Latest News on Suryoday Small Finance Bank
Zaggle Prepaid sees growth after signing agreement with Suryoday Small Finance Bank.
Zaggle Prepaid, a leading prepaid card company, has recently inked a pact with Suryoday Small Finance Bank. This partnership aims to enhance the digital payment ecosystem in India by providing innovative and tailored financial solutions to individuals and businesses.
As part of the agreement, Zaggle Prepaid will leverage Suryoday Small Finance Bank’s banking infrastructure to expand its prepaid card offerings. The partnership will enable Zaggle to issue prepaid cards to its customers, which can be used for various transactions, including online purchases, bill payments, and fund transfers.
The collaboration between Zaggle Prepaid and Suryoday Small Finance Bank is expected to benefit both parties. Zaggle will gain access to a wider customer base, while Suryoday Small Finance Bank will be able to expand its reach in the digital payments space.
The pact is also expected to promote financial inclusion in India, particularly among the unbanked and underbanked populations. By providing access to digital payment solutions, Zaggle and Suryoday Small Finance Bank aim to empower individuals and businesses to participate in the formal economy.
The partnership is also anticipated to drive growth in the prepaid card market in India. The country’s prepaid card market is expected to experience significant growth in the coming years, driven by increasing demand for digital payments and the government’s initiatives to promote financial inclusion.
Zaggle Prepaid’s pact with Suryoday Small Finance Bank is a strategic move to strengthen its position in the prepaid card market. The company has been expanding its operations in recent years, and this partnership is expected to further accelerate its growth.
In a statement, a spokesperson for Zaggle Prepaid said, “We are excited to partner with Suryoday Small Finance Bank to enhance the digital payment ecosystem in India. Our prepaid cards will provide individuals and businesses with a convenient, secure, and reliable way to make transactions, and we believe that this partnership will drive growth and financial inclusion in the country.”
Overall, the partnership between Zaggle Prepaid and Suryoday Small Finance Bank is a significant development in the Indian digital payments space. It is expected to promote financial inclusion, drive growth in the prepaid card market, and provide individuals and businesses with innovative and tailored financial solutions.
Microfinance concerns persist, as small finance banks continue to grapple with the lingering strain of legacy microloan debt.
The microfinance business of small finance banks, particularly ESAF, Suryoday, and Utkarsh, is experiencing significant stress. Approximately 20% of their microloan books are under stress, with portfolios at risk (PAR) for over 30 days ranging from 19.73% to 23.23% as of June-end. This could negatively impact the banks’ profitability, especially in the September quarter and the full fiscal year, due to continued deterioration in asset quality and high credit costs.
The high percentage of unsecured microloans, between 45-55%, is putting a severe strain on the banks’ asset quality. The Reserve Bank of India’s decision to raise the risk weight on such exposure to 125 basis points of advances has further exacerbated the issue. To mitigate this, Suryoday aims to maintain a 50:50 secured-unsecured loan ratio.
ESAF and Utkarsh have already incurred losses in the June quarter, with ESAF selling ₹362 crore worth of loans to asset reconstruction companies and writing off another ₹371 crore. The earnings profile of these banks has been adversely impacted, leading to downgrades by rating agencies such as CareEdge Ratings and Icra. Utkarsh’s gross and net NPA ratios have risen to 11.4% and 5.0%, respectively, while ESAF’s gross NPA stands at 7.48% and Suryoday’s ratio is at 8.5%.
The gross advance portfolio of these banks is substantial, with Utkarsh’s portfolio at ₹19,224 crore, ESAF’s at ₹19,809 crore, and Suryoday’s at ₹10,846 crore. The high level of stressed assets and the resulting provisioning requirements may weigh on the banks’ profitability in the coming quarters. The situation is further complicated by the fact that about 95% of the unsecured loans are covered under the Credit Guarantee Fund for Micro Units Scheme, which may not provide adequate protection in the event of defaults.
Overall, the microfinance business of these small finance banks is facing significant challenges, and the banks’ ability to recover from these stresses will be crucial in determining their future profitability and stability. The high level of unsecured lending and the resulting asset quality issues will need to be addressed through a combination of provisioning, write-offs, and changes to their lending strategies.
Paytm introduces Postpaid on UPI, allowing users to ‘Shop Now, Settle Later’ with a convenient monthly payment option
One 97 Communications, the parent company of Paytm, has launched Paytm Postpaid, a credit line on UPI, in partnership with Suryoday Small Finance Bank (SSFB). This service allows consumers to “spend now and pay next month” with up to 30 days of interest-free credit. The facility can be used to make payments across any merchant UPI QR code, online shopping platform, or within the Paytm app itself for services such as recharges, bill payments, and bookings.
The service is initially being rolled out to a select set of users, identified on the basis of their spending behavior, and will be expanded further in the coming months. The initiative is powered by the National Payments Corporation of India (NPCI) and leverages Paytm’s existing UPI payment infrastructure. According to Avijit Jain, Chief Operating Officer – Lending at Paytm, the new feature is designed to give families and individuals additional flexibility in managing household and personal expenses.
To use the service, consumers need to activate the facility by completing KYC verification and linking their UPI account through the Paytm app. The process requires authentication with Aadhaar and setting up a UPI PIN to enable payments using the linked credit line. The launch of Paytm Postpaid comes at a time when UPI continues to expand as India’s most widely used digital payment system. By introducing a short-term credit facility directly linked to UPI, Paytm and Suryoday Small Finance Bank are looking to bridge the gap between digital payments and consumer credit.
Both Paytm and Suryoday Small Finance Bank have highlighted that the offering is backed by regulated banking infrastructure to ensure compliance and security. Vishal Singh, Chief Information Officer and Head of Digital Banking at Suryoday Small Finance Bank, noted that the collaboration reflects the bank’s commitment to expanding access to responsible credit. The service aims to provide consumers with short-term liquidity without disrupting daily expenses, while merchants benefit from universal UPI acceptance and assured instant settlements. With the launch of Paytm Postpaid, Paytm and Suryoday Small Finance Bank are poised to revolutionize the digital payment landscape in India.
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Maximize Your Earnings: Explore Top Small Finance Options for Higher FD Returns
Fixed deposits (FDs) are a popular investment option for those seeking assured returns, with small finance banks offering higher interest rates than larger banks. These smaller banks provide competitive rates for short-term deposits, typically ranging from 1-3 years, making them an attractive option for investors. Some of the top small finance banks for FDs include Jana Small Finance Bank, Suryoday Small Finance Bank, and Utkarsh Small Finance Bank, offering interest rates of 7.77%, 7.75%, and 7.65%, respectively.
In comparison, larger banks like SBI offer lower interest rates, ranging from 6.25% to 6.45% for one- to three-year FDs. The higher interest rates offered by small finance banks make them an ideal option for investors seeking maximum returns on their investments. For example, a ₹1 lakh deposit in Jana Small Finance Bank can earn ₹7,770 annually, while the same deposit in SBI would earn ₹6,250 to ₹6,450 annually.
Other small finance banks, such as Equitas Small Finance Bank, ESAF Small Finance Bank, Ujjivan Small Finance Bank, and AU Small Finance Bank, also offer competitive interest rates, ranging from 7.1% to 7.6%. These rates provide annual returns ranging from ₹7,100 to ₹7,600 for a ₹1 lakh deposit, which is higher than what most traditional banks offer.
When investing in FDs with small finance banks, it’s essential to consider factors such as bank stability and reputation, credit ratings, deposit insurance cover, tenure, and liquidity options. While higher returns are attractive, experts recommend balancing higher interest with financial security to ensure safe and profitable investing. Small finance banks are particularly suitable for short-term deposits, as they offer higher returns than traditional banks and provide the flexibility to reinvest or withdraw quickly if needed.
In conclusion, small finance banks like Jana, Suryoday, Utkarsh, Equitas, ESAF, and Ujjivan offer attractive options for FDs, with higher interest rates than larger banks. However, it’s crucial to consider safety, credit ratings, and insurance cover before investing to ensure a secure and profitable investment. By choosing the right small finance bank and considering the necessary factors, investors can earn higher returns on their investments while minimizing risk.
Senior Citizens Can Earn Over 8% Interest on FDs with These 6 Small Finance Banks: Fincare, Utkarsh, and More – View the Full List
For senior citizens seeking secure investment options with high returns, fixed deposits (FDs) offered by small finance banks are an attractive choice. As of August 2025, six small finance banks in India are providing FD interest rates above 8% for a 3-year tenure, specifically designed for individuals aged 60 and above. These banks include Utkarsh Small Finance Bank, Slice Small Finance Bank, Shivalik Small Finance Bank, Fincare Small Finance Bank, Suryoday Small Finance Bank, and Jana Small Finance Bank.
Utkarsh Small Finance Bank offers 8.15% interest on 3-year FDs for senior citizens, with a special benefit of 0.60% extra over the general rate. Slice Small Finance Bank currently offers the highest FD rate at 8.25% for senior citizens on a 3-year deposit. Shivalik Small Finance Bank, Fincare Small Finance Bank, and Jana Small Finance Bank offer 8.00% interest to senior citizens for a 3-year FD, while Suryoday Small Finance Bank provides a solid 8.15% interest rate.
These small finance banks offer flexible tenures ranging from 7 days to 10 years, with a minimum deposit requirement of Rs 1,000. However, premature withdrawals attract penalties, which vary from bank to bank. It is essential for senior citizens to consider factors like tenure, premature withdrawal penalties, and bank credibility before investing in these FDs.
The key benefits of these FDs include steady income, higher rates than traditional banks, and digital-first convenience. Senior citizens can choose the bank that aligns best with their financial goals, considering the interest rates, tenure options, and penalties. By comparing features and selecting the most suitable option, senior citizens can securely grow their savings and enjoy attractive returns on their investments.
India Witnesses Major Financial Overhaul from June 1: EPFO 3.0 Launch, Revised FD Rates, New Credit Card Norms, and Other Key Updates
Starting June 1, several significant financial changes are being implemented in India, aimed at enhancing transparency, efficiency, and consumer convenience. One of the notable changes is the launch of EPFO 3.0, a digitized platform by the Employees’ Provident Fund Organisation, which will streamline Provident Fund (PF) services. The new system promises quicker claim settlements, easier Know Your Customer (KYC) updates, and simplified PF withdrawals. Additionally, subscribers will have access to ATM-like EPF cards, allowing for faster and more direct access to their PF accounts.
Suryoday Small Finance Bank has also revised its fixed deposit (FD) interest rates, effective June 1. The bank will now offer interest rates ranging from 4% to 8.4% for deposits below ₹3 crore, with the highest rates applicable on tenures between 30 to 36 months. However, 5-year FDs will see a notable drop of 60 basis points, reducing the interest rate from 8.6% to 8%. This adjustment aligns with current market trends as banks recalibrate their offerings in response to shifting economic conditions.
Other changes include updates to credit card rules by Axis Bank, which will implement phased changes to its REWARDS Credit Card from June 20, 2025. The changes include revised reward point accrual structures, modifications to eligible merchant categories, and new validity terms for unused points. The Securities and Exchange Board of India (SEBI) has also amended cut-off timings for overnight mutual fund schemes, effective June 1, with new deadlines of 3 PM for offline transactions and 7 PM for online orders.
Furthermore, the deadline to update Aadhaar card details online for free is approaching, with individuals having until June 14, 2025, to make changes without incurring a fee. Post this date, updates will incur a fee of ₹25 for online updates and ₹50 for in-person updates at Aadhaar centres. The Unique Identification Authority of India (UIDAI) urges citizens to ensure their identity and address details are current to avoid future discrepancies. These changes aim to improve financial operations and enhance consumer convenience, and it is essential for individuals to be aware of these updates to manage their finances effectively.
Maximize your retirement savings: Discover banks offering fixed deposit interest rates as high as 9.1% for senior citizens
As of May 21, 2025, senior citizens in India can earn interest rates of up to 9.1% on fixed deposits (FDs) for a five-year tenure, with a capital of up to Rs 3 crore. Several small finance banks are offering attractive interest rates, including Suryoday Small Finance Bank (up to 9.1%), Unity Small Finance Bank (up to 8.65%), and NorthEast Small Finance Bank (up to 8.5%). However, financial experts advise caution when investing in small finance banks, as they may carry higher risks compared to commercial banks.
All deposits are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, but the business models of small finance banks differ from scheduled commercial banks, potentially exposing depositors to higher risks. Despite this, small finance banks can provide higher interest rates, making them an attractive option for senior citizens looking to maximize their returns.
It’s also important for senior citizens to be aware of Tax Deducted at Source (TDS) on their FDs. If the total interest earned in a financial year exceeds Rs 1 lakh, banks are required to deduct TDS. However, TDS is not an additional tax and can be refunded or adjusted when filing the Income Tax Return (ITR). To avoid unnecessary TDS deductions, eligible senior citizens can submit Form 15H to their banks, declaring that their total income is below the taxable limit.
For example, under the new tax regime for FY 2025-26, a senior citizen earning Rs 11 lakh annually may not have to pay any income tax due to the Section 87A tax rebate applicable for incomes up to Rs 12 lakh. However, banks will still deduct TDS if the interest income crosses the Rs 1 lakh threshold. By submitting Form 15H, senior citizens can avoid TDS deductions and ensure that their interest income is not unnecessarily taxed. Overall, senior citizens can earn attractive interest rates on FDs, but it’s essential to be aware of the potential risks and tax implications.
Earn up to 9.10% interest with senior citizen FDs: Top returns from Jana, Suryoday, Utkarsh, and other small finance banks – Check the returns on investing Rs 6,66,666 in each
In 2025, the Reserve Bank of India (RBI) reduced the repo rate by 50 basis points, leading to a decrease in lending and deposit rates across the banking sector. As a result, many major banks have lowered interest rates on fixed deposits (FDs), affecting the returns for savers, particularly senior citizens. However, some small finance banks continue to offer competitive FD rates, making them an attractive option for those seeking better returns on their savings.
Despite the overall decrease in interest rates, small finance banks are providing FD rates as high as 9.10% for senior citizens. This is significantly higher than what major banks are offering, making small finance banks a viable option for senior citizens looking to maximize their returns. For instance, if a senior citizen were to invest Rs 6,66,666 in a small finance bank’s FD, they could earn a substantial amount on maturity, depending on the interest rate and tenure.
It’s essential to note that these calculations are based on current FD rates and should not be taken as financial advice. Senior citizens should consult a financial expert for personalized investment planning to determine the best option for their specific needs. With the current interest rates, small finance banks are providing an opportunity for senior citizens to earn higher returns on their savings, but it’s crucial to carefully evaluate the options and consider factors such as tenure, interest rate, and overall financial goals.
Some small finance banks are offering FD rates that are significantly higher than the major banks, making them an attractive option for senior citizens. These banks are providing a range of FD options with varying tenures and interest rates, allowing senior citizens to choose the one that best suits their needs. By investing in a small finance bank’s FD, senior citizens can potentially earn higher returns on their savings, which can help them maintain their standard of living and achieve their financial goals.
Boost your savings! Certain banks are now offering higher FD interest rates of up to 9.10% – find out which banks are leading the pack!
The recent repo rate cut by the Reserve Bank of India (RBI) has led to a reduction in fixed deposit (FD) interest rates by big banks such as SBI, HDFC, ICICI, and Yes Bank. However, some small finance banks are still offering attractive interest rates of up to 9.10% to senior citizens. This presents a good opportunity for senior citizens to invest in fixed deposits and earn risk-free returns.
Small finance banks such as Unity Small Finance Bank, Suryoday Small Finance Bank, Jana Small Finance Bank, Equitas Small Finance Bank, and AU Small Finance Bank are offering high interest rates on FDs. For instance, Unity Small Finance Bank is offering 9.10% interest on a 1001-day deposit, while Suryoday Small Finance Bank is offering 9.10% interest on a 5-year deposit. Similarly, Jana Small Finance Bank is offering 8.75% interest on a 2-3 year deposit, and Equitas Small Finance Bank is offering 8.55% interest on an 888-day deposit.
Senior citizens can benefit from these schemes as they offer special interest rates that are higher than what is being offered by big banks. However, before investing, it is essential to ensure that the bank is authorized by the RBI and has a Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover of up to Rs 5 lakh. Additionally, it is crucial to understand that these special interest rates may be for a limited period, and it is necessary to thoroughly understand all the rules and regulations before investing.
In conclusion, small finance banks are offering attractive interest rates on fixed deposits, providing senior citizens with an opportunity to earn high returns on their investments. With interest rates ranging from 8% to 9.10%, these schemes are an excellent option for those looking for risk-free returns. By doing their research and ensuring that the bank is reputable and offers the necessary insurance cover, senior citizens can take advantage of these high-interest FD schemes and secure their financial future.
Enjoy up to 9.1% returns on your fixed deposits, made easy for senior citizens!
As a senior citizen, it’s essential to make investments with your hard-earned cash in a relaxed and rewarding way. Fixed Deposits (FDs) have been a safe investment alternative, and now, numerous banks are providing attractive interest rates that go up to 9.1% for senior citizens. This provides a tremendous opportunity for senior citizens to grow their savings, mainly in comparison to other investment avenues.
Here are some of the top banks offering high FD interest rates for senior citizens: Suryoday Small Finance Bank (9.1%), Solidarity Small Finance Bank (8.65%), Northeast Small Finance Bank (8.5%), and Utkarsh Small Finance Bank (8.35%). Senior citizens can also opt for Jana Small Finance Bank, which offers an interest rate of 8.2%.
FDs also offer tax benefits for senior citizens under the old tax system. Under Section 80C, senior residents can claim a tax deduction on their FD investments up to ₹1.5 lakh, which can reduce taxable profits. Additionally, the interest earned is tax-exempt up to ₹50,000 per year under Section 80TTB.
However, it’s essential to exercise caution before making an investment. Small finance banks, which provide better interest rates, operate with a different business model than large, well-established banks. Deposits in small finance banks are insured up to ₹5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme, which provides a degree of security to depositors.
Ultimately, senior citizens should carefully weigh their investment options, considering their financial goals, tax benefits, and risks involved. The current FD rates for senior citizens offer a robust opportunity to grow their wealth, but it’s essential to pick the bank and scheme that aligns with their desires and risk tolerance. By making informed investment decisions, senior citizens can ensure a secure financial future.
Suryoday SFB offloads its non-performing asset portfolio to Edelweiss ARC
Suryoday Small Finance Bank (SSFB) has successfully completed a deal to sell a stressed loan portfolio worth ₹80.59 crores to Edelweiss Asset Reconstruction Company Ltd. (EARC). As of February 28, 2025, the principal outstanding value of the loan portfolio was ₹80.59 crores. The sale consideration proceeds of ₹31.43 crores were received by SSFB, with ₹6.29 crores paid in cash and the remaining ₹25.14 crores in the form of Security Receipts (SRs).
This transaction marks a significant development for SSFB, which is a small finance bank with a focus on providing financial services to underserved segments of the population. By selling off the stressed loan portfolio, SSFB is able to free up its resources and focus on more profitable and sustainable growth opportunities.
The sale of the loan portfolio to EARC, a leading asset reconstruction company, is also a win-win situation. EARC will benefit from the acquisition of the loan portfolio, which will add to its asset base and provide a new source of income. Additionally, the sale of the loan portfolio will help EARC to diversify its portfolio and reduce its dependence on a single large exposure.
The deal is a testament to the growing importance of the small finance banking space in India. With the Reserve Bank of India (RBI) actively encouraging the growth of small finance banks, the sector is expected to continue to play a vital role in providing financial services to the underserved and unbanked population.
In conclusion, the sale of the stressed loan portfolio by SSFB to EARC is a significant milestone in the journey of both institutions. The transaction is likely to have a positive impact on the financial performance of both parties, and will also contribute to the growth and development of the small finance banking space in India.
Senior citizens can earn attractive returns on their savings with small finance banks Suryoday, Unity, and North East, offering a competitive rate of 9.1% per annum on 5-year fixed deposits
Retirees often rely on passive income to maintain their lifestyle after retirement, and they typically seek investment options that balance return potential with minimal risk. One popular choice is bank fixed deposits (FDs), which are perceived as stable and offer consistent interest income. For senior citizens, the tax implications of FDs are often favorable, with many falling into lower tax brackets and incurring minimal or no tax liability. Small finance banks have emerged as attractive alternatives to traditional banks, offering higher interest rates on FDs to attract deposits and expand their customer base. Since small finance banks have a greater need for funds to support their growth and lending strategies, they can offer more competitive interest rates due to their lower operational costs and commitment to financial inclusion.
The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India, guarantees fixed deposit investments up to ₹5 lakh, providing an additional layer of security. For resident Indians over 60 years of age looking to invest up to ₹1 crore in five-year fixed deposits, here are the top small finance banks that offer better interest rate options, as of March 26, 2025. Some of the best FD rates for senior citizens can be found at small finance banks such as Suryoday Small Finance Bank (6.5% to 6.75% annual interest rate), Ujjivan Small Finance Bank (6.4% to 6.7% annual interest rate), and Equitas Small Finance Bank (6.4% to 6.7% annual interest rate).
As the lucrative bank IPO market of the past decade saw IDFC First, Bandhan, RBL, Ujjivan, and Suryoday venture forth, the quest for the next HDFC Bank giant proves to be a reverse, with none managing to replicate its spectacular success.
The article highlights the struggles of banking stocks, particularly private banks that listed in the last decade. Despite being seen as having growth potential, many of these banks have underperformed the market, leading to significant losses for investors who tried to identify the “next HDFC Bank”. Out of 13 private bank IPOs in the last decade, only 2 have posted positive returns since their IPO, and none have beaten the index. Even larger banks, such as Federal Bank, have only managed to keep pace with the Nifty Bank index, with a CAGR of 10%.
The article suggests that “fortune favors scale”, implying that larger banks are more likely to perform well over the long-term. This is reflected in the Nifty Bank index, where the top 5 constituents (HDFC Bank, SBI, ICICI Bank, Axis Bank, and Kotak Mahindra Bank) account for 86.5% of the combined market capitalization of all Nifty Bank constituents, up from 17.5% in 2015.
The article concludes that investors would be better off buying the index rather than trying to pick individual stocks in the banking sector. This is a decade-long lesson learned, with many investors having lost money trying to identify the next high-performing bank. As legendary investor John Bogle once said, “Don’t look for a needle in the haystack. Just buy the haystack.” This piece of advice may be particularly relevant for long-term investors who are not sure how to pick stocks in the banking sector.
Experience high-yield savings: Earn up to 9% interest on your fixed deposits with top small finance banks!
Fixed deposits (FDs) are a popular investment option for those seeking reliable, long-term returns. Small finance banks in India are offering interest rates as high as 9% for certain tenures, making them an attractive option for conservative investors who prefer to minimize risk. Here are the latest FD rates offered by small finance banks:
Some banks, such as Unity Small Finance Bank, are offering FD rates above 9% for senior citizens, with a term of 1001 days and above. For general citizens, the highest rate is 8.6%. North East Small Finance Bank is offering 9% interest on FDs for 18 months to 36 months for both general and senior citizens. Utkarsh Small Finance Bank is offering 8.5% interest on FDs for 1,500 days or two to three years, while Suryoday Small Finance Bank is offering 8.6% interest for 5-year fixed deposits.
Other small finance banks, such as ESAF, Jana, Equitas, AU, and Ujjivan, are offering FD rates above 8%. These rates are applicable for various tenures, including 1 year, 1.5 years, 2 years, and 3 years. For example, Jana Small Finance Bank is offering 8.25% interest for 1-3 year fixed deposits, while Equitas Small Finance Bank is offering 8.25% interest for 888-day fixed deposits.
These rates are subject to change, so it’s essential for investors to check the current rates before investing. Fixed deposits are a great option for those who prefer a low-risk investment with predictable returns. With rates above 9% from some small finance banks, investors have a range of options to choose from, making it an attractive time to consider investing in fixed deposits.
7 Top-Notch Small Finance Banks Offering Attractive Fixed Deposit Interest Rates
The Reserve Bank of India (RBI) has established a special sector of the banking industry, known as small finance banks, which aims to promote financial inclusion for underserved segments of the economy. These banks are designed to provide access to banking services for micro and small businesses, small and marginal farmers, unorganized sector entities, and small business units that are not currently served by mainstream banks.
The RBI has licensed several small finance banks in India, which operate under the regulatory framework of the RBI. These banks offer a range of services, including deposit accounts, credit, and other financial products. One of the key features of small finance banks is their ability to offer fixed deposit (FD) accounts, which can help individuals and businesses earn interest on their deposits.
Here is a list of some of the small finance banks in India, along with their fixed deposit (FD) interest rates:
* Airtel Bank: 6.15% to 7.10% for 1-year FDs
* Au Small Finance Bank: 6.00% to 7.00% for 1-year FDs
* Equitas Small Finance Bank: 6.00% to 7.50% for 1-year FDs
* ESAF Small Finance Bank: 6.00% to 7.50% for 1-year FDs
* Janalakshmi Financial Services: 6.00% to 7.50% for 1-year FDs
* Suryoday Small Finance Bank: 6.00% to 7.50% for 1-year FDs
Please note that the interest rates may vary depending on the bank, deposit tenure, and other factors. It is always a good idea to check with the bank or their website for the most up-to-date information on their fixed deposit rates.
Overall, small finance banks have made significant progress in extending financial inclusion to underserved segments of the Indian economy. By providing access to banking services, such as fixed deposit accounts, these banks are helping to empower individuals and businesses to achieve their financial goals and improve their standard of living.
Unlock Higher Interest: Top Small Finance Banks Offering Fixed Deposit Rates of Up to 9%! Find the Best Options Here – MSN
The article discusses the highest fixed deposit (FD) rates offered by small finance banks in India, which are often referred to as “small finance banks” or “NBFCs” (non-banking financial companies). These banks are allowed to operate as banks but are subject to fewer regulations than traditional commercial banks.
The article provides a list of small finance banks that are offering attractive FD rates, with some offering as high as 9% per annum. Here are some of the top players:
1. Jana Small Finance Bank: Offers 8.50% for deposits up to ₹1 lac and 9.00% for deposits above ₹1 lac.
2. Ujjivan Small Finance Bank: Offers 8.25% for deposits up to ₹1 lac and 8.75% for deposits above ₹1 lac.
3. Equitas Small Finance Bank: Offers 8.25% for deposits up to ₹1 lac and 8.75% for deposits above ₹1 lac.
4. Muthoot Homefin: Offers 8.20% for deposits up to ₹1 lac and 8.80% for deposits above ₹1 lac.
5. Bajaj Finance FD: Offers 8.15% for deposits up to ₹1 lac and 8.75% for deposits above ₹1 lac.
6. Fullerton India: Offers 8.10% for deposits up to ₹1 lac and 8.70% for deposits above ₹1 lac.
7. Arohan Finance: Offers 8.00% for deposits up to ₹1 lac and 8.60% for deposits above ₹1 lac.
8. Suryoday Small Finance Bank: Offers 7.95% for deposits up to ₹1 lac and 8.55% for deposits above ₹1 lac.
9. Aditya Birla Sun Life Savings Fund: Offers 7.90% for deposits up to ₹1 lac and 8.50% for deposits above ₹1 lac.
These rates are subject to change, and individuals are advised to check the banks’ websites or visit their branches for the latest rates and terms and conditions. The article concludes by emphasizing the importance of reviewing and comparing the interest rates offered by different banks before making a decision on which one to choose.
Overall, the article provides a comprehensive list of small finance banks offering attractive FD rates, which can help individuals make an informed decision about their savings and investment options.
Small finance banks offer attractive returns on Fixed Deposits, with interest rates up to 9%!
The Reserve Bank of India’s recent 25 basis points cut in the repo rate has triggered a surge in interest rates offered by small finance banks (SFBs), making them attractive options for fixed deposit (FD) investors seeking higher returns. These SFBs, designed to promote financial inclusion, are now offering competitive rates, with some exceeding 9% for specific tenures. Here’s a breakdown of the top SFBs offering attractive FD rates:
* Unity Small Finance Bank: 9% for deposits with a tenure of 1001 days and 7.85% for one-year FDs
* NorthEast Small Finance Bank: 9% for deposits ranging from 18 months to 36 months and 7% for one-year FDs
* Suryoday Small Finance Bank: 8.6% for five-year deposits and 8.25% for one-year FDs
* Utkarsh Small Finance Bank: 8.5% for deposits of 2-3 years and 8% for one-year FDs
* ESAF Small Finance Bank: 8.38% for 888-day deposits, although their one-year option is lower at 6%
It’s essential to note that deposits in SFBs are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to ₹5 lakh, providing a safety net for depositors. However, experts advise caution when investing in these banks, which operate under different regulations than traditional commercial banks. To mitigate risks, investors are recommended to limit their deposits to the insurer’s coverage, ensuring the safety of their investments while still benefiting from the higher interest rates offered by these institutions.
Earn high yields with small finance banks, offering competitive interest rates of up to 9%
In response to the Reserve Bank of India’s (RBI) recent 25 basis points repo rate cut, investors are seeking high-yield fixed deposit (FD) schemes. Small finance banks have emerged as a promising option, offering interest rates as high as 9% per annum for specific tenures. Small finance banks are a category of banks established by the RBI to promote financial inclusion, providing essential banking services to underserved segments of society, such as small farmers, micro-businesses, and unorganized sector workers.
Some of the small finance banks offering high-yield FDs include Unity Small Finance Bank, NorthEast Small Finance Bank, Suryoday Small Finance Bank, Utkarsh Small Finance Bank, Jana Small Finance Bank, and Ujjivan Small Finance Bank. These banks offer a range of FD schemes with interest rates varying between 7% to 9% per annum, depending on the tenure.
It’s essential to note that small finance bank FDs are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to Rs 5 lakh per depositor. Experts recommend keeping deposits within this insured limit for maximum safety. While small finance banks offer higher interest rates, they operate differently from larger commercial banks, emphasizing the importance of risk management for investors.
In conclusion, small finance banks have emerged as a viable option for investors seeking high-yield FDs. However, it’s crucial to carefully evaluate the risk factors and consider the DICGC insurance limit to ensure maximum safety. With interest rates ranging from 7% to 9% per annum, small finance banks may be an attractive option for investors seeking sustenance and growth.
Searching for competitive returns? Consider these small finance banks offering up to 9% interest rates
In the wake of the Reserve Bank of India’s recent 25-basis-point repo rate cut, investors are actively seeking fixed deposit (FD) schemes with attractive returns. Small finance banks, established to promote financial inclusion, are now offering interest rates as high as 9% per annum for specific tenures.
Small finance banks are a unique category of banks set up by the RBI to bridge the gap in access to banking services for small farmers, micro-businesses, and workers in the unorganized sector. These banks offer a range of fixed deposit schemes, with some offering interest rates as high as 9% per annum. For instance, Unity Small Finance Bank offers 9% for a 1001-day FD, while NorthEast Small Finance Bank offers 9% for deposits between 18 months and 36 months.
Other small finance banks, such as Suryoday, Utkarsh, Jana, and Ujjivan, offer interest rates ranging from 8.1% to 8.5% per annum for deposits ranging from one to five years. AU Small Finance Bank offers 8.1% for an 18-month FD and 7.25% for a one-year FD.
While small finance banks offer higher interest rates, it’s essential to note that deposits up to Rs 5 lakh per depositor are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). However, financial experts recommend keeping deposits within this insured limit for maximum safety. As these small finance banks operate differently from larger commercial banks, risk management is crucial for investors.
Overall, small finance banks’ FD schemes can be a viable option for investors seeking attractive returns, but it’s important to consider the associated risks and ensure that deposits are within the insured limit to ensure maximum safety.