Fixed deposits of small finance banks offer higher interest rates than larger peers like State Bank of India (SBI), HDFC Bank and ICICI Bank, all of which recently hiked their FD interest rates. Small finance banks cater to niche customers, especially focussing on extending banking facilities to the under-banked customers. Since these banks are new and need more customers, interest rates on their deposit schemes are much higher than larger lenders, say experts. Consider this: on a one-year fixed deposit, while SBI offers FD interest rate of 6.7 per cent, HDFC Bank 7.25 per cent and ICICI Bank 6.75 per cent, Jana Small Finance Bank offers 8 per cent, Utkarsh Small Finance Bank 8.25 per cent, Equitas Small Finance Bank 8 per cent, Suryoday Small Finance Bank 8.5 per cent and North East Small Finance Bank 8.5 per cent.
Given below are the fixed deposit or FD interest rates offered by Suryoday Small Finance Bank, Utkarsh Small Finance Bank, Jana Small Finance Bank, Equitas Small Finance Bank, and North East Small Finance Bank:
FD interest rates offered by Suryoday Small Finance Bank
The following FD interest rates are for deposits below Rs 1 crore:
| Period | Interest Rate (Per Annum) | Senior Citizen Rate (Per Annum) |
|---|---|---|
| 7 days to 14 days | 4.00% | 4.00% |
| 15 days to 45 days | 4.00% | 4.00% |
| 46 days to 90 days | 5.00% | 5.00% |
| 91 days to 180 days | 5.50% | 5.75% |
| 181 days to 240 days | 7.50% | 7.75% |
| 241 days to 364 days | 7.75% | 8.00% |
| 12 months to 24 months | 8.50% | 8.75% |
| >24 months to 36 months | 8.75% | 9.00% |
| >36 months to 60 months | 7.75% | 8.00% |
| >60 months to 120 months | 7.25% | 7.50% |
| (Source: suryodaybank.com) | ||
FD interest rates offered by Utkarsh Small Finance Bank
The following FD interest rates are for deposits below Rs 1 crore from utkarsh.bank:
| Tenure | Rate of Interest (% p.a.)-W.E.F. from 14° March 2018 | |
|---|---|---|
| GENERAL | SENIOR CITIZEN | |
| 7 Days to 15 Days | 3.50% | 4.00% |
| 16 Days to 28 Days | 3.50% | 4.00% |
| 29 Days to 45 Days | 4.00% | 4.50% |
| 46 Days to 90 Days | 4.50% | 5.00% |
| 91 Days to 120 Days | 5.00% | 5.50% |
| 121 Days to 179 Days | 5.50% | 6.00% |
| 180 Days to 210 Days | 6.00% | 6.50% |
| 211 Days to 270 Days | 7.00% | 7.50% |
| 271 Days to Less than 1 Year | 7.50% | 8.00% |
| 1 Year to 455 Days | 8.25% | 8.75% |
| 456 Days to Less than 2 Years | 8.50% | 9.00% |
| 2 Years to Less than 3 Years | 7.85% | 8.35% |
| 3 Years to Less than 5 Years | 7.00% | 7.50% |
| 5 Years | 8.00% | 8.50% |
| More than 5 Years to 10 Years | 7.00% | 7.50% |
FD interest rates offered by Equitas Small Finance Bank
Fixed deposit Interest rates for Domestic/NRE/NRO (for INR) with effect from July 5, 2018 according to equitasbank.com
| Tenure | Interest rate for amount less than Rs. 1 Crore w.e.f 05th July 2018 |
|---|---|
| 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 | 7.50% |
| 1 year to 18 months | 8.00% |
| 18 months 1 day to 2 years | 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% |
FD interest rates offered by Jana Small Finance Bank
The following FD interest rates of Jana SFB are effective from July 18, 2018, according to janabank.com:
| Period | Interest Rate (p.a.) |
|---|---|
| 7 days to 45 days | 6.00% |
| 46 days to 60 days | 6.50% |
| 61 days to 180 days | 7.00% |
| 181 days to 365 days | 8.00% |
| 366* days | 8.50% |
| 367 days to 3 years | 8.25% |
| More than 3 years up to 5 years | 8.00% |
| More than 5 years up to 10 years | 7.00% |
FD interest rates offered by North East Small Finance Bank
The following interest rates are from nesfb.com, the official website of the bank:
| TENURE | Card Rates < 1 Cr. | Senior Citizen |
|---|---|---|
| 7-14 Days | 6 | 6.5 |
| 15-29 Days | 6.5 | 7 |
| 30-45 Days | 6.75 | 7.25 |
| 46-90 Days | 7 | 7.5 |
| 91-180 Days | 7.25 | 7.75 |
| 181-364 Days | 7.5 | 8 |
| 1 year to less than 2 years | 8.5 | 9 |
| 2 years to less than 3 years | 8 | 8.5 |
| 3 Years to less than 5 Years | 7.25 | 7.75 |
| 5 years upto 10 years | 6.75 | 7.25 |
Post offices also offer fixed deposits, the interest rates of which range between 6.6 per cent and 7.4 per cent.
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