![]() Today, pretty much every bank offers a rate of 7% or more on select tenors. They need to remain competitive and attract deposits from the market. Interest rate: Typically, smaller banks offer higher interest rates than larger banks. Here are some things to consider, according to Adhil Shetty, founder of BankBazaar. This means that your FDs of up to Rs 5 lakh are covered under the deposit insurance scheme if the small finance bank fails or is put under a moratorium. However, you must remember that deposits under the small finance banks are also covered by the insurance of Deposit Insurance and Credit Guarantee Corporation (DICGC). Choose a bank that offers good customer service and a hassle-free process for opening an FD Should you opt for a Small Finance Bank or a big Bank? Deciding whether to invest in small or big banks for fixed deposits depends on several factors such as the interest rate, safety of your investment, and your personal preferences. Choose whether you want a cumulative or non-cumulative fixed deposit. Review the credibility of the lender by examining the fixed deposit’s safety rating as given by ICRA or CRISIL. How to Choose the Right Fixed Deposit Here are the factors to look into when choosing a fixed deposit: Compare the FD interest rates of different banks. It is important to compare the latest fixed deposit rates among leading banks in the country before opening a new fixed deposit or renewing an existing one. As they gain ground and their cost of funds goes down, the interest rates might also dip. Therefore, they have to offer lucrative deposit rates to attract potential customers and build up their deposits. Here are the highest interest rates for deposits below Rs.2 crore for tenures ranging from 7 days to 10 years effective from March 2023īut how do small finance bank manage to offer better FD rates than the larger commercial banks? Small finance Banks don’t have the kind of volume account base that most large commercial banks do. ![]() North East Small Finance Bank: The bank gives interest rates of 8.00 per cent to the general public and 8.75 per cent to senior citizens on FDs of 1111 days. Jana Small Finance Bank: The bank gives interest rates of 8.10 per cent to the general public and 8.80 per cent to senior citizens on FDs of over 2 to 3 years. Equitas Small Finance Bank: The bank gives interest rates of 8.00 per cent to the general public and 8.50 per cent to senior citizens on FDs of 888 days. Utkarsh Small Finance Bank: The bank gives interest rates of 8.00 per cent to the general public and 8.75 per cent to senior citizens on FDs of 700 days. Fincare Small Finance Bank: The bank gives interest rates of 8.11 per cent to the general public and 8.71 per cent to senior citizens on FDs of 750 days. Suryoday Small Finance Bank: The bank gives interest rates of 8.51 per cent to the general public and 8.76 per cent to senior citizens on FDs of 999 days.
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