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FD rates: Small finance banks that offer up to 8.6% interest on 3-year deposits
Small Finance Banks are offering higher interest rates to garner newer deposits.
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There is a bonanza for risk-averse investors who prefer to invest in fixed deposits. Small finance banks have lined up interest rates up to 8.6 percent on three-year FDs. The average interest rate of the top 10 small finance banks is 8 percent for FDs with a tenure of three years, according to data compiled by BankBazaar.
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Fixed deposits offer liquidity and assured interest income at regular intervals. Thanks to the ample liquidity they promise, FDs can be useful while building an emergency corpus.
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Data as on respective banks' website on November 22, 2023. Small Finance Banks for which data was not available on their websites have not been considered. The data includes 3-year deposit of non-senior citizens for an amount below Rs 1 crore. The value is calculated on the basis of quarterly compounding of interest. Minimum investment amount may vary depending on the type of term deposits account.
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Suryoday Small Finance Bank offers 8.6 percent interest on three-year FDs. Among small finance banks, it offers the best interest rates. A sum of Rs 1 lakh invested grows to Rs 1.29 lakh in three years.
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Jana Small Finance Bank and Utkarsh Small Finance Bank offers 8.5 percent interest on three -year FDs. A sum of Rs 1 lakh invested grows to Rs 1.29 lakh in three years.
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Fincare Small Finance Bank offers 8.11 percent interest on three -year FDs. A sum of Rs 1 lakh invested grows to Rs 1.27 lakh in three years.
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AU Small Finance Bank, Equitas Small Finance Bank, and Shivalik Small Finance Bank offers 8 percent interest on three -year FDs. A sum of Rs 1 lakh invested grows to Rs 1.27 lakh in three years.
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North East Small Finance Bank offers 7.75 percent interest on three -year FDs. A sum of Rs 1 lakh invested grows to Rs 1.26 lakh in three years.
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Small Finance Banks are offering higher interest rates to garner newer deposits. The Deposit Insurance and Credit Guarantee Corporation, a subsidiary of the central bank, guarantees investments in fixed deposits of up to Rs 5 lakh.
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