SMALL FINANCE BANKS FD RATES

COMPARITIVE FIXED DEPOSIT INTEREST RATES

offered by Indian Banks 

Editor's Note dated 20.11.2020 :  Small Finance Banks    are new breed of banks  permitted by Reserve Bank of India   in 2015  and it has given  licence to open ten of such banks  . They are primarily to  finance small  business and SME sector . They are also permitted to collect deposits   . 

We find that the   interest rates offered  by such Small Finance Banks are generally higher than that of  other public sector banks , private sector banks   and  post office deposits . One of the banks offers up to  8.00  %   for 5 year deposits for senior citizens  .   The attractive rates   offered by them   sometimes makes investors apprehensive  about the safety of deposits in them .  Silver-lining is  that  the Deposits up to Rs 5.00 lakhs placed with them comes under DICGC cover for bank deposits .   

To know complete details about Small Finance Banks  ,  CLICK HERE 

PLAN N PROGRESS compares    interest rates of various banks . 

 Since our last review in the second week  of  August  2020  , Interest rates have gone  further south  and  most of the    banks have   reduced their Deposit Rates 

 1. We    have selected   periods of 1 year and 5 years     for comparison of interest rates offered by  Indian commercial banks  including   Public Sector banks  , Private Sector Banks and Foreign banks with a network of branches  and also  Small Finance banks , new breed of banks in India  .  Below tables  give information on interest  rates offered by  Small Finance Banks . 

2 . The interest rates are  on retail term deposits  for public and senior citizens . 

3. Normally interest   rates quoted are valid  for  an amount of less than Rs 2 crore  . 

4. For actual terms and conditions  and the latest  rates  , you may visit  the websites of the banks listed at the end alphabetically . 

5. The rates taken by us are   updated  on or about  26th  ,  May   2021   and are subject to change  .   

6 . We have noted that interest rates are   going down steadily in recent periods . 

Which bank provides maximum interest on FD?

FOR ONE YEAR DEPOSITS 
  A.  The public sector banks  are offering interest rates between 4.90  % to 5.25 %  1 year deposits for public and  normally 0.5 % more  for senior citizens  .   

B.  The private  sector banks  are offering interest rates between  4.50   % to  6.50 %   %  1 year deposits for public and between 5.00  %  to 7.00 %      for senior citizens  .   Indusind Bank  , RBL Bank &  Yes Bank   is   paying highest interest rate of  6.50   % for the public and  at  7.00 % for the senior citizens . ​
 
C.  The highest yield on Bank Deposits come   generally  from Small Finance banks .  Suryoday   , Ujjivan   & Northeast SF  Bank  pays 6.75  %  for 1 year public deposit  and 7.25 % for senior citizens ​
​

FOR 5 YEAR DEPOSITS 

A.  Public sector banks pay between 4.90  % to  5.40  %  for 5 year term deposits ( 5.00 %  to 6.20  %  for senior citizens )   .    State Bank of India  is  paying highest interest rate  of 5. 40  %  for the public and   6.20 %  for the senior citizens  . 

B. Private  sector banks pay between 4.50  % to 6.75  %  for 5 year term deposits ( 5.00 %  to  7.50  %  for senior citizens )   .    Yes Bank   is paying highest interest rate  of  6.75 %  for the public  and   7.50  %  for the senior citizens  . 

 C. Small finance banks pay    between  5.50   % to  7.25% for public and 6.00 % to  7.75    %  for senior  citizens  .  Suryuodaya SF Bank pays highest of  7.25 %  for the public and  7.75   % for the senior citizens . ​

There are NBFC companies , co-operative societies  and corporates who pay higher interest rates , but  have higher risk weight-ages . 

SPECIAL DEPOSITS  FOR SENIOR CITIZENS 

Some banks have  introduced special deposit schemes for senior citizens  and are offering additional interest rates dor deposits of period  above 5 years 
​
NOTE : 
1.  After budget announcement  by FM in 2020  , DICGC cover   was  increased   to maximum of Rs 5.00 lakhs on  Bank Deposits as insurance . 
2. Mega Merger of public sector Banks have taken place on 01.04.2020  and 6 public sector banks have been merged with  other banks  .  ​

 

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INTEREST RATES FOR 1 YEAR AND INTEREST RATES FOR 5 YEARS

PUBLIC SECTOR BANKS INTEREST RATES

FOR THE LATEST FD INTEREST RATES  OF PUBLIC SECTOR BANKS    , CLICK HERE 

INDIAN PRIVATE BANKS INTEREST RATES

FOR THE LATEST FD INTEREST RATES  OF PRIVATE SECTOR BANKS    , CLICK HERE 

 TAX PLANNING FOR FY 2020-21 ( AY 2021-22 ) 
Comprehensive   Article on Income tax changes in Rules, Rates , Slabs , Rebates  and Estimation 

CLICK HERE TO READ 
​

​UNION BUDGET 2020-21 AND SENIOR CITIZENS  
In our new blog article , we have explored what the new IT regime means to senior citizens and what extent senior citizens / retirees / pensioners are gaining / losing from the new regime .As the new regime is optional , one can take studied decisions before opting either of the new or old scheme .

​HEALTH INSURANCE PLANS FOR SENIOR CITIZENS    WITH OR WITHOUT AGE RESTRICTIONS 
TO  READ THE ARTICLE                                                         CLICK HERE 
​

SMALL FINANCE BANKS INTEREST RATES

​BANK NAME	​INTEREST FOR 1 YEAR PUBLIC ​	​​INTEREST FOR 1 YEAR  SENIOR CITIZENS	​INTEREST FOR 5 YEAR PUBLIC	​​INTEREST FOR 5 YEAR  SENIOR CITIZENS
CAPITAL  SF BANK	6.00	6.50	6.00	6.50
SURYODAY SF BANK	6.75	7.25	7.25	7.75
UJJIVAN SF BANK	6.50	7.00	6.75	7.25
UTKARSH SF BANK	6.75	7.25	6.75	7.25
NORTH EAST SF BANK ​	6.75	7.25	​6.50	7.00
ESAF SF BANK	6.50	7.00	5.50	6.00
JANA SF BANK	​6.25	6.75	6.50	7.00
AU SF BANK	5.25	5.75	6.25	6.75
FINCARE SF BANK	5.60	6.10	6.00	6.50
EQUITAS	6.50	7.00	6.40	6.90
SHIVALIK	6.00	6.50	5.50	6.00

If you have earned  from stock market  or  from sale of properties to  know tax liability  Read  the  NEW ARTICLE ON   
                                                         CAPITAL GAIN AND  TAX 
                                         CLICK HERE  TO READ 

To  know the latest interest rates  offered by individual banks  for  various maturities  , click  on the name of the bank to reach their websites  . 
                                                                                                                                                                
SMALL FINANCE BANKS 

1.   CAPITAL SMALL FINANCE BANK  

2.  SURYODAY SMALL FINANCE BANK  

​3.​ UJJIVAN SMALL FINANCE BANK 

4. UTKARSH SMALL FINANCE BANK 

5. ​NORTH EAST SMALL FINANCE BANK 

6 . ESAF SMALL FINANCE BANK

7.  JANA SMALL FINANCE BANK   

​8. AU SMALL FINANCE BANKS 

9. FINCARE SMALL FINANCE BANK 

​10. EQUITAS SMALL FINANCE BANK

​11. SHIVALIK SMALL FINANCE BANKS 

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