Best FD rates: Up to 9% interest rate on 5-year fixed deposits! Check out the rates from top 5 small finance banks

financialexpress.com:

Fixed deposits (FDs), also known as term deposits or time deposits, are considered a much safer investment tool. Banks and other financial institutions allow customers to put a certain amount of money in fixed deposits for a set period and earn guaranteed returns at a fixed interest rate.

Withdrawal of money from FDs is allowed with a penalty during the investment period. Generally, FDs offer higher interest rates compared to standard savings accounts. People looking for guaranteed returns with minimal risk often choose fixed deposits.

For the general public, some small finance banks are offering interest rates up to 9% per annum, on tenures ranging from one to five years. Senior citizens are offered 0.25% to 0.75% higher interest rates compared to the rates offered to the general public. Let’s look at current interest rates offered by five small finance banks – Suryoday Small Finance Bank, Unity Small Finance Bank, Utkarsh Small Finance Bank, Equitas Small Finance Bank and Jana Small Finance Bank.

Also Read: HDFC Bank Senior Citizen Care FD: Bank offers 75 bps extra over regular interest rate – Invest before this date

Here are the fixed deposit interest rates for tenures ranging from 1 to 5 years offered by these small finance banks.

Suryoday Small Finance Bank is currently offering a 9% interest rate on FDs of 5 years tenure for the general public. The interest rate is 8.6% on 3-year FDs and 6.85% on 1-year deposits for general customers. On tax saving FDs, the small finance bank is offering interest rate of 9.01% per annum for the general public and 9.25% per annum for senior citizens for a tenure of 5 years.

Unity Small Finance Bank is offering an interest rate of 8.15% on FDs of 5 years tenure for the general