Latest Fixed Deposit (FD) Interest Rates of Small Finance Banks October 2023
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 bank’s respective websites.
Fixed Deposit Interest Rates of Small Finance Banks October 2023
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
- 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)
- For Tenure upto 1 year, Capital Small Finance Bank offers the highest interest rate (7.60%) on FD. Also, AU Small Finance Bank offers a 6.75% interest rate on FD.
- Whereas, for the Tenure from 1 year up to 10 years, Fincare Small Finance Bank offers the highest interest rate (up to 8.00%). While Suryoday Small Finance Banks, North East Small Finance Bank, Equitas Small Finance Bank, and Jana Small Finance Bank also provide comparatively higher interest rates (from 6.25%-7.00%) on longer tenure FDs.
Frequently Asked Questions (FAQs)
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.
For Tenure less than 1 year, Suryoday Small Finance Bank provides the highest interest rate (6.50%) on FD.
Whereas, for the Tenure from 1 year up to 10 years, Utkarsh Small Finance Bank provides the highest interest rate (8.25%) on FD.
Small Finance Banks generally offer interest in deposits of less than 2 Crore unless otherwise specified on their website.