Many banks in the country are offering higher interest rates on fixed deposits after the Reserve Bank of India (RBI) hiked the repo rate by 250 basis points to curb inflation.
Investors who invest in safe investment vehicles like fixed deposits can be said to have benefited this year. Because the interest rates on fixed deposits are higher than ever. The reason for that is that the Reserve Bank of India (RBI) has increased the repo rates. All banks, financial institutions and small finance banks in the country have raised the interest rates on fixed deposits hugely as the RBI increased the repo rate with the intention of curbing inflation. At present four small finance banks in the country are offering high interest rates on fixed deposits. The complete details regarding them are given below for you.
Unity Small Finance Bank :
Currently Unity Small Finance Bank offers the highest interest rate of 9 percent on fixed deposits with a tenure of 1001 days. Unity Small Finance Bank is a small finance bank as the name suggests. Small finance banks generally offer higher interest rates on fixed deposits and savings accounts than commercial banks.
Jana Small Finance Bank :
At present, Jana Small Finance Bank offers an interest rate of 8.5 percent to senior citizens on fixed deposits with a tenure of 366 days to 499 days. The same offers the same 8.5 per cent interest rate on fixed deposits with tenors ranging from 501 days to two years to regular customers. Also on fixed deposits made in this small finance bank Rs. Insurance up to 5 lakhs is also available.
Ujjivan Small Finance Bank :
Currently, Ujjivan Small Finance Bank offers a top interest rate of 8.25 percent to general customers and a top interest rate of 8.75 percent to senior citizens. But the bank offers slightly higher interest rate on platinum deposits. This Platina Deposit offers the highest interest rate of 8.45 percent to regular customers. But in this at least Rs. 15 lakhs or more to be deposited.
Equitas Small Finance Bank:
Currently, Equitas Small Finance Bank offers the highest interest rate of 8.50 percent to general customers. Like Unity, Jana and Ujjivan Small Finance Bank, Equitas Small Finance Bank is also a small finance bank. At present the interest rates on fixed deposits are very high. Also, RBI is likely to reduce repo rates soon. This will reduce interest rates on fixed deposits. Therefore, if investors invest in fixed deposits for long term instead of short term, there is a chance to get more benefit.
