Many banks currently pay interest rates up to 9.5 per cent on term deposits - or fixed deposits (FDs) - up to Rs 1 crore. While major commercial banks pay interest rates in the range of 4-7.75 per cent to customers on FDs, small finance banks offer those between 3.5 per cent and 9.5 per cent. On fixed deposits up to Rs 1 crore, many lenders - from major commercial banks such as State Bank of India and HDFC Bank to small finance banks such as Equitas Small Finance Bank and AU Small Finance Bank - provide slightly better returns to senior citizen customers compared to the general public.
Many banks currently pay interest rates up to 9.5 per cent on term deposits - or fixed deposits (FDs) - up to Rs 1 crore. While major commercial banks pay interest rates in the range of 4-7.75 per cent to customers on FDs, small finance banks offer those between 3.5 per cent and 9.5 per cent. On fixed deposits up to Rs 1 crore, many lenders - from major commercial banks such as State Bank of India and HDFC Bank to small finance banks such as Equitas Small Finance Bank and AU Small Finance Bank - provide slightly better returns to senior citizen customers compared to the general public.
Many banks currently pay interest rates up to 9.5 per cent on term deposits - or fixed deposits (FDs) - up to Rs 1 crore. While major commercial banks pay interest rates in the range of 4-7.75 per cent to customers on FDs, small finance banks offer those between 3.5 per cent and 9.5 per cent. On fixed deposits up to Rs 1 crore, many lenders - from major commercial banks such as State Bank of India and HDFC Bank to small finance banks such as Equitas Small Finance Bank and AU Small Finance Bank - provide slightly better returns to senior citizen customers compared to the general public.
Here's a comparison of interest rates paid by some small finance banks and large commercial banks on fixed deposits of up to Rs 1 crore:
SBI
ICICI Bank
HDFC Bank
Equitas Small Finance Bank
AU Small Finance Bank
Suryoday Bank
Jana Small Finance Bank
Fincare Small Finance Bank
ESAF Small Finance Bank
Utkarsh Small Finance Bank
Therefore, small finance banks pay higher interest rates on FDs across several maturities compared to their larger counterparts.