Bank FD Rates: Along with the change in the interest rate cycle, banks have also increased the fixed deposit rates. A year ago banks were offering only 5 to 6 percent interest rate, but now the interest rate has crossed 8 or 9 percent. Some banks offer interest rates above 9 per cent to senior citizens. Public sector banks and private banks are far behind in giving good interest rates, but the interest rates of small finance banks are high.
Capital in banks is now safer than ever. The FD is insured up to Rs 5 lakh on one account, so there is no need to worry if something happens to the bank.
Which banks offer interest rates above 9 percent?
Unity Small Finance Bank (SFB) Offers up to 9 per cent interest rate to general borrowers while up to 9.50 per cent interest on FDs to senior citizens. If a senior citizen makes a fixed deposit with a bank for 1001 days, the highest interest rate is 9.50 per cent. This interest rate is applicable from 14 June 2023. According to the website of this bank, if a withdrawal is made from a fixed deposit or a recurring deposit in an incomplete period, then a penalty of 1 per cent is levied on the remaining period.
People’s Small Finance Bank But gives good interest. If FD is made in this bank for a period of 366 days to less than two years, then senior citizens get up to 9 percent interest.
Fincare Small Finance Bank It is offering senior citizens an interest rate of up to 9.11 per cent. The FD rates of this bank for the general public range from 3 per cent to 8.51 per cent and offer higher interest to senior citizens. 9.11% interest is available on 1000 days FD.
Equitas Small Finance Bank (Equitas SFB) It offers 9 percent interest rate for FDs of 444 days and 888 days to senior citizens while 8.50 percent interest rate to general citizens. These rates are applicable from 5 June 2023.
ESAF Small Finance Bank It offers 9 percent interest rate for FDs of two years to 3 years to senior citizens while 8.50 percent interest rate is offered to general homeowners. These rates are applicable from April 14.
Suryoday Small Finance Bank Offers up to 9.60 per cent interest for a tenure of 5 years. Senior citizens are offered an interest rate ranging from 4.50 per cent to 9.60 per cent for different tenures while the 999 day FD offers an interest rate of 9 per cent. Regular holders are being offered 9.10 percent interest rate on 5-year FD.