Small banks offer high interest rates on savings and fixed deposits
Fincare Small Finance Bank: For a savings bank account of less than Rs. 1 lakh, the bank offers an interest of 6 per cent, which rises to 7 per cent when the amount is over Rs. one lakh. In case of FDs for a one-year period, the rate of interest is 8 per cent that rises to 8.5 per cent when the depositor is a senior citizen. The long term FDs that are made for a two-year period will fetch an interest rate of 9 per cent.
ESAF Small Finance Bank: In case of savings bank accounts, the bank offers a rate of interest of 4 per cent on deposits amounting to less than Rs. one lakh. The interest rate rises to 6.5 per cent when the deposit amount is between Rs. 1 lakh and Rs. 10 lakh. In case of deposits higher than Rs. 10 lakh, the interest is paid at 7 per cent per annum.
For fixed deposits (FDs), the interest rate is 9 per cent per annum when the deposits are made for a period ranging between over 1 year and less than 2 years. To senior citizens, the bank pays a rate of interest of 9.5 per cent. For a period up to one year but over 80 days; the rate of interest us 7.5 per cent and 8 per cent for young depositors and senior citizens, respectively.
Utkarsh Small Finance Bank: For savings bank accounts, it offers an interest of 6 per cent per annum. For FDs, the rate of interest is 8 per cent and 8.5 per cent for young depositors and senior citizens, respectively.