Small finance banks are offering attractive fixed deposit (FD) rates to customers, with some offering as high as 9% interest rate on 3-year deposits. Here are 5 small finance banks that are offering high FD rates on 3-year deposits:
1. Ujjivan Small Finance Bank: Ujjivan SFB is offering a 9% interest rate on 3-year FDs, with a minimum deposit requirement of ₹15,000.
2. Equitas Small Finance Bank: Equitas SFB is offering an 8.75% interest rate on 3-year FDs, with a minimum deposit requirement of ₹10,000.
3. Au Financiers (India) Limited: Au Financiers is offering an 8.75% interest rate on 3-year FDs, with a minimum deposit requirement of ₹10,000.
4. Suryoday Small Finance Bank: Suryoday SFB is offering an 8.5% interest rate on 3-year FDs, with a minimum deposit requirement of ₹10,000.
5. Jana Small Finance Bank: Jana SFB is offering an 8.25% interest rate on 3-year FDs, with a minimum deposit requirement of ₹10,000.
These small finance banks are offering higher interest rates compared to traditional banks, making them an attractive option for customers looking for higher returns on their deposits. Additionally, these banks are also offering other benefits such as higher interest rates on senior citizens, special schemes for women, and online FD booking facilities.
It’s worth noting that the interest rates offered by these small finance banks may vary depending on the location and the customer’s profile. Customers should check the interest rates and terms and conditions before opening an FD account.
In comparison, traditional banks such as State Bank of India, ICICI Bank, and HDFC Bank are offering interest rates ranging from 5.5% to 7.5% on 3-year FDs. This highlights the competitive advantage that small finance banks have in terms of offering higher interest rates to customers.
Overall, small finance banks are offering attractive FD rates to customers, making them a viable option for those looking for higher returns on their deposits.