Small Finance Banks (SFBs) offer competitive fixed deposit (FD) rates to individuals and businesses. These banks often cater to specific segments of the market, such as micro, small, and medium enterprises (MSMEs). In this blog post, we’ll explore the latest FD rates offered by some leading Small Finance Banks in India, including:
By comparing these rates, you can make an informed decision about where to invest your money and maximize your return.
| Bank | Tenure | Interest Rate for General Public (P.A) | Interest Rate for Senior Citizens (P.A) |
| Unity Small Finance | 7 days to 10 years | 4.50–9.00% | 4.50–9.50% |
| ESAF Small Finance | Up to Rs. 2 crores | Varies based on tenure | Varies based on tenure |
| Fincare Small Finance | NRE deposits up to Rs. 2 crores | Varies based on tenure | Varies based on tenure |
| Suryoday Small Finance | 2 years and 2 days | 8.65%. | N/A |
| Jana Small Finance | 365 days | 8.5% | N/A |
| Au Bank | 7 days to 10 years | 8.00% | 8.5% |
| Utkarsh Small Finance Bank | 7 days to 10 years | 4% – 7.3% | 4.6% – 7.9% |
| Ujjivan Bank | 7 days to 10 years | 8.25% | 8.75% |
| Northeast small finance | 7 days to 10 years | 9.25% | 9.00% |
Note: The FD rates are subject to change. Please visit the official website of banks for the updated details.
| Unity Small Finance Bank and North East Small Finance Bank offer the highest FD interest rate of 9.00% p.a. |
Small Finance Banks frequently provide more competitive interest rates than traditional banks. Therefore, understanding how to use an FD calculator is essential after researching leading SFBs in India.
FD Calculator
An FD calculator is a tool that helps you estimate the maturity amount you’ll receive on a Fixed Deposit (FD) investment. FDs are offered by banks and NBFCs (Non-Banking Financial Companies) and provide a fixed interest rate for a predetermined tenure. With an online fd calculator, you can use it to compare interest rates and maturity amounts offered by different bank FDs & NBFCs FD schemes. Now you calculate your maturity amount with the Buddy loan FD calculator online:
The benefits of the Buddy Loan FD calculator include:
Calculate Maturity Amount
It simplifies the complex calculations involved in determining the interest earned and the total amount you’ll receive at maturity, considering factors like deposit amount, interest rate, and tenure.
There are different types offered by SFB FDs. Hence, making an informed investment decision is important. However, by choosing the right type of FD, you can maximize your returns and align your investment with your financial goals. To know more about types of small finance, banks read further.
Types of Small Finance Banks
Small Finance Banks (SFBs) offer various types of Fixed Deposit (FD) rates to different customer needs. Here are the common types of FD rates offered:
Regular FD Rates
These are the standard interest rates applicable for fixed deposits without any special conditions. They provide a stable return over the investment tenure.
Cumulative FD Rates
In cumulative FDs, interest is compounded and added to the principal amount, resulting in a higher maturity value. These rates are often slightly higher than regular FD rates.
Senior Citizen FD Rates
Many SFBs offer higher interest rates for senior citizens, encouraging them to save more securely. These rates are typically more favorable compared to regular rates.
NRE FD Rates
Non-Resident External (NRE) FDs offer competitive interest, rates for NRIs, with the added benefit of tax exemption on interest earned in India.
Conclusion
The latest FD rates offered by small finance banks is important for making informed investment decisions. By comparing rates from different banks, you can identify the best options to maximize your returns. Now the list provided will help you be aware and compare to choose the best FD rates suitable for your needs.
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Frequently Asked Questions
Q. What are the latest FD rates offered by small finance banks?
A. For the most current FD rates, check the websites of individual small finance banks or use online comparison tools.
Q. Are there any special FD schemes available at small finance banks right now?
A. Small finance banks often introduce special FD schemes with attractive interest rates or other benefits. Check their websites or contact their customer service for the latest offers.
Q. What is the maximum tenure for fixed deposits at small finance banks?
A. The maximum tenure for fixed deposits can vary among small finance banks, but it typically ranges from a few days to several years.
Q. How frequently are FD rates updated by small finance banks?
A. FD rates are usually updated periodically, often based on changes in the interest rate scenario.
Q. Can I find the latest FD rates for small finance banks online?
A. Yes, you can find the latest FD rates for small finance banks on their respective websites or through online banking portals.
Q. What factors affect the FD rates offered by small finance banks?
A. Factors affecting FD rates include the overall interest rate scenario, bank-specific policies, and the tenure of the deposit.
Q. Are FD rates at small finance banks higher for senior citizens?
A. Many small finance banks offer higher FD rates to senior citizens as a concession.
Q. How can I lock in the best FD rates with small finance banks?
A. To lock in the best FD rates, compare offers from multiple banks, consider the tenure and amount of your deposit, and act promptly when attractive rates are available.
