These Banks Pay Up To 9.55% Interest On Fixed Deposits Below Rupees 1 Crore
Small finance banks (SFBs) are niche banks which aim to extend financial services to under-banked customers. Since these banks are new, they offer higher interest rates than mainstream banks because they want to attract more customers. They also offer door-step services to customers. Consider this: on deposits below Rs 1 crore, the largest lender of the country, State Bank of India (SBI), offers 6.8 per cent interest for a tenure of one year to less than two years. Jana Small Finance Bank offers 8.5 per cent for 181-365 days; Ujjivan Small Finance Bank pays 7.5 per cent on a tenor of 180 days to 364 days and Equitas Small Finance Bank pays 7.50 per cent for a period of 271 - 364 days.
Given below are fixed deposit interest rates of Jana Small Finance Bank, Ujjivan Small Finance Bank and Equitas Small finance Bank:
FD interest rates of Jana Small Finance Bank
| Period | Interest Rate (per annum) |
|---|---|
| 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 | 8.50% |
| More than 1 year up to 2 years | 8.50% |
| More than 2 years up to 3 years | 8.50% |
| More than 3 years up to 5 years | 8.50% |
| More than 5 years up to 10 years | 7.00% |
| Source: janabank.com | |
(Also Read: This Zero Balance SBI Savings Account Can Be Opened Even Without Valid Documents)
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Senior Citizens get an additional 0.6 per cent interest over and above the FD interest rate, the lender said.
FD interest rates of Ujjivan Small Finance Bank
| TENURE | Interest Rate (per annum)Â |
|---|---|
| (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 | 8.30% |
| 2 Years and 1 Day to 734 Days | 7.50% |
| 735 Days | 8.25% |
| 736 Days to 798 Days | 7.50% |
| 799 Days | 8.60% |
| 800 Days 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% |
| Source: ujjivansfb.in | |
(Also Read: SBI's Multi-Option Deposit Scheme: Here Are 10 Things To Know)
FD interest rates of Equitas Small Finance Bank
| Tenure | Interest rates for amount less than Rs. 1 crore |
|---|---|
| w.e.f 1st Nov 2018 | |
| 7-14 Â 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 | 8.50% |
| 18 months 1 day to 2 years | 8.75% |
| 2 years 1 day to 3 years | 8.80% |
| 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% |
| Source: equitasbank.com | |
(Also Read: Looking To Invest In Post Office Recurring Deposit? 10 Things To Know)
A total of 0.75 per cent extra interest rate is paid to senior citizens, the lender said.
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