interest rates offered by small finance banks outpace their large counterparts by a wide margin, sometimes as high as 225 basis points (2.25 per cent).

Sample this. Ujjivan small finance bank offers FD interest rate of 8 per cent on its one-year fixed deposits (FDs).

Ujjivan Small Finance Bank Fixed Deposit (FD) Interest Rates