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 

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, September , 2022   and are subject to change  .   

6 .Reserve  Bank of India  hiked its Repo Rate  by 0.40 % on 04.05 2022  , by 0.50 %  on 08.06.2022 and by 0.50 % on 06.08.2022   . 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  1.40  %   . 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 5.25 %   % to 5.65  %  1 year deposits for public  (5.55  %  to  6.15  %  to Senior Citizens )   . Punjab & Sind Bank  is  paying  the highest rates  of 5.65 % to public and @  6.15 %  for the senior citizens  .

​​​B.  The private  sector banks  are offering interest rates between  5.00  % to  6.50 %   %  1 year deposits for public and between 5.50  %  to 7.00  %      for senior citizens  .   RBL Bank is    paying highest interest rate of  6.50   % for the public and  RBL Bank  &  Indusind Bank  at  7.00  % for the senior citizens . ​
 

C.   The  Small Finance banks  are paying  interest  now  in the range of 5% to 7.15%   for public  and  5.50 % to 7.90 %  for the senior   citizens  .     Utkarsh    SF Bank   pays  7.15  %  for 1 year public deposit    7.90 % for senior citizens   ​
 

FOR 5 YEAR DEPOSITS 

​A.    Public sector banks pay between 5.25  % to  5.85   %  for 5 year term deposits ( 5.75 %  to 6.45  %  for senior citizens )   .     Indian Overseas  Bank is  paying highest interest  rate of 5.85   %  for the public and   State Bank of India is   paying highest interest rate    @ 6.45 %  for the senior citizens  
​
B. Private  sector banks pay between  5.60 % to 6.75  %  for 5 year term deposits ( 6.05  %  to  7.50  %  for senior citizens )   .    Indusind Bank   and  Yes Bank are  paying highest interest rate  of  6.75 %  for the public  and    @    7. 50 %  for the senior citizens  . 
​

C.  Small finance banks pay    between  5.25 % to  7.50  % for public and  5.75 % to  8.25    %  for senior  citizens  .   Utkarsh   SF Bank pay highest of  7.50  %  for the public and   8.25   % 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

​SMALL FINANCE BANKS WHICH PAY  INTEREST RATES  OF 7 %  OR MORE  TO SENIOR  CITIZENS : 

Dated 15.09.2022  : 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          :     7.95 %  pa 
3. JANA SF BANK               :     8.05 % pa
4. AU SF BANK :                 :    7 .40 % pa 
5. FINCARE SF BANK         :    7.50 % pa 
6. NORTHEAST SF BANK    :  7.25 %
7. UTKARSH SF                  :    8.25 % pa

Following banks  pay interest rates of 7 %  or more  for one year deposits to senior citizens 

1. UJJIVAN SF BANK          :     7.75 %  pa 
​2.  JANA SF BANK             :      7.80 % pa  
3. SURYODAYA  SF            :     7.00 % PA  
4. UTKARSH SF                  :     7.90% pa  
5.  EQUITAS  SF                  :    7.10 % pa
6. SHIVALIK SF                    :    7.00  %  pa
7. FINCARE SF                     :    7.25 % pa 
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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 2022-23 ( AY 2023-24 ) 
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

  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 . 
​​

​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	6.20	6.70	6.20	6.70
SURYODAY SF BANK	6.50	7.00	6.75	7.25
UJJIVAN SF BANK	7.20	7.75	7.40	7.95
UTKARSH SF BANK	7.15	7.90	7.50	8.25
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	​7.00	7.80	7.25	8.05
AU SF BANK	5.35	5.85	6.90	7.40
FINCARE SF BANK	6.75	7.25	7.00	7.50
EQUITAS	6.90	7.40	6.00	6.50
SHIVALIK	6.50	7.00	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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