Small finance banks pay high rates of interest to savers on their Fixed deposits (FDs)
During the declining interest rate era on fixed deposits (FDs), it is wise to make deposits in financial institutions that offer maximum rates of interest
. Mainstream banks such as SBI (State Bank of India) and HDFC offer an FD interest rate, which is as little as 6.25 per cent (for one year fixed deposits), but the small finance banks
offer the interest rates to the tune of 9% per annum for the deposits made for one year and longer.
Fincare small finance bank: In case of FDs for a one-year period, the rate of interest is 8 per cent that jumps to 8.5 per cent when the depositor is a senior citizen. The long term FDs that are made for a two-year period fetch an interest rate of 9 per cent.
One can earn as much as 9% interest on fixed deposits made with the Fincare Small Finance Bank
ESAF small finance bank: In case of fixed deposits (FDs) made for over one year and less than two years, the FD interest rate is 9 per cent. In case of senior citizen account holders, the bank offers a rate of interest to the tune of 9.5 per cent per annum. For a time period of less than or up to one year, (and over 80 days), the rate of interest is 7.5 per cent and 8 per cent for young depositors and senior citizens, respectively.
Utkarsh small finance bank: The FD interest rate is 8 per cent and 8.5 per cent for young depositors and senior citizens, respectively.