As SBI Fixed Deposit Interest Rates Rise, Small Finance Banks Pay As High As 9% :-
The SBI FD interest rates continue to stay under 7 per cent, the small finance pay a far higher interest rates, surpassing the SBI rates Updated : June 02, 2018 15:29 IST Ujjivan small finance bank offers FD interest rate of 8 per cent on its one-year fixed deposits
Even after increasing the fixed deposit (FD) interest rates on May 28, the State Bank of India still offers the rate of just 6.65 per cent on its one-year fixed deposits (FD). As the SBI FD interest rates continue to stay below the 7 per cent level, the depositors now have a reason to look for alternative savings. Even the post offices fixed deposits also pay just 6.6 per cent on its one-year deposits, the interest rates offered by small finance banks outpace their large counterparts by a wide margin, sometimes as high as 225 basis points (2.25 per cent).
Sample this. Ujjivan small finance bankoffers FD interest rate of 8 per cent on its one-year fixed deposits (FDs).
Ujjivan Small Finance Bank Fixed Deposit (FD) Interest Rates
TENURE
Interest Rate (pa)
(Under Rs. 1 Crore)
7 Days to 29 Days 5.50%
30 Days to 89 Days 6.25%
90 Days to 179 Days 6.75%
180 Days to 364 Days 7.50%
1 Year to 2 Years 8.00%
2 Years and 1 Day to 3 Years 7.50%
3 Years and 1 Day to 5 Years 7.00%
5 Years and 1 Day to 10 Years 6.50%
Additional Interest Rate for Senior Citizens 0.50%
Savings Bank Account
Similarly, Fincare small finance bank offers 8 per cent on its one-year fixed deposits (FDs). The FD interest rate increases further upto 9 per cent when the tenure of fixed deposits ranges between two and three years.
Fincare Small Finance Bank Fixed Deposit (FD) Interest Rates
Tenure General Public Senior Citizens**
7 days to 45 days 4.00% 4.50%
46 days to 90 days 4.00% 4.50%
91 days to 180 days 6.00% 6.50%
181 days to 364 days 7.00% 7.50%
12 months to 15 months 8.00% 8.50%
15 months 1 day to 18 months 8.25% 8.75%
18 months 1 day to 21 months 8.50% 9.00%
21 months 1 day to 24 months 8.75% 9.25%
24 months 1 day to 36 months 9.00% 9.50%
3 years 1 day to 5 years 8.00% 8.50%
5 years 1 day to 7 years 7.00% 7.50%
5 years 1 day to 7 years 7.00% 7.50%
Even AU small finance bank pays 7.15 per cent on its fixed deposits. The rate, already higher than the SBI's fixed deposits rates, by a considerable margin of 50 basis points, goes further up when the tenure rises.
The bank pays a fixed deposit interest rate when the tenure rises ranges between three years and 45 months. The rate further rises to 7.4 per cent when the tenure is between 45 months and five years.
Equitas Fixed Deposit (FD) Interest Rates
Tenure interest rates
7 - 14 days 5.00%
15 - 29 days 5.50%
30 - 45 days 6.00%
46 - 62 days 6.25%
63 - 90 days 6.25%
91 - 120 days 6.50%
121 - 180 days 6.50%
181 - 210 days 6.75%
211 - 270 days 6.75%
271 - 364 days 7.00%
1 year to 18 months 7.50%
18 months 1 day to 2 year 7.75%
2 years 1 day to 3 years 7.75%
3 years 1 day to 4 years 7.00%
4 years 1 day to 5 years 7.00%
5 years 1 day to 10 years 7.00%
Another small finance bank Equitas offers as much as 7.75 per cent on its fixed deposits. The rate is a complete 110 basis points (1.1%) higher than the FD interest rates of SBI.
Content source :- https://www.ndtv.com/business/as-state-bank-of-india-sbi-fd-fixed-deposits-interest-rates-rise-these-banks-pay-as-high-as-9-rate-1861443?amp=1&akamai-rum=off
