Fixed Deposit Interest Rates of Small Finance Banks (March 2020)

3 min read
In this article you will find the latest Fixed Deposit (FD) Interest Rates of Small Finance Banks in India. These interest rates are as on last updated by the banks respective websites.

Latest Fixed Deposit (FD) Interest Rates of Small Finance Banks March 2020

Introduction

In this article you will find the latest Fixed Deposit Interest Rates of Small Finance Banks in India. These interest rates are as on last updated by the banks respective websites.

eBook by Invest Yadnya
eBook by Invest Yadnya

Fixed Deposit Interest Rates of Small Finance Banks (March 2020)

What is a Fixed Deposit (FD)?

  • Fixed Deposits (FDs) enable investors to earn higher interest on their extra funds. Interest rate on fixed deposits is guaranteed for the duration of the deposit.
  • Interest rates on FDs are fixed when you open the deposit and the rate depends on the tenure that you wish to hold it for. The rate of interest may vary as per amount, period and from bank to bank.

Below you can find the interest rates on fixed deposits for various tenures provided by Small Finance Banks (SFBs) in India :-

FD Interest Rates for tenure less than 1 year :

FD Interest Rates of Small Finance Banks for Tenure Less than 1 year March 2020
Source : Bank Website
FD Interest Rates of Small Finance Banks for Tenure Less than 1 year March 2020
Source : Bank Website

FD Interest Rates for Tenure from 1 year up to 10 years

FD Interest Rates of Small Finance Banks for Tenure from 1 year up to 10 years March 2020
Source : Bank Website
FD Interest Rates of Small Finance Banks for Tenure from 1 year up to 10 years March 2020
Source : Bank Website

Notes :

  • Senior citizens attract an additional 0.50% on their FD interest rates. All most all the bank provide additional 0.50%.
  • The above tenures are not common to all the banks. Some banks may have different tenures and may be presented in a different manner. Some may also have some extra tenures.
  • The above interest rates are for deposits less than Rs.2 Crore (as specified by the bank on their website)

Summary

  • For Tenure less than 1 year, Jana Small Finance Bank and Suryoday Small Finance Bank offer the highest interest rate (7.50%) on FD for two tenures :
    • 6 months to 9 months
    • 9 months to 1 year
  • Whereas, for the Tenure from 1 year up to 10 years, Fincare Small Finance Bank provides the highest interest rate (8-9%) on FD for tenure between 3 years to 5 years

Frequently Asked Questions (FAQs)

Is small finance bank safe?

About 10 small finance banks were offered license way back in 2015. Since these banks are regulated by the Reserve Bank of India, they operate under some strict guidelines, which makes these banks relatively safe.

Which Small Finance Bank gives highest Interest Rates on Fixed Deposit (FD)?

For Tenure less than 1 year, Jana Small Finance Bank offers the highest interest rate (7.75%) on FD.
Whereas, for the Tenure from 1 year up to 10 years, Fincare Small Finance Bank provides the highest interest rate (8.50-9%) on FD for tenure between 2 years to 3 years

What is the maximum amount of Fixed Deposit in Small Finance Banks?

Small Finance Banks generally offer interest in deposits of less than 2 Crore unless otherwise specified on their website.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: