Investing in fixed deposits can be a better option for investors who want to get guaranteed returns with safe investments. Because, Small Finance Banks are offering the maximum interest rate up to 9%.
These banks include Small Finance Bank, Ujjivan Bank, Jana Small Finance Bank, Fincare Small Finance Bank, Utkarsh Bank and Suryoday Bank and many smaller banks that promise better returns.
Investment amount is insured in small banks
Small Finance Banks (SFBs) continue to offer highest interest rates ranging from 8 percent to 9 percent on Fixed Deposits (FD) to common citizens. Remember that deposits under small finance banks are also covered by Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance. Simply put, your FD deposits up to Rs 5 lakh are covered under the insurance scheme if the small finance bank fails or is placed under moratorium. So there is no loss of your money.
Fixed Deposit Rates of Unity Small Finance Bank
Unity Small Finance Bank is offering FDs of tenure ranging from 7 days to 10 years to its customers. The bank has increased the interest rates on FDs of all tenures from 15 February. Unity Small Finance Bank is paying 9.25% interest to senior citizens and 8.75% to general customers on 181-201 days and 501 days fixed deposits. Small Finance Bank is giving 9.00 percent interest rate to general customers on investment for 1001 days, while on the same tenure it has offered 9.50 percent interest rate to senior citizens.
Jana Small Finance Bank FD Rates
Jana Small Finance Bank offers interest rates between 3.75 percent and 8.10 percent to common citizens for FDs maturing between 7 days to 10 years. The interest rate for senior citizens on the same tenure ranges from 4.45 per cent to 8.80 per cent. The bank is offering the highest interest rate of 8.10 per cent (for general citizens) and 8.80 per cent (for senior citizens) on fixed deposits maturing between two years and three years.
Fincare Small Finance Bank FD Interest Rate
Fincare Small Finance Bank offers interest rates ranging from 3 percent to 8.11 percent for general customers and up to 8.71 percent for senior citizens investing on FDs maturing between 7 days and 10 years . Common citizens are given the highest interest rate of 8.11 percent on FDs maturing in 750 days. At the same time, for senior citizens, the interest on FD maturing in 750 days can go up to 8.71 per cent.
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank gives interest rate between 3.75% to 8% to common citizens on FDs maturing between 7 days to 10 years. For common citizens, the highest interest rate on FD maturing in 560 days is 8 percent. At the same time, the bank offers the highest interest rate of 8.75 percent to senior citizens for investment on FDs maturing in 560 days.
