Fixed deposits, popularly knows as FDs, are not only offered by leading banks such as State Bank of India (SBI), HDFC, ICICI, Axis among others but also by small finance banks and post offices across India. FDs offer higher interest rates than savings bank accounts.
Also Read– Retirement Planning: Why Investing Early Is Important For You?
The market earlier had only two players – banks and post offices, but now small finance banks has also gained a foothold.
FD interest rates of SFBs such as Unity Small Finance Bank, Equitas Small Finance Bank, Suryoday Small Finance Bank, Utkarsh Small Finance Bank and Jana Small Finance Bank are much higher than those offered by post offices.
Here’s a list of SFBs giving better returns than Post Office:
Post Office Term Deposits: Post Office Term Deposits give an interest rate of 7.00 per cent to the general public and 7.00 per cent to senior citizens on FDs of 5 years.
Also Read- 7th Pay Commission: Central Govt Employees May See Salary Hike Soon As Fitment Factor, DA To Rise
SFBs
Unity Small Finance Bank: The bank gives interest rates of 9.00 per cent to the general public and 9.50 per cent to senior citizens on FDs of 1001 days.
Jana Small Finance Bank: The bank gives interest rates of 8.10 per cent to the general public and 8.80 per cent to senior citizens on FDs of over 2 to 3 years.
Suryoday Small Finance Bank: The bank gives interest rates of 8.51 per cent to the general public and 8.76 per cent to senior citizens on FDs of 999 days.
Equitas Small Finance Bank: The bank gives interest rates of 8.00 per cent to the general public and 8.50 per cent to senior citizens on FDs of 888 days.
Ujjivan Small Finance Bank: The bank gives interest rates of 8.00 per cent to the general public and 8.75 per cent to senior citizens on FDs of 560 days.
Fincare Small Finance Bank: The bank gives interest rates of 8.11 per cent to the general public and 8.71 per cent to senior citizens on FDs of 750 days.
Read More: Last date for tax saving investment in FY 2022-23 is near: Know how NPS will help
Utkarsh Small Finance Bank: The bank gives interest rates of 8.00 per cent to the general public and 8.75 per cent to senior citizens on FDs of 700 days.
North East Small Finance Bank: The bank gives interest rates of 8.00 per cent to the general public and 8.75 per cent to senior citizens on FDs of 1111 days.
Read More: Mutual Funds May Introduce 5 New Categories Under ESG; Check Sebi’s Latest Proposal
