Banks offering up to 9 per cent interest: Top fixed deposit rates right now (2024)
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Some small finance banks (SFBs) are offering up to 9 per cent interest rate on fixed deposits to attract investors. Successive interest rate hikes by the Reserve Bank of India (RBI) has helped fixed deposits (FDs) emerge as a strong investment instrument.
Leading the pack is Unity Small Finance Bank, offering an interest rate of 9.5 per cent to senior citizens for a fixed deposit for 1001 days as of October 25, 2023.
Interest rates on senior citizen fixed deposit offered by other SFBs, like Equitas Small Finance Bank, Esaf Small Finance Bank, Survoday Small Finance Bank, Jana Small Finance Bank, Fincare Small Finance Bank, and Utkarsh Small Finance Banks range from 9 to 9.11 per cent.
Considered a low risk investment option, fixed deposits are accounts opened with a bank wherein, the bank pays a guaranteed interest rate on the sums deposited for a stipulated period or tenure. FDs for senior citizens, available to individuals over the age of 60, usually offer higher return and additional benefits.
Take a look at the highest interest rates offered by different bank:
On the top of the list are small finance banks with interest rates ranging from 9.50 per cent to 8 per cent for senior citizen FDs.
Additional rates offered to Super Senior Citizen* (over and above to senior citizen rates)
Highest slab
1-year tenure (%)
3-year tenure (%)
5-year tenure (%)
%
Tenure
SMALL FINANCE BANKS
AU Small Finance Bank
8.50
2 years 1 day to 3 years
7.25
8.50
7.75
—
Capital Small Finance Bank
8.00
12 months
8.00
7.65
7.60
—
Equitas Small Finance Bank
9.00
444 days
8.70
8.50
7.75
—
ESAF Small Finance Bank
9.00
2 years to less than 3 years
6.50
7.25
6.75
—
Fincare Small Finance Bank
9.11
750 days
8.10
8.60
8.60
—
Jana Small Finance Bank
9.00
Above 2 years to 3 years
8.50
9.00
7.75
—
Suryoday Small Finance Bank
9.10
Above 2 years to 3 years
7.35
9.10
8.75
—
Ujjivan Small Finance Bank
8.75
1 year; 80 weeks
8.75
7.70
7.70
—
Unity Small Finance Bank
9.50
1001 days
7.85
8.15
8.15
—
Utkarsh Small Finance Bank
9.10
2 years to 3 years
8.60
9.10
8.10
—
Source: Paisabazaar.com (Interest rates as of October 25, 2023)
For other fixed deposits as well, SBFs offer up to 9 per cent interest rate led by Unity Small Finance Bank.
Bank Fixed Deposit Rates
Bank Name
Interest Rates (p.a.)
Highest slab
1-year tenure (%)
3-year tenure (%)
5-year tenure (%)
%
Tenure
SMALL FINANCE BANKS
AU Small Finance Bank
8.00
2 years 1 day to 3 years
6.75
8.00
7.25
Capital Small Finance Bank
7.50
12 months
7.50
7.15
7.10
Equitas Small Finance Bank
8.50
444 days
8.20
8.00
7.25
ESAF Small Finance Bank
8.50
2 years to less than 3 years
6.00
6.75
6.25
Fincare Small Finance Bank
8.51
750 days
7.50
8.00
8.00
Jana Small Finance Bank
8.50
Above 2 years to 3 years
8.00
8.50
7.25
Suryoday Small Finance Bank
8.60
Above 2 years to 3 years
6.85
8.60
8.25
Ujjivan Small Finance Bank
8.25
1 year; 80 weeks
8.25
7.20
7.20
Unity Small Finance Bank
9.00
1001 days
7.35
7.65
7.65
Utkarsh Small Finance Bank
8.50
2 years to 3 years
8.00
8.50
7.50
Source: Paisabazaar.com (Interest rates as of October 25, 2023)
Others like, Equitas Small Finance Bank, Esaf Small Finance Bank, Survoday Small Finance Bank, Jana Small Finance Bank, Fincare Small Finance Bank, and Utkarsh Small Finance offer returns ranging from 8.6 per cent to 7.5 per cent.
PRIVATE SECTOR BANKS
Axis Bank
7.75
5 years to 10 years
7.20
7.60
7.75
—
Bandhan Bank
8.35
500 days
7.75
7.75
6.60
—
City Union Bank
7.50
400 days
7.00
6.75
6.50
—
CSB Bank
7.60
444 days
5.50
6.25
6.25
—
DBS Bank
8.00
2 years 6 months 1 day to less than 3 years
6.75
7.00
7.00
—
DCB Bank
8.50
25 months to 26 months; 37 months to 38 months
7.65
8.10
7.90
—
Federal Bank
7.90
400 days
7.30
7.10
7.25
—
HDFC Bank
7.75
5 years 1 day to 10 years
7.10
7.50
7.50
—
ICICI Bank
7.65
15 months to 2 years
7.20
7.50
7.50
—
IDFC First Bank
8.00
1 year 1 day to 2 years
7.00
7.75
7.50
—
IndusInd Bank
8.25
1 year to 2 years
8.25
8.00
8.00
—
Jammu & Kashmir Bank
7.60
1 year to less than 2 years
7.60
7.00
7.00
—
Karnataka Bank
7.65
444 days
7.35
6.90
6.90
—
Karur Vysya Bank
8.00
444 days
7.40
7.40
6.90
—
Kotak Mahindra Bank
7.75
23 months to less than 2 years
7.60
7.00
6.70
—
Nainital Bank
7.55
400 days – Naini Plus 2023 Deposit Scheme
7.20
6.75
6.25
0.10% on all tenures
RBL Bank
8.30
15 months to less than 2 years
7.50
7.60
7.60
0.25% on all tenures
SBM Bank India
8.25
5 years
7.55
7.80
8.25
—
South Indian Bank
7.50
1 year 1 day
7.10
7.00
6.50
—
Tamilnad Mercantile Bank
7.50
1 year to less than 2 years
7.50
7.00
7.00
—
Source: Paisabazaar.com (Interest rates as of October 25, 2023)
Leading private banks like ICICI Bank and HDFC Bank offer over 7.5 per cent interest on senior citizen FDs. However, highest interest is offered by DCB Bank at 8.50 per cent for a period of 25 months to 26 months and 37 months to 38 months.
Unity Small Finance Bank offers FD interest rates ranging from 4.50% to 9% for tenures maturing between 7 days and 10 years to general citizens. The highest interest rate of 9% is offered on FDs maturing in 1001 Days. The rates are effective from October 9, 2023.
Unity Small Finance Bank FD rates for senior citizens
At Unity Small Finance Bank, senior citizens can get up to 9.50 per cent on FDs of 1,001 days. The bank revised rates on February 2, 2024. It provides 9.25 per cent to senior citizens for more than six months to 201-day FDs.
Yes, 9% is a good personal loan interest rate for people with good credit. Applicants with a credit score of 660+ could qualify for a personal loan with a 9.00% APR if they choose the right lender and have enough income to afford the loan.
Among private sector banks, SBM Bank India provides best interest rate with 8.75 per cent on an FD for three years. DCB Bank provides 8.60 per cent for 25 months to 26 month FDs. RBL Bank follows with 8.60 per cent for 18 months to 2 years.
The highest FD rates are offered for a tenure of 42 months, which is 8.85% p.a. for senior citizens and 8.50% p.a. for customers below 60 years of age. You can use the FD calculator to know the FD interest earned on your investment.
AU Small Finance Bank, Equitas Small Finance Bank and Suryoday Small Finance Bank are offering interest up to 7 percent on savings accounts. The average monthly balance requirement is Rs 2,000 to Rs 5,000, Rs 2,500 to Rs 10,000 and Rs 2,000 respectively.
As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
Fincare Small Finance Bank savings account interest rates
The bank offers a 7% interest rate on balances above Rs 10 lakh to less than Rs 1 crore and a 7.25% interest rate on above Rs 1 crore to 5 crore on savings account balances.
Introduction: My name is Jeremiah Abshire, I am a outstanding, kind, clever, hilarious, curious, hilarious, outstanding person who loves writing and wants to share my knowledge and understanding with you.
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