If your New Year’s resolution was saving money, then one way to do it is investing in Fixed Deposits (FD). There are many FD service providers out there offering different interest rates to their customers. Like at present, SBI offers an interest rate of 4.90 per cent on FD with a tenure between 1 year and 2 years on amount up to ₹2 crores.
The minimum and maximum tenure offered for which an FD can be placed varies from one bank to another. One can invest in an FD for a minimum period of seven days to a maximum period of 10 years.
When it comes to interest rate on fixed deposits, small banks usually offer more interest than commercial banks. At present, several banks are even offering an interest rate of over 7.5 per cent. And if you are looking for the same, here are the best deals.
1. Jana Small Finance Bank
Jana Small Finance Bank offers an interest rate between 2.5 per cent and 7.50 per cent depending upon the tenure of FD (7-days minimum, 10 years maximum). Also, the bank gives an additional interest of 0.50 per cent to senior citizens. Check the full list below:
7-14 days 2.50%
15-60 days 3%
61-90 days 3.75%
91-180 days 4.5%
181-364 days 6%
1 Year[365 Days] 6.75%
1 Year – 2 Years 7.00%
2 Years-3 Years 7.00%
3 Year- < 5 Years 7.25%
5 Years 7.00%
5 Years – 10 Years 6.50%
Above 5 Years – 10 Years 6.50%
Note that the interest rates mentioned above are applicable to deposit less than 2 crores. The fixed interest rate won’t be paid in case of pre-mature withdrawal.
2. Utkarsh Small Finance Bank
Utkarsh Small Finance Bank also offers over 7 per cent interest rate in some cases. Like the bank offers interest rate from 3 per cent to 7 per cent to the general public and 3.50 per cent to 7.50 per cent to senior citizens
7 days to 45 days 3.00%
46 days to 90 days 3.25%
91 days to 180 days 4.00%
181 days to 364 days 6.00%
365 days to 699 days 6.75%
700 days 7.00%
701 days to 3652 days 6.75%
3. Suryoday Small Finance Bank
Another bank that offers over 7% per cent interest rate to its customers is Suryoday Small Finance Bank. Suryoday Bank’s latest FD interest rates are with effect from 15 September.
7 days to 14 days 4.00%
15 days to 45 days 4.00%
46 days to 90 days 5.00%
91 days to 6 months 5.50%
Above 6 months to 9 months 6.25%
Above 9 months to less than 1 Year 6.50%
1 Year to 2 years 6.75%
Above 2 Years to 3 Years 7.15%
Above 3 Years to less than 5 Years 7.25%
5 Years 7.50%
Above 5 years to 10 years 7%
Make sure you read all the terms and conditions carefully, especially regarding pre-mature withdrawals, before investing in fixed deposits.
