Small finance banks (SFBs) offer high interest rates on savings, fixed deposit and recurring deposit accounts. Small finance banks, which cater to a niche customer base, offer higher interest rates than mainstream peers. For instance, State Bank of India (SBI), the largest lender of the country, offers 6.80 per cent interest on fixed and recurring deposit for a tenure of one to less than two years. However, small finance banks like ESAF Small Finance Bank, North East Small Finance Bank and Suryoday Bank offer higher interest rates than SBI. For a tenure of 365 - 727 days, ESAF Small Finance Bank offers 8.75 per cent interest; for a tenure of one-less than two years, North East Small Finance Bank and Suryoday Bank both offer 8.50 per cent interest.
(Also Read: Top Banks Pay Up To 7.75% Interest To Senior Citizens On Tax-Saving FDs. Compare Returns Here)
Given below are fixed deposit or FD interest rates of ESAF Small Finance Bank, North East Small Finance Bank and Suryoday Bank:
ESAF Small Finance Bank FD interest rates
| Tenure of deposit | Rate of Interest effective from 1st November 2018 | |
|---|---|---|
| Normal Rate | Rate for 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% |
(Also Read: Fixed Deposit (FD) Interest Rates - Returns Offered By Private, Public Sector Banks)
North East Small Finance Bank FD interest rates
| 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 |
Suryoday Bank FD interest rates
| Rates for amount < 1 Cr. | Domestic Deposits (Effective: From September 29, 2018) | |
|---|---|---|
| Period | Interest Rate (Per Annum) | Senior Citizen Rate #(Per Annum) |
| 7 days to 14 days | 4.00% | 4.50% |
| 15 days to 45 days | 4.00% | 4.50% |
| 46 days to 90 days | 5.00% | 5.50% |
| 91 days to 180 days | 5.50% | 6.00% |
| 181 days to 240 days | 7.50% | 8.00% |
| 241 days to less than 1 Year | 7.75% | 8.25% |
| 1 Year to 2 Years | 8.50% | 9.00% |
| Above 2 Years to 3 Years | 8.75% | 9.25% |
| 950 Days* | 9.00% | 9.50% |
| Above 3 Years to less than 5 Years | 8.00% | 8.50% |
| 5 Years | 8.25% | 8.75% |
| Above 5 Years to 10 Years | 7.25% | 7.75% |
Post offices offer FD interest rates between 6.9-7.8 per cent.
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