The interest rate offered by ESAF finance bank ranges between 5.75% and 8% As the fixed deposit (FD) interest rates offered by State Bank of India (SBI) and other mainstream banking corporations hover around 6.4% (for one-year deposits), there are small finance banks such as ESAF Small Finance Bank that continue to offer a rate which is as high as 8.75% to an average investor.
To this, one can add 50 basis points if the investor happens to be a senior citizen.
The rates offered by other small finance banks such as Utkarsh and AU Small Finance are 8.25% and 7.15%, respectively.:Tax-Saving Bank Fixed Deposits (FDs) By SBI, ICICI Bank, HDFC Bank ExplainedThe State Bank of India (SBI) offers interest on the FD at a rate of 6.4%, lower than the small finance banks by at least 75 basis points and a maximum of 235 basis points.AU Small Finance Bank: The interest rates offered by AU Small Finance Bank are in the range of 5.5% to 7.40% depending on the duration for which you make the fixed deposit (FD).
One year long fixed deposit (upto 18 months) fetches an interest of 7.15%.TENURE BUCKETSInterest Rate / Card Rate p.a.
(%)Senior Citizen Interest Rate p.a.
(%)7 Days to 1 Month 15 Days5.50%6.00%1 Month 16 Days to 3 Months6.75%7.25%3 Months 1 Day to 6 Months6.90%7.40%6 Months 1 Day to 12 Months7.00%7.50%12 Months 1 Day to 18 Months7.15%7.65%18 Months 1 Day to 24 Months7.15%7.65%24 Months 1 Day to 36 Months7.25%7.75%36 Months 1 Day to 45 Months7.30%7.80%45 Months 1 Day to 60 Months7.40%7.90%Above 60 Months*7.25%7.75%Utkarsh Small Finance Bank: The interest rates offered by Utkarsh range between 3.5% to 8.5% depending on the duration for which you make the fixed deposit.
The one-year long deposit (upto 455 days) fetches an interest of 8.25% and slightly longer deposit (upto a period of 2 years) offers an interest of 8.5% per annum.
The senior citizens stand to receive an interest rate, which is higher by 50 basis points across all the tenures.TENURESINTEREST RATES (% P.A.) - W.E.F March 14, 2018General CustomersSenior Citizens7 Days to 15 days3.50%4.00%16 Days to 28 Days3.50%4.00%29 Days to 45 Days4.00%4.50%46 Days to 90 Days4.50%5.00%91 Days to 120 Days5.00%5.50%121 Days to 179 Days5.50%6.00%180 Days to 210 Days6.00%6.50%211 Days to 270 Days7.00%7.50%271 Days to less than 1 Year7.50%8.00%1 Year to 455 Days8.25%8.75%456 Days to less than 2 years8.50%9.00%2 Years to less than 3 Years7.85%8.35%3 Years to less than 5 Years7.00%7.50%5 Years8.00%8.50%More than 5 Years to 10 Years7.00%7.50%ESAF Small Finance Bank: The interest rate offered by ESAF finance bank ranges between 5.75% and 8%, depending on the duration for which the money is parked with the bank.
A one-year duration deposit (upto 727 days) offers an interest at the rate of 8.75%, while the interest rate offering declines as the duration increases.
For instance, a deposit made for 728 days fetches an interest at the rate of 6.8%.Retail Term Deposit (Less than INR 1 Cr)Rate of Interest Applicablefrom1st April2018DomesticTenureNormalSenior Citizen7 - 14 days5.75%6.25%15 - 59 days5.75%6.25%60 - 90 days6.50%7.00%91 - 179 days6.75%7.25%180 - 363 days7.50%8.00%364 days5.60%6.10%365 - 727 days8.75%9.25%728 days6.80%7.30%729 - 1091 days8.00%8.50%1092 days5.66%6.16%1093 - 1819 days7.00%7.50%1820 days5.65%6.15%1821 - 3652 days7.00%7.50%The above interest rates are meant for retail customers who have made fixed deposits for an amount less than Rs 1 Crore.