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
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 3rd , January 2021 and are subject to change .
6 . We have noted that interest rates are going down steadily in recent periods .
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 3rd , January 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 . Northeast SF Bank pays 7.00 % for 1 year public deposit and 7.50 % 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 6.50 % to 7.50 % for public and 7.00 % to 8.00 % for senior citizens . Suryuodaya SF Bank pays highest of 7.50 % for the public and 8.00 % 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 , DICGC cover have since been 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 .
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 . Northeast SF Bank pays 7.00 % for 1 year public deposit and 7.50 % 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 6.50 % to 7.50 % for public and 7.00 % to 8.00 % for senior citizens . Suryuodaya SF Bank pays highest of 7.50 % for the public and 8.00 % 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 , DICGC cover have since been 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
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 .
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
TO READ THE ARTICLE CLICK HERE
SMALL FINANCE BANKS INTEREST RATES
BANK NAME |
|
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 |
7.50 |
8.00 |
UJJIVAN SF BANK |
6.50 |
7.00 |
5.80 |
6.30 |
UTKARSH SF BANK |
6.75 |
7.25 |
6.75 |
7.25 |
NORTH EAST SF BANK |
7.00 |
7.50 |
6.50 |
7.00 |
ESAF SF BANK |
6.50 |
7.00 |
5.50 |
6.00 |
JANA SF BANK |
6.75 |
7.25 |
7.00 |
7.50 |
AU SF BANK |
5.50 |
6.00 |
6.50 |
7.00 |
FINCARE SF BANK |
6.20 |
6.20 |
NA |
NA |
EQUITAS |
6.60 |
7.10 |
6.75 |
7.25 |
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
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
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