Even after increasing the fixed deposit (FD) interest rates on May 28, the State Bank of India still offers the rate of just 6.65 per cent on its one-year fixed deposits (FD). As the SBI FD interest rates continue to stay below the 7 per cent level, the depositors now have a reason to look for alternative savings. Even the post offices fixed deposits also pay just 6.6 per cent on its one-year deposits, the interest rates offered by small finance banks outpace their large counterparts by a wide margin, sometimes as high as 225 basis points (2.25 per cent).
Sample this. Ujjivan small finance bank offers FD interest rate of 8 per cent on its one-year fixed deposits (FDs).
Ujjivan Small Finance Bank Fixed Deposit (FD) Interest Rates
TENURE | Interest Rate (pa) (Under Rs. 1 Crore) |
| 7 Days to 29 Days | 5.50% |
| 30 Days to 89 Days | 6.25% |
| 90 Days to 179 Days | 6.75% |
| 180 Days to 364 Days | 7.50% |
| 1 Year to 2 Years | 8.00% |
| 2 Years and 1 Day to 3 Years | 7.50% |
| 3 Years and 1 Day to 5 Years | 7.00% |
| 5 Years and 1 Day to 10 Years | 6.50% |
| Additional Interest Rate for Senior Citizens | 0.50% |
| Savings Bank Account |
| Tenure | General Public | Senior Citizens** |
|---|---|---|
| 7 days to 45 days | 4.00% | 4.50% |
| 46 days to 90 days | 4.00% | 4.50% |
| 91 days to 180 days | 6.00% | 6.50% |
| 181 days to 364 days | 7.00% | 7.50% |
| 12 months to 15 months | 8.00% | 8.50% |
| 15 months 1 day to 18 months | 8.25% | 8.75% |
| 18 months 1 day to 21 months | 8.50% | 9.00% |
| 21 months 1 day to 24 months | 8.75% | 9.25% |
| 24 months 1 day to 36 months | 9.00% | 9.50% |
| 3 years 1 day to 5 years | 8.00% | 8.50% |
| 5 years 1 day to 7 years | 7.00% | 7.50% |
| 5 years 1 day to 7 years | 7.00% | 7.50% |
| TENURE BUCKETS | Interest Rate / Card Rate p.a. (%) | Senior Citizen Interest Rate p.a. (%) | For NRE*/NRO Interest Rate p.a. (%) |
|---|---|---|---|
| 7 Days to 1 Month 15 Days | 5.50% | 6.00% | 5.50% |
| 1 Month 16 Days to 3 Months | 6.75% | 7.25% | 6.75% |
| 3 Months 1 Day to 6 Months | 6.90% | 7.40% | 6.90% |
| 6 Months 1 Day to 12 Months | 7.00% | 7.50% | 7.00% |
| 12 Months 1 Day to 18 Months | 7.15% | 7.65% | 7.15% |
| 18 Months 1 Day to 24 Months | 7.15% | 7.65% | 7.15% |
| 24 Months 1 Day to 36 Months | 7.25% | 7.75% | 7.25% |
| 36 Months 1 Day to 45 Months | 7.30% | 7.80% | 7.30% |
| 45 Months 1 Day to 60 Months | 7.40% | 7.90% | 7.40% |
| Above 60 Months* | 7.25% | 7.75% | 7.25% |
| Tenure | interest rates |
| 7 - 14 days | 5.00% |
| 15 - 29 days | 5.50% |
| 30 - 45 days | 6.00% |
| 46 - 62 days | 6.25% |
| 63 - 90 days | 6.25% |
| 91 - 120 days | 6.50% |
| 121 - 180 days | 6.50% |
| 181 - 210 days | 6.75% |
| 211 - 270 days | 6.75% |
| 271 - 364 days | 7.00% |
| 1 year to 18 months | 7.50% |
| 18 months 1 day to 2 year | 7.75% |
| 2 years 1 day to 3 years | 7.75% |
| 3 years 1 day to 4 years | 7.00% |
| 4 years 1 day to 5 years | 7.00% |
| 5 years 1 day to 10 years | 7.00% |
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