INSUBCONTINENT EXCLUSIVE:
Lenders also pay slightly higher interest rates on fixed deposits to senior citizens.A fixed deposit (FDs) is a secure financial instrument
offered by banks, which fetch guaranteed returns
In a fixed deposit account, money can be invested for a higher rate of interest than savings accounts
One can deposit a lump sum of money in fixed deposits for a specific period, ranging from seven days to 10 years
While commercial banks pay interest rates in the range of 4-7.75 per cent to customers on FDs, small finance banks offer those between 3.5
per cent and 9.5 per cent
The interest rates on fixed deposit of large banks like State Bank of India, HDFC Bank are not as high as those offered by small finance
banks such as Equitas Small Finance Bank, AU Small Finance Bank and Suryoday Bank.Here's a comparison of interest rates paid by small
finance banks on fixed deposits :Equitas Small Finance BankFixed Deposit for Domestic/NRE/NRO effective from November 1, 2018 as stated on
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%Senior citizens will get 0.75 per cent extra on the above mentioned rates, said the bank
However, the rates are not applicable for NRE/NROs.Jana BankRates for fixed deposits effective from November 3, 2018 as stated on
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%Senior citizens will get an additional 0.6 per cent interest over and above the FD rates, said the bank.AU Small Finance BankRates
for fixed deposits effective from October 10, 2018 as stated on aubank.in:Maturity period (term)Interest rate with effect from October 10,
Months7.75%8.25%36 Months 1 Day to 45 Months7.75%8.25%45 Months 1 Day to 60 Months8.00%8.50%60 Months 1 Day to 120 Months7.25%7.75%Source:
to 90 days5.00%5.50%91 days to 180 days5.50%6.00%181 days to 240 days7.50%8.00%241 days to less than 1 Year7.75%8.25%1 Year to 2
Years8.50%9.00%Above 2 Years to 3 Years8.75%9.25%950 Days*9.00%9.50%Above 3 Years to less than 5 Years8.00%8.50%5 Years8.25%8.75%Above 5
compared to the general public.
