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 or in the same range as of other banks , private sector banks and post office deposits . . 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 or in the same range as of other banks , private sector banks and post office deposits . . 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 .
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 various 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 31st, May , 2023 and are subject to change .
6 . Reserve Bank of India hiked its Repo Rate by 0.40 % on 04.-5 2022 , by 0.5 % on 08.06.2022 , by 0.5 % on 06.08.2022 , by 0.50 % 30.09.2022 , by 0.35 % on 07.12.2022.and by 0.25 % on 08.02.2023 . As a follow on effect , many banks have also raised their Deposit and Advance rates . Many of the banks have already hiked their deposit rates , but not as much as 2.50 % .
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 31st, May , 2023 and are subject to change .
6 . Reserve Bank of India hiked its Repo Rate by 0.40 % on 04.-5 2022 , by 0.5 % on 08.06.2022 , by 0.5 % on 06.08.2022 , by 0.50 % 30.09.2022 , by 0.35 % on 07.12.2022.and by 0.25 % on 08.02.2023 . As a follow on effect , many banks have also raised their Deposit and Advance rates . Many of the banks have already hiked their deposit rates , but not as much as 2.50 % .
Which bank provides maximum interest on FD?
UNITY SMALL FINANCE BANK PAYS HIGHEST INTEREST RATE :
Dated 08.05.2023 : : Reserve Bank of India (RBI) had issued a small finance bank (SFB) licence to Unity Small finance Bank in June 2021 . It is floated by the Centrum Group-BharatPe consortium. The new bank had taken over the assets and liabilities of the beleaguered PMC Bank which was put under section 35a OF RBI Act restricting its operations . .
Now the bank is paying highest interest rate of 9.5 % pa to the senior citizens for retail deposits of 1001 days . ( 9 % for the general public ) .
For the deposit rates for other period you may visit the website of UNITY SMALL FINANCE BANK
Dated 08.05.2023 : : Reserve Bank of India (RBI) had issued a small finance bank (SFB) licence to Unity Small finance Bank in June 2021 . It is floated by the Centrum Group-BharatPe consortium. The new bank had taken over the assets and liabilities of the beleaguered PMC Bank which was put under section 35a OF RBI Act restricting its operations . .
Now the bank is paying highest interest rate of 9.5 % pa to the senior citizens for retail deposits of 1001 days . ( 9 % for the general public ) .
For the deposit rates for other period you may visit the website of UNITY SMALL FINANCE BANK
FOR ONE YEAR DEPOSITS
A. The public sector banks are offering interest rates between 6.30 % % to 7.00 % for public ( 6.80 % to 7.50 % to Senior Citizens ) .
B. The private sector banks are offering interest rates between 5.00 % to 7.50 % % for public and between 5.50 % to 8.00 % for senior citizens .
C. The Small Finance banks are paying interest now in the range of 6.00 % to 8.20 % for public and 6.50 % to 8.70 % for the senior citizens
FOR 5 YEAR DEPOSITS
A. Public sector banks pay between 5.75 % to 6.70 % ( 6.25 % to 7.50 % for senior citizens )
B. Private sector banks pay between 5.75 % to 7.25 % ( 6.25 % to 7.75 % for senior citizens ) .
C. Small finance banks pay between 6.00 % to 9.10 % for public ( 6.50 % to 9.60 % for 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 AND GENERAL PUBLIC
Some banks have introduced special deposit schemes for senior citizens and general public for special number of days with special interest rates . Some also are offering additional interest rates for deposits of period above 5 years for the senior citizens .
NOTE :
1. Depositors get DICGC cover of Rs 5.00 lakhs on Bank Deposits as insurance .
FOR ONE YEAR DEPOSITS
A. The public sector banks are offering interest rates between 6.30 % % to 7.00 % for public ( 6.80 % to 7.50 % to Senior Citizens ) .
B. The private sector banks are offering interest rates between 5.00 % to 7.50 % % for public and between 5.50 % to 8.00 % for senior citizens .
C. The Small Finance banks are paying interest now in the range of 6.00 % to 8.20 % for public and 6.50 % to 8.70 % for the senior citizens
FOR 5 YEAR DEPOSITS
A. Public sector banks pay between 5.75 % to 6.70 % ( 6.25 % to 7.50 % for senior citizens )
B. Private sector banks pay between 5.75 % to 7.25 % ( 6.25 % to 7.75 % for senior citizens ) .
C. Small finance banks pay between 6.00 % to 9.10 % for public ( 6.50 % to 9.60 % for 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 AND GENERAL PUBLIC
Some banks have introduced special deposit schemes for senior citizens and general public for special number of days with special interest rates . Some also are offering additional interest rates for deposits of period above 5 years for the senior citizens .
NOTE :
1. Depositors get DICGC cover of Rs 5.00 lakhs on Bank Deposits as insurance .
SMALL FINANCE BANKS INTEREST RATES
INTEREST RATES FOR 1 YEAR AND INTEREST RATES FOR 5 YEARS
Interest Rates for 1 year for General public and Senior Citizens : RATES GETTING UPDATED
1. CAPITAL SMALL FINANCE BANK 7.15 % ( 7.80 % for the Senior Citizens )
2. SURYODAY SMALL FINANCE BANK 6.85 % ( 7.35 % for the Senior Citizens )
3. UJJIVAN SMALL FINANCE BANK 6.50 % ( 7.00 % for the Senior Citizens )
4. UTKARSH SMALL FINANCE BANK 7.75 % ( 8.35 % for the Senior Citizens )
5. NORTH EAST SMALL FINANCE BANK 6.50 % ( 7.25 % for the Senior Citizens )
6 . ESAF SMALL FINANCE BANK 6.00 % ( 6.50 % for the Senior Citizens )
7. JANA SMALL FINANCE BANK 7.25 % ( 7.75 % for the Senior Citizens )
8. AU SMALL FINANCE BANKS 6.75 % ( 7.25 % for the Senior Citizens )
9. FINCARE SMALL FINANCE BANK 6.25 % ( 6.85 % for the Senior Citizens )
10. EQUITAS SMALL FINANCE BANK 8.20 % ( 8.70 % for the Senior Citizens )
11. SHIVALIK SMALL FINANCE BANK 7.50 % ( 8.00 % for the Senior Citizens )
12. UNITY SMALL FINANCE BANK 7.35 % ( 7.85 % for the Senior Citizens )
1. CAPITAL SMALL FINANCE BANK 7.15 % ( 7.80 % for the Senior Citizens )
2. SURYODAY SMALL FINANCE BANK 6.85 % ( 7.35 % for the Senior Citizens )
3. UJJIVAN SMALL FINANCE BANK 6.50 % ( 7.00 % for the Senior Citizens )
4. UTKARSH SMALL FINANCE BANK 7.75 % ( 8.35 % for the Senior Citizens )
5. NORTH EAST SMALL FINANCE BANK 6.50 % ( 7.25 % for the Senior Citizens )
6 . ESAF SMALL FINANCE BANK 6.00 % ( 6.50 % for the Senior Citizens )
7. JANA SMALL FINANCE BANK 7.25 % ( 7.75 % for the Senior Citizens )
8. AU SMALL FINANCE BANKS 6.75 % ( 7.25 % for the Senior Citizens )
9. FINCARE SMALL FINANCE BANK 6.25 % ( 6.85 % for the Senior Citizens )
10. EQUITAS SMALL FINANCE BANK 8.20 % ( 8.70 % for the Senior Citizens )
11. SHIVALIK SMALL FINANCE BANK 7.50 % ( 8.00 % for the Senior Citizens )
12. UNITY SMALL FINANCE BANK 7.35 % ( 7.85 % for the Senior Citizens )
5YEARS TERM DEPOSIT INTEREST OF SMALL FINANCE BANKS
Interest Rates for 5 years for General public and Senior Citizens : RATES GETTING UPDATED
1. CAPITAL SMALL FINANCE BANK 7.10 % ( 7.75 % for the Senior Citizens )
2. SURYODAY SMALL FINANCE BANK 9.10 % ( 9.60% for the Senior Citizens )
3. UJJIVAN SMALL FINANCE BANK 7.20 % ( 7.70 % for the Senior Citizens )
4. UTKARSH SMALL FINANCE BANK 7.50 % ( 8.10 % for the Senior Citizens )
5. NORTH EAST SMALL FINANCE BANK 6.50 % ( 7.25 % for the Senior Citizens )
6 . ESAF SMALL FINANCE BANK 6.25 % ( 6.75 % for the Senior Citizens )
7. JANA SMALL FINANCE BANK 6.00 % ( 6.50 % for the Senior Citizens )
8. AU SMALL FINANCE BANKS 7.20 % ( 7.70 % for the Senior Citizens )
9. FINCARE SMALL FINANCE BANK 8.00 % ( 8.60 % for the Senior Citizens )
10. EQUITAS SMALL FINANCE BANK 7.25 % ( 7.75 % for the Senior Citizens )
11. SHIVALIK SMALL FINANCE BANKS 7.00% ( 7.50 % for the Senior Citizens )
12. UNITY SMALL FINANCE BANK 7.65 % ( 8.15 % for the Senior Citizens )
1. CAPITAL SMALL FINANCE BANK 7.10 % ( 7.75 % for the Senior Citizens )
2. SURYODAY SMALL FINANCE BANK 9.10 % ( 9.60% for the Senior Citizens )
3. UJJIVAN SMALL FINANCE BANK 7.20 % ( 7.70 % for the Senior Citizens )
4. UTKARSH SMALL FINANCE BANK 7.50 % ( 8.10 % for the Senior Citizens )
5. NORTH EAST SMALL FINANCE BANK 6.50 % ( 7.25 % for the Senior Citizens )
6 . ESAF SMALL FINANCE BANK 6.25 % ( 6.75 % for the Senior Citizens )
7. JANA SMALL FINANCE BANK 6.00 % ( 6.50 % for the Senior Citizens )
8. AU SMALL FINANCE BANKS 7.20 % ( 7.70 % for the Senior Citizens )
9. FINCARE SMALL FINANCE BANK 8.00 % ( 8.60 % for the Senior Citizens )
10. EQUITAS SMALL FINANCE BANK 7.25 % ( 7.75 % for the Senior Citizens )
11. SHIVALIK SMALL FINANCE BANKS 7.00% ( 7.50 % for the Senior Citizens )
12. UNITY SMALL FINANCE BANK 7.65 % ( 8.15 % for the Senior Citizens )
SMALL FINANCE BANKS WHICH PAY INTEREST RATES OF 7 % OR MORE TO SENIOR CITIZENS :
Dated 31.05.2023 : Following banks are paying interest rates of 7 % or more to their Senior Citizen customers for 5 years and above Fixed Deposits as of now :
1. SURYODAY SF BANK : 9.60 % pa
2. UJJIVAN SF BANK : 7.70 % pa
3. SHIVALIK SF BANK : 7.50 % pa
4. AU SF BANK : : 7 .70 % pa
5. FINCARE SF BANK : 8.60 % pa
6. NORTHEAST SF BANK : 7.25 % pa
7. UTKARSH SF : 8.10 % pa
8. EQUITAS SF : 7.75 % pa
9. CAPITAL SF BANK : 7.75 % pa
10 . UNITY SF BANK : 8.15 % pa
Following banks pay interest rates of 7 % or more for one year deposits to senior citizens
1. UJJIVAN SF BANK : 7.00 % pa
2. JANA SF BANK : 7.75 % pa
3. SURYODAYA SF : 7.35 % PA
4. UTKARSH SF : 8.35 % pa
5. EQUITAS SF : 8.70 % pa
6. SHIVALIK SF : 8.00 % pa
7. CAPITAL SF : 7.80 % pa
8. NORTH EAST SF : 7.25 % PA
9 . UNITY SF BANK : 7.85 % pa
10 . AU SF BANK : 7.25 % pa
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
New Updated Article
TAX PLANNING FOR FY 2022-23 ( AY 2023-24 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
TAX PLANNING FOR FY 2022-23 ( AY 2023-24 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
UNION BUDGET 2023 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 pay between 5.25 % to 7.40 % for public and 5.75 % to 8.05 % for senior citizens . Ujjivan SF Bank pay highest of 7.40 % for the public and Jana SF Bank pays 8.05 % for the senior citizens .
SPECIAL SCHEMES OF BANKS FOR SPECIAL PERIOD : as on 31.05.2023
1. Capital SF Bank pays 7.40 %, 7.60 % & 7.50 % for 400 , 600, & 900 days deposits for the public . It also pays 8.05 %, 8.25 % & 8.15 % for 400 , 600, & 900 days deposits for the senior citizens .
2. Suryoday SF Bank pays 9.00 % and 9.50 % for 999 days for General public and senior citizens respectively .
3 . Ujjivan SF Bank pays 7.75 % and 8.25 % for 990 days for General public and senior citizens respectively .
4. North East SF Bank pays 7.50 % and 8.25 % for 777 days for General public and senior citizens respectively . It pays 8.00 % and 8.75 % for 1111 days for General public and senior citizens respectively .
6. Fincare SF Bank pays 8.11 % , 8.31 % and 8.51 % for 500 , 750, & 1000 days deposits for the public . It also pays 8.71 %, 8.91 % & 9.11 % for 500 , 750, & 1000 days deposits for the senior citizens .
7. Equitas SF Bank pays 8.50 % and 9.00 % for 888 days for General public and senior citizens respectively .
8. Jana SF Bank pays 8.50 % and 9.00 % for 500 days for General public and senior citizens respectively .
9. Unity SF Bank pays 8.75 % and 9.25 % for 501 days for General public and senior citizens respectively . It pays 9.00 % and 9.50 % for 1001 days for General public and senior citizens respectively .
1. Capital SF Bank pays 7.40 %, 7.60 % & 7.50 % for 400 , 600, & 900 days deposits for the public . It also pays 8.05 %, 8.25 % & 8.15 % for 400 , 600, & 900 days deposits for the senior citizens .
2. Suryoday SF Bank pays 9.00 % and 9.50 % for 999 days for General public and senior citizens respectively .
3 . Ujjivan SF Bank pays 7.75 % and 8.25 % for 990 days for General public and senior citizens respectively .
4. North East SF Bank pays 7.50 % and 8.25 % for 777 days for General public and senior citizens respectively . It pays 8.00 % and 8.75 % for 1111 days for General public and senior citizens respectively .
6. Fincare SF Bank pays 8.11 % , 8.31 % and 8.51 % for 500 , 750, & 1000 days deposits for the public . It also pays 8.71 %, 8.91 % & 9.11 % for 500 , 750, & 1000 days deposits for the senior citizens .
7. Equitas SF Bank pays 8.50 % and 9.00 % for 888 days for General public and senior citizens respectively .
8. Jana SF Bank pays 8.50 % and 9.00 % for 500 days for General public and senior citizens respectively .
9. Unity SF Bank pays 8.75 % and 9.25 % for 501 days for General public and senior citizens respectively . It pays 9.00 % and 9.50 % for 1001 days for General public and senior citizens respectively .
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
11. SHIVALIK SMALL FINANCE BANKS
12. UNITY 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
11. SHIVALIK SMALL FINANCE BANKS
12. UNITY SMALL FINANCE BANK
