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Which bank has the highest interest rate for fixed deposits? Check details here.

Author Name : Harish Kumar bairagi     |     Date : 21-06-2023
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Banks or non-banking financial companies (NBFCs) offer some interest earning investment scheme. These schemes are generally called Fixed Deposit where the money is in Lock-in periods, lock-in periods are referred the maturity period of FD. When we compare it to the interest generated by a savings account, it is less than FDs, which offer higher interest on the principal amount.fixed deposits have a set of tenure. The time frame for the FD investment might be either short-term or long-term. Fixed deposit interest rates differ from bank to bank and business. Investors with fixed-rate deposits must keep in mind that they cannot withdraw money before maturity, which becomes the reason for the penalties
Small financing banks are providing the highest FD interest rates out of all bank types. The highest FD interest rate in the scheduled small finance bank category is being offered by Suryoday Small Finance Bank, at 9.10% per annum, followed by Unity Small Finance Bank, at 9.00 per annum. Senior people (those 60+ years of age) are eligible for fixed deposit rates of up to 9.60% per year on terms of 1 to 10 years. Senior people often receive a 50-80 bps higher fixed deposit interest rate from banks than other customers.
Here are some entities that now provide senior citizen investors fixed-income interest rates of over 9%.
Tenures have ranged from 7 days to 10 years since May 2023.
Small Finance banks FD rates:

Name of the SF Bank FD

For General Citizens (p.a.)

For Senior Citizens (p.a.)

Suryoday Small Finance Bank FD

4.00% to 9.10%

4.50% to 9.60%

Ujjivan Small Finance Bank FD

3.75% to 8.25%

4.25% to 8.75%

ESAF Small Finance Bank FD

4.00% to 8.50%

4.50% to 9.00%

Unity Small Finance Bank FD

4.50% to 9.00%

4.50% to 9.50%

Jana Small Finance Bank FD

3.75% to 8.50%

4.45% to 9.00%

Utkarsh Small Finance Bank FD

4.00% to 8.25%

4.75% to 9.00%

Equitas Small Finance Bank FD

3.50% to 8.50%

4.00% to 9.00%

Fincare Small Finance Bank FD

3.00% to 8.68%

3.60% to 9.32%

AU Small Finance Bank FD

3.75% to 8.00%

4.25% to 8.24%

Capital Small Finance Bank FD

3.50% to 7.60%

4.15% to 8.25%

  • For general customers, Unity Small Finance Bank provides fixed deposit interest rates up to 9%, and for senior customers, interest rates up to 9.50%.
  • general citizens can take advantage of fixed deposit rates as high as 9.10 percent and   senior citizens take benefits of 9.60 percent at Suryoday Small Finance Bank.
  • For fixed deposits, Equitas Small Finance Bank gives consumers 8.5%.
  • 8.5% is the interest rate offered by ESAF Small Finance Bank.

It is important to compare interest rates from different banks before you invest your money. You should also consider other factors, such as the bank's reputation and the features of the fixed deposit scheme.