State Bank of India (SBI), offers 6.8 per cent interest for a tenure of one year to less than two years.Small finance banks (SFBs) are niche banks which aim to extend financial services to under-banked customers.
Since these banks are new, they offer higher interest rates than mainstream banks because they want to attract more customers.
They also offer door-step services to customers.
Consider this: on deposits below Rs 1 crore, the largest lender of the country, State Bank of India (SBI), offers 6.8 per cent interest for a tenure of one year to less than two years.
Jana Small Finance Bank offers 8.5 per cent for 181-365 days; Ujjivan Small Finance Bank pays 7.5 per cent on a tenor of 180 days to 364 days and Equitas Small Finance Bank pays 7.50 per cent for a period of 271 - 364 days.FD interest rates of Jana Small Finance BankPeriodInterest Rate (per annum)7 days to 45 days6.00%46 days to 60 days6.50%61 days to 180 days7.00%181 days to 365 days8.50%More than 1 year up to 2 years8.50%More than 2 years up to 3 years8.50%More than 3 years up to 5 years8.50%More than 5 years up to 10 years7.00%Source: janabank.com(: This Zero Balance SBI Savings Account Can Be Opened Even Without Valid Documents)Senior Citizens get an additional 0.6 per cent interest over and above the FD interest rate, the lender said.FD interest rates of Ujjivan Small Finance BankTENUREInterest Rate (per annum)(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 Years8.30%2 Years and 1 Day to 734 Days7.50%735 Days8.25%736 Days to 798 Days7.50%799 Days8.60%800 Days 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%Source: ujjivansfb.in(: SBI's Multi-Option Deposit Scheme: Here Are 10 Things To Know)FD interest rates of Equitas Small Finance BankTenureInterest rates for amount less than Rs.
1 crorew.e.f 1stNov 20187-14 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 days7.50%1 year to 18 months8.50%18 months 1 day to 2 years8.75%2 years 1 day to 3 years8.80%3 years 1 day to 4 years7.00%4 years 1 day to 5 years7.00%5 years 1 day to 10 years7.00%Source: equitasbank.com(: Looking To Invest In Post Office Recurring Deposit 10 Things To Know)A total of 0.75 per cent extra interest rate is paid to senior citizens, the lender said.For the latest News Live Updates on Election Results from each assembly constituency in Madhya Pradesh, Rajasthan, Mizoram, Chhattisgarh, Telangana, like us on Facebook or follow us on Twitter for updates.