Fixed deposits of small finance banks offer higher interest rates than larger peers like State Bank of India (SBI), HDFC Bank and ICICI Bank, all of which recently hiked their FD interest rates. Small finance banks cater to niche customers, especially focussing on extending banking facilities to the under-banked customers. Since these banks are new and need more customers, interest rates on their deposit schemes are much higher than larger lenders, say experts. Consider this: on a one-year fixed deposit, while SBI offers FD interest rate of 6.7 per cent, HDFC Bank 7.25 per cent and ICICI Bank 6.75 per cent, Jana Small Finance Bank offers 8 per cent, Utkarsh Small Finance Bank 8.25 per cent, Equitas Small Finance Bank 8 per cent, Suryoday Small Finance Bank 8.5 per cent and North East Small Finance Bank 8.5 per cent.
Fixed deposits of small finance banks offer higher interest rates than larger peers like State Bank of India (SBI), HDFC Bank and ICICI Bank, all of which recently hiked their FD interest rates. Small finance banks cater to niche customers, especially focussing on extending banking facilities to the under-banked customers. Since these banks are new and need more customers, interest rates on their deposit schemes are much higher than larger lenders, say experts. Consider this: on a one-year fixed deposit, while SBI offers FD interest rate of 6.7 per cent, HDFC Bank 7.25 per cent and ICICI Bank 6.75 per cent, Jana Small Finance Bank offers 8 per cent, Utkarsh Small Finance Bank 8.25 per cent, Equitas Small Finance Bank 8 per cent, Suryoday Small Finance Bank 8.5 per cent and North East Small Finance Bank 8.5 per cent.
Fixed deposits of small finance banks offer higher interest rates than larger peers like State Bank of India (SBI), HDFC Bank and ICICI Bank, all of which recently hiked their FD interest rates. Small finance banks cater to niche customers, especially focussing on extending banking facilities to the under-banked customers. Since these banks are new and need more customers, interest rates on their deposit schemes are much higher than larger lenders, say experts. Consider this: on a one-year fixed deposit, while SBI offers FD interest rate of 6.7 per cent, HDFC Bank 7.25 per cent and ICICI Bank 6.75 per cent, Jana Small Finance Bank offers 8 per cent, Utkarsh Small Finance Bank 8.25 per cent, Equitas Small Finance Bank 8 per cent, Suryoday Small Finance Bank 8.5 per cent and North East Small Finance Bank 8.5 per cent.
Given below are the fixed deposit or FD interest rates offered by Suryoday Small Finance Bank, Utkarsh Small Finance Bank, Jana Small Finance Bank, Equitas Small Finance Bank, and North East Small Finance Bank:
FD interest rates offered by Suryoday Small Finance Bank
The following FD interest rates are for deposits below Rs 1 crore:
FD interest rates offered by Utkarsh Small Finance Bank
The following FD interest rates are for deposits below Rs 1 crore from utkarsh.bank:
FD interest rates offered by Equitas Small Finance Bank
Fixed deposit Interest rates for Domestic/NRE/NRO (for INR) with effect from July 5, 2018 according to equitasbank.com
FD interest rates offered by Jana Small Finance Bank
The following FD interest rates of Jana SFB are effective from July 18, 2018, according to janabank.com:
FD interest rates offered by North East Small Finance Bank
The following interest rates are from nesfb.com, the official website of the bank:
Post offices also offer fixed deposits, the interest rates of which range between 6.6 per cent and 7.4 per cent.
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