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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 15th, May , 2022 and are subject to change .
6 .Reserve Bank of India hiked its Repo Rate by 0.40 % on 04.05 2022 . Subsequently , 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 0.40 % . Some banks may take more to decide up on the fresh rate they would like to offer .
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 15th, May , 2022 and are subject to change .
6 .Reserve Bank of India hiked its Repo Rate by 0.40 % on 04.05 2022 . Subsequently , 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 0.40 % . Some banks may take more to decide up on the fresh rate they would like to offer .
Which bank provides maximum interest on FD?
FOR ONE YEAR DEPOSITS
A. The public sector banks are offering interest rates between 5.00 % % to 5.30 % 1 year deposits for public (5.50 % 5.80 % to Senior Citizens ) Canara Bank & Uco Bank are paying the highest rates of 5.30 % to public and Canara bank @ 5.80 % for the senior citizens .
B. The private sector banks are offering interest rates between 4.90 % to 6.25 % % 1 year deposits for public and between 5.40 % to 6.75 % for senior citizens . RBL Bank is paying highest interest rate of 6.25 % for the public and at 6.75 % for the senior citizens .
C. The Small Finance banks are paying interest now in the range of 5% to 6.90 % for public and 5.50 % to 7.65 % for the senior citizens . Ujjivan SF Bank pays 6.90 % for 1 year public deposit 7.65 % for senior citizens
FOR 5 YEAR DEPOSITS
A. Public sector banks pay between 4.90 % to 5.75 % for 5 year term deposits ( 5.40 % to 6.30 % for senior citizens ) . Canara Bank is paying highest interest rate of 5.75 % for the public and State Bank of India is paying highest interest rate @ 6.30 % for the senior citizens
B. Private sector banks pay between 5.00 % to 6.30 % for 5 year term deposits ( 5.50 % to 7.00 % for senior citizens ) . Indusind Bank is paying highest interest rate of 6.50 % for the public and Yes Bank & Indusind Bank are paying @ 7. 00 % for the senior citizens
C. Small finance banks pay between 5.25 % to 6.75% for public and 5.75 % to 7.55 % for senior citizens . Suryoday SF Bank , Utkarsh SF Bank , Jana SF , AU SF Bank & Fincare SF Bank pay highest of 6.75 % for the public and Jana SF Bank pays 7.55 % 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 for deposits of period above 5 years
NOTE :
1. Depositors get DICGC cover of Rs 5.00 lakhs on Bank Deposits as insurance .
A. The public sector banks are offering interest rates between 5.00 % % to 5.30 % 1 year deposits for public (5.50 % 5.80 % to Senior Citizens ) Canara Bank & Uco Bank are paying the highest rates of 5.30 % to public and Canara bank @ 5.80 % for the senior citizens .
B. The private sector banks are offering interest rates between 4.90 % to 6.25 % % 1 year deposits for public and between 5.40 % to 6.75 % for senior citizens . RBL Bank is paying highest interest rate of 6.25 % for the public and at 6.75 % for the senior citizens .
C. The Small Finance banks are paying interest now in the range of 5% to 6.90 % for public and 5.50 % to 7.65 % for the senior citizens . Ujjivan SF Bank pays 6.90 % for 1 year public deposit 7.65 % for senior citizens
FOR 5 YEAR DEPOSITS
A. Public sector banks pay between 4.90 % to 5.75 % for 5 year term deposits ( 5.40 % to 6.30 % for senior citizens ) . Canara Bank is paying highest interest rate of 5.75 % for the public and State Bank of India is paying highest interest rate @ 6.30 % for the senior citizens
B. Private sector banks pay between 5.00 % to 6.30 % for 5 year term deposits ( 5.50 % to 7.00 % for senior citizens ) . Indusind Bank is paying highest interest rate of 6.50 % for the public and Yes Bank & Indusind Bank are paying @ 7. 00 % for the senior citizens
C. Small finance banks pay between 5.25 % to 6.75% for public and 5.75 % to 7.55 % for senior citizens . Suryoday SF Bank , Utkarsh SF Bank , Jana SF , AU SF Bank & Fincare SF Bank pay highest of 6.75 % for the public and Jana SF Bank pays 7.55 % 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 for deposits of period above 5 years
NOTE :
1. Depositors get DICGC cover of Rs 5.00 lakhs on Bank Deposits as insurance .
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
New Updated Article
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
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
SMALL FINANCE BANKS WHICH PAY INTEREST RATES OF 7 % OR MORE TO SENIOR CITIZENS :
Dated 15.05.2022 : 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 : 7.25 % pa
2. UJJIVAN SF BANK : 7.40 % pa
3. JANA SF BANK : 7.55 % pa
4. AU SF BANK : : 7 .25 % pa
5. FINCARE SF BANK : 7.25 % pa
6. NORTHEAST SF BANK : 7.25 %
7. UTKARSH SF : 7.25 % pa
Following banks pay interest rates of 7 % or more for one year deposits to senior citizens
1. UJJIVAN SF BANK : 7.65 % pa
2. JANA SF BANK : 7.30 % pa
3. SURYODAYA SF : 7.00 % PA
4. UTKARSH SF : 7.40% pa
5. SURYODAYA SF : 7.00 %
TWO PRIVATE SECTOR BANKS viz Indusind Bank & Yes Bank also pay 7% pa for 5 year deposits to the Senior Citizens .
For details , CLICK HERE
SENIOR CITIZEN SAVINGS SCHEME IS ALSO FETCHING 7.4 5 PA . FOR DETAILS , CLICK HERE
Dated 15.05.2022 : 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 : 7.25 % pa
2. UJJIVAN SF BANK : 7.40 % pa
3. JANA SF BANK : 7.55 % pa
4. AU SF BANK : : 7 .25 % pa
5. FINCARE SF BANK : 7.25 % pa
6. NORTHEAST SF BANK : 7.25 %
7. UTKARSH SF : 7.25 % pa
Following banks pay interest rates of 7 % or more for one year deposits to senior citizens
1. UJJIVAN SF BANK : 7.65 % pa
2. JANA SF BANK : 7.30 % pa
3. SURYODAYA SF : 7.00 % PA
4. UTKARSH SF : 7.40% pa
5. SURYODAYA SF : 7.00 %
TWO PRIVATE SECTOR BANKS viz Indusind Bank & Yes Bank also pay 7% pa for 5 year deposits to the Senior Citizens .
For details , CLICK HERE
SENIOR CITIZEN SAVINGS SCHEME IS ALSO FETCHING 7.4 5 PA . FOR DETAILS , CLICK HERE
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 |
6.50 |
7.00 |
6.75 |
7.25 |
UJJIVAN SF BANK |
6.90 |
7.65 |
6.65 |
7.40 |
UTKARSH SF BANK |
6.90 |
7.40 |
6.75 |
7.25 |
NORTH EAST SF BANK |
5.00 |
5.50 |
6.50 |
7.25 |
ESAF SF BANK |
5.50 |
6.00 |
5.25 |
5.75 |
JANA SF BANK |
6.50 |
7.30 |
6.75 |
7.55 |
AU SF BANK |
5.25 |
5.75 |
6.75 |
7.25 |
FINCARE SF BANK |
6.00 |
6.50 |
6.75 |
7.25 |
EQUITAS |
6.10 |
6.60 |
6.00 |
6.50 |
SHIVALIK |
5.75 |
6.25 |
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
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
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
