The Central Reserve Bank has not changed its key interest rate repo but has taken the first step towards reducing the interest rate by changing the relatively accommodative stance to ‘neutral’.
In the recent monetary policy review meeting, the Central Reserve Bank did not make any changes in the repo rate. However, interest rates are expected to be cut in the coming months. If this happens, then the interest rates on fixed deposits i.e. FD may also be affected. Let us tell you that for almost two years, FD investors in banks and NBFCs have received higher interest rates on their deposits. Today we will tell you about some small finance banks which are giving higher interest on deposits.
Unity Small Finance Bank
Unity Small Finance Bank is offering 9% interest to general customers and 9.5% to senior citizens on 1001 day term deposits. These interest rates are 7.85% for 1 year, 8.15% for three years and 8.15% for 5 years. Senior citizens are given an additional 0.50% interest.
North East Small Finance Bank
This bank offers maximum FD interest rates of 9% for general customers and 9.5% for senior citizens for a tenure of 1111 days. These rates are 7% for 1 year, 9% for 3 years and 6.25% for 5 years. Senior citizens are offered an additional 0.50% interest.
Suryoday Small Finance Bank
This small finance bank offers an interest rate of 8.65% for general customers and 9.15% for senior citizens for a tenure of 2 years 2 days. These rates are 6.85% for 1 year, 8.60% for 3 years and 8.25% for 5 years. Senior citizens are given an additional 0.50% interest.
Shivalik Small Finance Bank
This bank offers interest rates of 8.55% to general customers and 9.05% to senior citizens for tenures of 18 months to 24 months. The interest rates are 6% for 1 year, 7.50% for 3 years and 6.50% for 5 years. Senior citizens get 6.50%, 8% and 7% interest with an additional 0.50%.
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank FD rates for 2 to 3 years are 8.5% for general customers and 9.10% for senior citizens. The rates for 1 year are 8%, for 3 years 8.5% and for 5 years 7.75%. Senior citizens get an additional 0.60% as interest.
Jana Small Finance Bank
Jana Small Finance Bank offers FD rates of 8.25% for general customers and 8.75% for senior citizens for tenures of 1 to 3 years. These rates are 8.25% for 1 year, 8.25% for 3 years and 7.25% for 5 years. Senior citizens get an additional 0.50%.
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