The Reserve Bank of India is steadily raising interest rates to combat inflation (RBI). As a result, bank loans are becoming increasingly expensive. Another unique aspect of this situation is that banks are raising interest rates on deposits in addition to the cost of loans. The majority of banks currently pay higher interest rates than in the past on fixed deposits (FDs). The best alternative for stable income with the least risk is a fixed deposit, or FD. There are numerous small financing banks operating today that provide yearly interest rates of up to 8.5 percent to regular clients and up to 9 percent to senior citizens. The details of the rates for the top five small finance institutions are provided here.
Unity Small Finance Bank
Small Finance Bank Unity Small Finance Bank is giving highest interest on FDs to its customers. According to the official website of the bank, this small finance bank offers deposit schemes with different maturities ranging from 7 days to 10 years. The maximum interest rate, 8.5% annually, is offered to regular clients on deposits made for 181 and 501 days. Senior folks, on the other hand, receive 9 percent interest annually for the same time period. The annual interest rate for a 1-year deposit is 7.35 percent, while that for a 5-year fixed-rate loan is 7.65 percent. Seniors will receive a 0.50 percent higher interest rate. These interest rates will take effect on November 21, 2022.
Suryoday Small Finance Bank
Suryoday Small Finance Bank is giving up to 8.26 percent interest on FDs to its customers. According to the official website of the bank, this small finance bank offers deposit schemes with different maturities ranging from 7 days to 10 years. Regular customers are getting the highest interest of 8.01% per annum on 999 days deposit. Whereas, for the same period, senior citizens are getting 8.26 per cent interest per annum. The annual interest rate for a 1-year deposit is 7.0 percent, while that for a 5-year fixed-rate loan is 6.75 percent. Seniors will receive a 0.50 percent higher interest rate. These interest rates will take effect on November
ESAF Small Finance Bank
ESAF Small Finance Bank is giving up to 8.50 percent interest on FDs to its customers. According to the official website of the bank, this small finance bank offers deposit schemes with different maturities ranging from 7 days to 10 years. Regular customers are getting the highest interest of 8.01% per annum on 999 days deposit. Senior citizens, on the other hand, receive 8.50% interest annually for the same time period. The yearly interest rate for a 1-year deposit is 5.50%, while that for a 5-year fixed-rate loan is 5.25%. Seniors will receive a 0.50 percent higher interest rate. These interest rates will take effect on December 1, 2022.
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank is giving up to 8.20% interest on FDs to its customers. According to the official website of the bank, this small finance bank offers deposit schemes with different maturities ranging from 7 days to 10 years. Small Finance Bank is also offering Platina Fixed Deposits with certain maturities. In this, the maximum annual interest of 8.20 percent is being received on 560 days deposit. At the same time, the annual interest on 1-year deposit is 6.70 percent and on 5-year FD is 7.40 percent. These interest rates are applicable from 5 December 2022.
Fincare Small Finance Bank
Customers of Fincare Small Finance Bank can earn up to 8.50% interest on FDs. This small financing bank offers deposit plans with various maturities ranging from 7 days to 84 months, according to the bank’s official website. Regular customers are getting the highest interest rate of 8.0% per annum on deposits of 1000 days. Whereas, for the same period, senior citizens are getting 8.50 per cent interest per annum. At the same time, the annual interest on 1-year deposit is 6.75 percent and on 5-year FD is 7.0 percent. Senior citizens will get 0.50 percent more interest. These interest rates are applicable from 9 November 2022.
