There are many banks that offer an interest rate of 7 per cent on FD. Such a deal will easily attract customers who are dissatisfied with the decline in interest rates for fixed deposits in the last few months. SBI currently proposes an interest rate of 4.90 percent for an amount of up to Rs 2 crore for deposits between 1 year and 2 years. Unlike stocks, the return received on a bank FD is fixed and determined at the point of investing. The minimum and maximum tenure for which it is possible to hold an FD differs from bank to bank. Generally, one can invest in FD for a minimum duration of 7 days and for a maximum of 10 years. Small finance banks typically offer higher interest rates on fixed deposits as opposed to commercial banks. Several banks are currently providing interest rates spanning from 2.5 to 7.5 percent on FDs. FDs ranging from 7 days to 10 years are supported by major banks such as the State Bank of India (SBI), ICICI, HDFC Bank, Axis Bank and many others. A selection of small finance banks gives approximately 7 percent interest through chosen maturities to the general public and about 7.5 percent to senior citizens. In order to boost their deposits and contend with commercial banks, many banking analysts agree that these banks concentrate on high-interest rates. Besides that, the interest rate in the Covid-19 pandemic was limited by these lenders. Previously, these banks provided an interest rate of over 9%.
Jana Small Finance Bank FD
On FDs spanning from 7 days to 10 years, Jana Small Finance Bank proposes an interest rate of between 2.5% and 7.50 percent. The bank offers senior citizens an extra interest of 0.50 percent. These contributions will give senior citizens an interest rate ranging from 4 per cent to 8 per cent. The highest interest rate is offered by Jana Small Finance Bank on deposits maturing in two to three years. For these deposits, the lender pays investors and senior citizens an interest rate of 7.25 percent and 7.75 percent, respectively. The most recent FD interest rates at the bank are valid as of December 22.
The below rates are applicable on deposits of less than Rs 2 Crore. In the event of the early withdrawal of the deposit, interest shall not be paid at the rate initially agreed by the bank referred to on its portal.
7-14 days 2.50%
15-60 days 3%
61-90 days 3.75%
91-180 days 4.5%
181-364 days 6%
1 Year 6.75%
> 1 Year – 2 Years 7.00%
>2 Years-3 Years 7.00%
> 3 Year- < 5 Years 7.25%
5 Years 7.00%
> 5 Years – 10 Years 6.50%
Above 5 Years – 10 Years 6.50%
Utkarsh Small Finance Bank FD
On FDs maturing in 7 days to 10 years, Utkarsh Small Finance Bank offers interest rates ranging from 3% to 7% to the general public and 3.50 percent to 7.50 percent to senior citizens. The highest interest rate on deposits with a maturity term of 700 days is offered by the bank. For these deposits, the bank pays a 7.0 percent interest rate. For these deposits, senior citizens get an extra 50 basis points. The rates apply to new fixed deposits, as well as to the renewal of current fixed deposits, as shown by the bank on its webpage. These deposits are due to take effect from 19 October.
7 days to 45 days 3.00%
46 days to 90 days 3.25%
91 days to 180 days 4.00%
181 days to 364 days 6.00%
365 days to 699 days 6.75%
700 days 7.00%
701 days to 3652 days 6.75%
Suryoday Small Finance Bank FD
For general customers, the Suryoday Bank FD rate varies from 4 percent to 7.50 percent. On deposits maturing in 5 years, the bank offers the best interest rate. These contributions will offer an interest rate of 7.50 percent. The current FD interest rates at Suryoday Bank are effective as of 15 September.
7 days to 14 days 4.00%
15 days to 45 days 4.00%
46 days to 90 days 5.00%
91 days to 6 months 5.50%
Above 6 months to 9 months 6.25%
Above 9 months to less than 1 Year 6.50%
1 Year to 2 years 6.75%
Above 2 Years to 3 Years 7.15%
Above 3 Years to less than 5 Years 7.25%
5 Years 7.50%
Above 5 years to 10 years 7%
Note: Important to remember here is that one must review the guidelines on premature withdrawals at the time of holding an FD. Banks often deliver a variety of FDs without an early withdrawal facility. You should, therefore, break your FD before the maturity date in case of a catastrophe. The bank can impose a penalty on premature withdrawals. The amount of the penalty varies from one bank to the next.
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