Fixed Deposit Interest Rates: Here's What Small Finance Banks Offer
Last week, Utkarsh Small Finance Bank revised it fixed deposit interest rates. Fixed deposit (FDs) are secure financial instruments offered by private and public sector banks, small finance banks (SFBs), non-banking financial companies (NBFCs) and post offices. Small finance banks focus on financial inclusion by provision of savings vehicles and supply of credit to small business units, small farmers, micro and small industries and other unorganised sector entities. Small finance banks pay higher interest rates on fixed deposits compared to commercial banks.
Here's a comparison of fixed deposit (FD) interest rates paid by Utkarsh Small Finance Bank, Capital Small Finance Bank ESAF Small Finance Bank and Jana Small Finance Bank:
Utkarsh Small Finance Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore, according to the bank's website - utkarsh.bank:
| Interest rates with effect from February 28, 2019 | ||
|---|---|---|
| Tenures | General Customers | Senior Citizens |
| 7 Days to 15 days | 5.00% | 5.50% |
| 16 Days to 28 Days | 5.00% | 5.50% |
| 29 Days to 45 Days | 5.00% | 5.50% |
| 46 Days to 90 Days | 5.75% | 6.25% |
| 91 Days to 120 Days | 7.00% | 7.50% |
| 121 Days to 180 Days | 7.00% | 7.50% |
| 181 Days to 210 Days | 7.25% | 7.75% |
| 211 Days to 270 Days | 7.25% | 7.75% |
| 271 Days to less than 1 Year | 7.50% | 8.00% |
| 1 Year to 455 Days | 8.50% | 9.00% |
| 456 Days to less than 2 years | 9.00% | 9.50% |
| 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% |
Capital Small Finance Bank
The following FD interest rates are applicable with effect from November 19, 2018, according to the bank's website - capitalbank.co.in:
| Slab | General public | Senior citizens |
|---|---|---|
| 15 Days to 30 Days | 5.25% | 5.75% |
| 31 Days to 45 Days | 5.75% | 6.25% |
| 46 Days to 89 Days | 6.50% | 7.00% |
| 90 Days to 179 Days | 6.85% | 7.35% |
| 180 Days to less than 1 Year | 7.15% | 7.65% |
| 1 Year to less than 5 Years | 7.65% | 8.15% |
| 5 Years and up to 10 Years | 7.50% | 8.00% |
| 400 Days | 7.85% | 8.35% |
| 900 Days | 7.75% | 8.25% |
ESAF Small Finance Bank
The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank's website - esafbank.com:
| Tenure of deposit | Rate of Interest effective from November 1, 2018 | |
|---|---|---|
| General public | Senior Citizens | |
| 7 - 14 days | 5.50% | 6.00% |
| 15 - 59 days | 5.50% | 6.00% |
| 60 - 90 days | 6.25% | 6.75% |
| 91 - 179 days | 6.75% | 7.25% |
| 180 - 363 days | 7.50% | 8.00% |
| 364 days | 5.60% | 6.10% |
| 365 - 727 days | 8.75% | 9.25% |
| 728 days | 6.80% | 7.30% |
| 729 - 1091 days | 8.00% | 8.50% |
| 1092 days | 5.66% | 6.16% |
| 1093 - 1819 days | 7.00% | 7.50% |
| 1820 days | 5.65% | 6.15% |
| 1821 - 3652 days | 7.00% | 7.50% |
Jana Small Finance Bank
The following FD interest rates are applicable on deposits below Rs. 2 crore, according to the bank's website - janabank.com:
| Period | Regular FD Interest rate (p.a) | Senior Citizen FD Interest rate (p.a) |
|---|---|---|
| Effective from December 14, 2018 | Effective from January 30, 2019 | |
| 7-45 days | 6.00% | 6.60% |
| 46-60 days | 6.50% | 7.10% |
| 61-180 days | 7.00% | 7.60% |
| 181-365 days | 8.50% | 9.10% |
| > 1 year - 2 years | 8.50% | 9.10% |
| > 2 years - < 3 years | 8.50% | 9.10% |
| = 3 years | 9.00% | 9.60% |
| > 3 years - 5 years | 8.50% | 9.10% |
| > 5 years - 10 years | 7.00% | 7.60% |
Post offices also offer the facility of fixed deposits.Â
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