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How To Get Up To 9.1% Interest Rate On Bank Fixed Deposits (FDs)

Fixed deposit or FD interest rates of SBI or State Bank of India range from 5.75 per cent to 6.85 per cent.

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How To Get Up To 9.1% Interest Rate On Bank Fixed Deposits (FDs)

Senior citizens get FD interest rate of 7.20% on deposits below Rs 1 crore for 1 year from SBI.

Fixed deposit (FD) interest rates paid by SBI or State Bank of India range from 5.75 per cent to 6.85 per cent. However, small finance banks such as Jana Small Finance Bank, Equitas Small Finance Bank and AU Small Finance Bank provide interest rates up to 9.1 per cent on FDs, much higher than their larger peers. Consider this: on amounts below Rs 1 crore, SBI offers an FD interest rate of 6.70 per cent to general citizens for one year. However, on the same amount and maturity period, Jana Small Finance Bank and Equitas Small Finance Bank pays an interest rate of 8 per cent each while AU Small Finance Bank pays 7 per cent to the general public.

Senior citizens with fixed deposit accounts in SBI earn an FD interest rate of 7.20 per cent on deposits below Rs 1 crore for one year. However, Jana Small Finance Bank pays 8.6 per cent, Equitas Small Finance Bank pays 8.5 per cent and AU Small Finance Bank offers 7.5 per cent on fixed deposits below Rs 1 crore for one year.

Most small finance banks have a niche customer base. Higher FD interest rates and doorstep banking helps them garner more customers.

Given below is a comparison of fixed deposit or FD interest rates of SBI, Jana Small Finance Bank, AU Small Finance Bank, and Equitas Small Finance Bank on deposits up to Rs 1 crore:

SBI FD interest rates

Here are the interest rates paid by SBI on fixed deposits up to Rs 1 crore, with effect from July 30, 2018, according to the bank's website - sbi.co.in:

TermInterest rate for general public w.e.f. 30.07.2018Interest rate for senior citizens w.e.f. 30.07.2018
7 days to 45 days5.756.25
46 days to 179 days6.256.75
180 days to 210 days6.356.85
211 days to less than 1 year6.46.9
1 year to less than 2 year6.77.2
2 years to less than 3 years6.757.25
3 years to less than 5 years6.87.3
5 years and up to 10 years6.857.35

 

Jana Small Finance Bank FD interest rates (up to Rs 1 crore)

PeriodInterest Rate (p.a.)
7 days to 45 days6.00%
46 days to 60 days6.50%
61 days to 180 days7.00%
181 days to 365 days8.00%
More than 1 year up to 2 years8.25%
More than 2 years up to 3 years8.50%
More than 3 years up to 5 years8.00%
More than 5 years up to 10 years7.00%

 

Senior citizens will get an additional 0.6 per cent interest over and above the FD card rate, according to the bank's website - janabank.com.

AU Small Finance Bank FD interest rates (up to Rs 1 crore)

Here are the interest rates paid by AU Small Bank on deposits up to rs 1 crore, according to its website - aubank.in

TENURE BUCKETSResident / NRE* / NRO Interest Rate (%)Senior Citizen Interest Rate p.a. (%)
7 Days to 1 Month 15 Days5.50%6.00%
1 Month 16 Days to 3 Months6.75%7.25%
3 Months 1 Day to 6 Months6.90%7.40%
6 Months 1 Day  to 12 Months7.00%7.50%
12 Months 1 Day to 18 Months7.55%8.05%
18 Months 1 Day to 24 Months7.55%8.05%
24 Months 1 Day to 36 Months7.75%8.25%
36 Months 1 Day to 45 Months7.30%7.80%
45 Months 1 Day to 60 Months8.00%8.50%
Above 60 Months*7.25%7.75%

 

Equitas Small Finance Bank FD interest rates (up to Rs 1 crore)

Fixed deposit Interest rates for Domestic/NRE/NRO (for INR) with effect from July 5, 2018 according to the bank's website - equitasbank.com

TenureInterest rate for amount less than Rs. 1 Crore
w.e.f 05th July 2018
7 - 14 days5.00%
15 - 29 days5.50%
30 - 45 days6.00%
46 - 62 days6.25%
63 - 90 days6.25%
91- 120 days6.50%
121- 180 days6.50%
181 - 210 days6.75%
211- 270 days6.75%
271- 364 days7.50%
1 year to 18 months8.00%
18 months 1 day to 2 years7.75%
2 years 1 day to 3 years7.75%
3 years 1 day to 4 years7.00%
4 years 1 day to 5 years7.00%
5 years 1 day to 10 years7.00%

 

An FD interest rate of 0.5 per cent extra is paid to senior citizens. However, it is not applicable to NRE/NRO deposits, said the bank.

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