India's largest commercial banks, from the likes of State Bank of India and HDFC Bank, currently pay annual returns as high as 6.2-6.25 per cent to retail fixed depositors. Small finance banks, which are primarily aimed at financial inclusion, often pay even higher returns to their customers on 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.
India's largest commercial banks, from the likes of State Bank of India and HDFC Bank, currently pay annual returns as high as 6.2-6.25 per cent to retail fixed depositors. Small finance banks, which are primarily aimed at financial inclusion, often pay even higher returns to their customers on 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
AU Small Finance Bank
The RBI has lowered the key benchmark rate — the repo rate — by a total 115 basis points (1.15 percentage point) so far in 2020.
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