Bank Fixed Deposit (FD): Some small finance banks are offering more than 7.5% interest to common borrowers and 8% to senior citizens at select maturities.
In this era of corona virus, if you are also looking for a better investment, then fixed deposits (FDs) can be a better option. There are many banks which pay interest from 7% to 7.5% on fixed deposits. Other big banks like State Bank of India -SBI, ICICI Bank, HDFC Bank, Axis Bank, the largest state-owned banks of the country are offering FD for 7 days to 10 years.
Some small finance banks are also providing more than 7.5 percent interest to common borrowers. Along with this, some are paying 8% interest to senior citizens at selected maturity. These banks have cut interest rates due to Corona virus epidemic. Earlier these banks were offering up to 9 percent interest rate.
These small finance banks are getting better interest
Jana Small Finance Bank
According to the news , Jana Small Finance Bank is offering 2.5% to 7.25% interest on FD for 7 days to 10 years. In this, senior citizens are being given an additional 50 basis points on this deposit. Overall, senior citizens are getting 3% to 7.75% interest on this deposit. The bank is paying the highest interest on deposits with maturity period less than 5 years from 3 years. In this, the common man will get 7.25 percent and senior citizens will get 7.75 percent interest rate. Jana Small Finance Bank’s new FD interest rates are applicable from December 22.
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is giving 3 percent to 7 percent interest for 7 days to 10 years to ordinary customers. At the same time, interest for senior citizens is paying between 3.50% and 7.50% for the same period. The bank is offering the highest interest on the maturity period of 700 days. Senior citizens will get 7.5% interest on this deposit. The rate of interest for ordinary customers will be 7 percent. These interest rates are applicable from October 19.
Suryoday Small Finance Bank
Suryoday Small Finance Bank is giving interest from 4% to 7.50% to general customers. The bank is paying the highest interest on maturity period of 5 years. 7.50% interest will be given on these deposits. The bank’s new interest rates are applicable from 15 September.
North East Small Finance Bank
North East Small Finance Bank North East Small Finance Bank is offering interest rates on FDs from 3% to 7.5% in maturity periods ranging from 7 days to 10 years. The bank pays the highest interest on deposits maturing less than 730 days to 1095 days. 7.5% interest will be earned on this deposit. The new interest rates of North East Small Finance Bank are applicable from 14 September.
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