For those who are searching for high liquidity with limited risk, FDs are considered to be the right match. In India, several small finance banks offer fixed deposits to general investors with an interest rate of 8 per cent and to senior citizens with more than 8.5 per cent over chosen maturity periods. Below, we have described the higher interest rates on FDs currently provided to both general and senior citizens by some small finance banks in India. Well, let’s look at it.
Jana Small Finance Bank
This bank is currently offering an interest rate of 3.5 per cent to 7.5 per cent for 7 days to 10 years tenure on FDs while senior citizens get an extra 50 basis points, this ensures that senior citizens can get an interest rate on these deposits spanning from 4% to 8%. The bank has a nominal interest rate on deposits for a maturity period of 2 years to 3 years. Such deposits would then achieve an interest rate of 7.50% to 8% for regular consumers to senior citizens.
Utkarsh Small Finance Bank
For general investors, Utkarsh Small Finance Bank provides interest rates ranging from 3.25 to 8 per cent and for senior citizens the interest rate is ranging from 3.75% to 8.50% for a tenure period of 7 days to 10 years. With a maturity period of 700 days, the bank pays higher interest rates on deposits. The bank would also deliver an 8.5 per cent interest rate for senior citizens and 8 per cent for general investors.
Suryoday Small Finance Bank
Suryoday Small Finance Bank services its investors with a minimum fixed deposit limit of Rs.1000 for which the general citizens will fetch an interest rate of 4 per cent to 8.25 per cent and senior citizens will fetch an interest rate of 4.5 per cent to 8.60 per cent according to the tenure of FD. In 5-year deposits, the bank pays the maximum interest rate at completion for which the standard investors will fetch an interest rate of 8 per cent and senior citizens will get an interest rate of 8.5 per cent. This bank also offers an interest rate of 8.10 per cent for deposits maturing in more than 2 years or 3 years to general customers and 8.60 per cent to the senior citizens.
North East Small Finance Bank
For a term of 7 days to 10 years, this bank provides interest rates ranging from 4 per cent to 8 per cent for general citizens and 4.5 per cent to 8.50 per cent for senior citizens on FDs. This bank pays the best rate of interest on deposits maturing within 730 days or less than 1095 days. Such deposits will then fetch an interest rate of 8 per cent to the general investors whereas senior citizens will get an interest of 8.5 per cent respectively.