5 small finance banks offer interest of up to 9% on their fixed deposits
choosing a bank based on a number of factors which include rate of interest they offer, customer-friendly services they provide and the word-of-mouth feedback. Besides large commercial banks, small finance banks also offer good interest rate on their fixed deposits. Here, we give a lowdown on small finance banks which offer an interest in the range upward of 8 percent per annum.
These are small finance banks which offer high interest rate: Capital Small Finance Bank: Capital Small Finance Bank offers an interest of 7.15 percent per annum to investors for one-year fixed deposit. Under the special category, it offers 7.6 percent for a term deposit of 400 days. The senior citizens are entitled to receive an interest of 8.10 percent per annum on 400 day-deposit.
Equitas Small Finance Bank: This bank offers 8.20 percent on its one-year fixed deposits (FD). For special duration deposits, the interest rate rises even higher. A deposit of 444 days earns an interest of 8.50 percent per annum.
A deposit of 888 days gives an interest of 8.25 percent. Interestingly, a longer duration FD such as for 5 years gives a lower interest rate i.e., 7.25 percent per annum. (*These interest rates are offered to senior citizens) Utkarsh Small Bank: It offers an interest of 8 percent per annum on one-year deposits.
The highest interest rate of 8.5 percent is offered on the deposits of tenure that ranges between 2 to 3 years. At the same time, senior citizens are entitled to 9.10 percent per annum interest on deposits of 2-3 years tenure. They also stand to receive an interest of 8.85 percent per annum on deposits between 3-4 years.
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