These Banks Pay Up To 9.55% Interest On Fixed Deposits Below Rupees 1 Crore

Small finance banks (SFBs) are niche banks which aim to extend financial services to under-banked customers. Since these banks are new, they offer higher interest rates than mainstream banks because they want to attract more customers. They also offer door-step services to customers. Consider this: on deposits below Rs 1 crore, the largest lender of the country, State Bank of India (SBI), offers 6.8 per cent interest for a tenure of one year to less than two years. Jana Small Finance Bank offers 8.5 per cent for 181-365 days; Ujjivan Small Finance Bank pays 7.5 per cent on a tenor of 180 days to 364 days and Equitas Small Finance Bank pays 7.50 per cent for a period of 271 - 364 days.

Small finance banks (SFBs) are niche banks which aim to extend financial services to under-banked customers. Since these banks are new, they offer higher interest rates than mainstream banks because they want to attract more customers. They also offer door-step services to customers. Consider this: on deposits below Rs 1 crore, the largest lender of the country, State Bank of India (SBI), offers 6.8 per cent interest for a tenure of one year to less than two years. Jana Small Finance Bank offers 8.5 per cent for 181-365 days; Ujjivan Small Finance Bank pays 7.5 per cent on a tenor of 180 days to 364 days and Equitas Small Finance Bank pays 7.50 per cent for a period of 271 - 364 days.

Given below are fixed deposit interest rates of Jana Small Finance Bank, Ujjivan Small Finance Bank and Equitas Small finance Bank:

FD interest rates of Jana Small Finance Bank

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Senior Citizens get an additional 0.6 per cent interest over and above the FD interest rate, the lender said.

FD interest rates of Ujjivan Small Finance Bank

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FD interest rates of Equitas Small Finance Bank

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A total of 0.75 per cent extra interest rate is paid to senior citizens, the lender said.