9 Small Finance Banks Offering Best FD Rates In 2024
9 Small Finance Banks Offering Best FD Rates In 2024
Investing in Fixed Deposit (FD) is considered a popular investment option.

Fixed Deposits (FDs) are one of our country’s most popular investment alternatives due to their simplicity of use, guaranteed returns, several-term options, and high liquidity. If you are planning to invest in a fixed deposit, then 9 small financial banks offer the best interest rate on FDs than government banks.

According to sources, the Reserve Bank of India kept the repo rate at 6.5 per cent for the ninth time this month, forcing several banks to raise their FD interest rates. Because of the RBI’s stance, several government, commercial, and small financing banks are giving favourable interest rates on fixed deposits. Many small financial banks in the country provide significantly higher interest rates to their investors than government banks.

Highest Tenure Interest Rates:

  1. AU Small Finance Bank 18 months, 8 per cent
  2. Equitas Small Finance Bank 444 days 8.5 per cent
  3. EASF Small Finance Bank 2 years to less than 3 years, 8.25 per cent
  4. Jana Small Finance Bank 365 days to 1095 days, 8.25 per cent
  5. North East Small Finance Bank 546 days to 1111 days, 9 per cent
  6. Suryoday Small Finance Bank 2 years 2 days, 8.65 per cent
  7. Ujjivan Small Finance Bank 12 months, 8.25 per cent
  8. Unity Small Finance Bank 1001 days 9 per cent
  9. Utkarsh Small Finance Bank 2 years to 3 years or 1500 days, 8.25 per cent

Now the question arises: is it safe to keep money in a small financial bank? In case of a bank sinking or going bankrupt, the only relief a depositor has is the insurance cover provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). The DICGC provides insurance coverage for bank deposits of up to Rs 5 lakh. The insurance coverage offered by DICGC applies to deposits such as savings accounts, FDs, current accounts, and RDs.

Last year Fincare Small Finance Bank offered some exciting interest rates on its fixed deposits. According to the website of the bank, they offered 3 per cent to 8.51 per cent interest to common customers on FDs of less than Rs 2 crore with a tenure ranging from 7 days to 10 years.

Apart from that, it also offers 3 per cent on FDs maturing between 7 and 14 days, 4.50 per cent on FDs maturing between 15 and 30 days, and 3.50 per cent on FDs maturing between 31 and 45 days.

Customers also got 5.25 per cent interest on FDs maturing in 46 days to 90 days, 5.75 per cent interest on FDs maturing in 91 to 180 days, and 6.50 per cent interest on FDs maturing in 181 to 365 days.

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