While commercial banks currently provide interest rates up to 6.2 per cent on retail fixed deposits - or term deposits up to Rs 2 crore, and the post office up to 6.7 per cent, few banks provide higher returns on select maturity options. These are small finance banks, which are lenders focused primarily on financial inclusion. Just like their larger counterparts, these banks also provide a variety of maturity options starting from seven days to as long as 10 years.
While commercial banks currently provide interest rates up to 6.2 per cent on retail fixed deposits - or term deposits up to Rs 2 crore, and the post office up to 6.7 per cent, few banks provide higher returns on select maturity options. These are small finance banks, which are lenders focused primarily on financial inclusion. Just like their larger counterparts, these banks also provide a variety of maturity options starting from seven days to as long as 10 years.
Small finance banks from the likes of Ujjivan, Equitas, Utkarsh, AU and Jana offer annual returns of 3.5-interest rates to the tune of 3.05-8.5 per cent per annum on retail fixed deposits, according to their websites.
Here's a comparison of interest rates offered on fixed deposits by small finance banks:
Equitas Small Finance Bank
Equitas Small Finance Bank provides a 60-basis-point higher return to senior citizen depositors (not applicable for NRE and NRO accounts), according to its website.
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank provides a 50-basis-point (0.5 percentage point) higher return to senior citizens, according to its website.
Jana Small Finance Bank
Utkarsh Small Finance Bank
AU Small Finance Bank
Just like the country's top commercial banks, small finance banks also offer a variety of maturity options for term deposits to their customers, starting from seven days to as long as 10 years.
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