Small Finance Banks (SFBs) were introduced in India to promote financial inclusion and offer competitive interest rates to customers. These banks offer fixed deposits (FDs) with attractive interest rates, including those with a rate of 9% or higher. Here are some of the top SFBs offering high-interest FDs:
1. North East Small Finance Bank: Offers 9.25% interest rate on non-callable FDs for amounts between Rs 1 to Rs 3 crore, with tenures ranging from 18 months to 36 months.
2. Unity Small Finance Bank: Offers 9.10% interest rate to senior citizens on investments of less than Rs 3 crore for a tenure of 1001 days.
3. Utkarsh Small Finance Bank: Offers 9.10% interest rate to senior citizens on investments of less than Rs 3 crore for deposits between 730 days to 1095 days.
4. Equitas Small Finance Bank: Offers 9% interest rate for senior citizens on a tenure of 888 days.
In general, most SFBs offer higher interest rates to senior citizens, making them an attractive option for those looking to earn higher returns on their fixed deposits. With interest rates ranging from 8.5% to 9.25%, these banks are providing a competitive alternative to traditional banking and post offices. With the introduction of SFBs, customers have more options for fixed deposits, and it’s worth considering these financial institutions when looking to earn higher interest rates on their investments.