Ujjivan small finance bank offers FD interest rate of 8 per cent on its one-year fixed deposits Even after increasing the fixed deposit (FD) interest rates on May 28, the State Bank of India still offers the rate of just 6.65 per cent on its one-year fixed deposits (FD).
As the SBI FD interest rates continue to stay below the 7 per cent level, the depositors now have a reason to look for alternative savings.
Even the post offices fixed deposits also pay just 6.6 per cent on its one-year deposits, the interest rates offered by small finance banks outpace their large counterparts by a wide margin, sometimes as high as 225 basis points (2.25 per cent).Sample this.
Ujjivan small finance bankoffers FD interest rate of 8 per cent on its one-year fixed deposits (FDs).Ujjivan Small Finance Bank Fixed Deposit (FD) Interest RatesTENUREInterest Rate (pa)(Under Rs.
1 Crore)7 Days to 29 Days5.50%30 Days to 89 Days6.25%90 Days to 179 Days6.75%180 Days to 364 Days7.50%1 Year to 2 Years8.00%2 Years and 1 Day to 3 Years7.50%3 Years and 1 Day to 5 Years7.00%5 Years and 1 Day to 10 Years6.50%Additional Interest Rate for Senior Citizens0.50%Savings Bank AccountSimilarly, Fincare small finance bank offers 8 per cent on its one-year fixed deposits (FDs).
The FD interest rate increases further upto 9 per cent when the tenure of fixed deposits ranges between two and three years.Fincare Small Finance Bank Fixed Deposit (FD) Interest RatesTenureGeneral PublicSenior Citizens**7 days to 45 days4.00%4.50%46 days to 90 days4.00%4.50%91 days to 180 days6.00%6.50%181 days to 364 days7.00%7.50%12 months to 15 months8.00%8.50%15 months 1 day to 18 months8.25%8.75%18 months 1 day to 21 months8.50%9.00%21 months 1 day to 24 months8.75%9.25%24 months 1 day to 36 months9.00%9.50%3 years 1 day to 5 years8.00%8.50%5 years 1 day to 7 years7.00%7.50%5 years 1 day to 7 years7.00%7.50%Even AU small finance bank pays 7.15 per cent on its fixed deposits.
The rate, already higher than the SBI's fixed deposits rates, by a considerable margin of 50 basis points, goes further up when the tenure rises.The bank pays a fixed deposit interest rate when the tenure rises ranges between three years and 45 months.
The rate further rises to 7.4 per cent when the tenure is between 45 months and five years.Equitas Fixed Deposit (FD) Interest RatesTenureinterest rates7 - 14 days5.00%15 - 29 days5.50%30 - 45 days6.00%46 - 62 days6.25%63 - 90 days6.25%91 - 120 days6.50%121 - 180 days6.50%181 - 210 days6.75%211 - 270 days6.75%271 - 364 days7.00%1 year to 18 months7.50%18 months 1 day to 2 year7.75%2 years 1 day to 3 years7.75%3 years 1 day to 4 years7.00%4 years 1 day to 5 years7.00%5 years 1 day to 10 years7.00%Another small finance bank Equitas offers as much as 7.75 per cent on its fixed deposits.
The rate is a complete 110 basis points (1.1%) higher than the FD interest rates of SBI.