Up To 8.2% Annual Return On Fixed Deposit? Read This

Small finance banks offer higher fixed deposits (FDs) compared with conventional commercial counterparts, such as State Bank of India, HDFC Bank, ICICI Bank and Kotak Mahindra Bank. Primarily aimed at financial inclusion, small finance banks - from the likes of Utkarsh, Ujjivan, Jana and Equitas - currently pay annual returns to the tune of 3.5-85 per cent on retail fixed deposits, which are fixed deposits up to Rs 2 crore. Fixed deposits, or term deposits, are financial instruments in which a sum of money is locked in for a pre-defined period of time for a "fixed" rate of interest.

Small finance banks offer higher fixed deposits (FDs) compared with conventional commercial counterparts, such as State Bank of India, HDFC Bank, ICICI Bank and Kotak Mahindra Bank. Primarily aimed at financial inclusion, small finance banks - from the likes of Utkarsh, Ujjivan, Jana and Equitas - currently pay annual returns to the tune of 3.5-85 per cent on retail fixed deposits, which are fixed deposits up to Rs 2 crore. Fixed deposits, or term deposits, are financial instruments in which a sum of money is locked in for a pre-defined period of time for a "fixed" rate of interest.

Here are current interest rates of some popular small finance banks:

Ujjivan Small Finance Bank

According to its website, Ujjivan Small Finance Bank provides an additional 0.50% interest rate to senior citizens 

Equitas Small Finance Bank

According to its website, Equitas Small Finance Bank provides 0.50% extra return to senior citizen depositors (not applicable for NRE and NRO accounts)

Utkarsh Small Finance Bank

Jana Small Finance Bank

Meanwhile, the country's top banks including State Bank of India, Axis Bank, Punjab National Bank and HDFC Bank offer interest rates up to 5.50 per cent on fixed deposits at present.