Eight small finance banks offering 9 per cent or more interest rates on fixed deposits (FDs). Banks determine their FD rates based on the Reserve Bank of India’s (RBI) repo rate, which has been kept steady at 6.50 per cent since the last hike in February 2023, and their liquidity requirement. Considering the retail inflation within the RBI’s acceptable limits at 5.09 per cent in February this year, experts rule out any possible increase in the repo rate in the near future.

Here are some banks offering 9 per cent or above rate on FDs.

Jana Small Finance Bank:

The small finance bank (SFB) offers interest in the range of 3.50 per cent to 9.00 per cent under different tenures starting from seven days to up to 10 years. Providing half per cent (0.50 per cent) extra to senior citizens (60 years and above), it offers 9.0 per cent to them for 365 days tenure, while for people less than 60 years, the rate is 8.50 per cent.

Equitas Small Finance Bank:

Equitas SFB provides 9.0 per cent to seniors for 444-day FD, the highest rate it offers. For FDs of one year to three years, the interest is 8.50. The only exception is for FDs of 18 months and one day to two years, for which the bank offers 8.25 per cent.

Also read: Tax-Saver Fixed Deposits (FDs): Should Seniors Invest In Them?

Utkarsh Small Finance Bank:

As per the bank’s website, the rate revision was done in August 2023, and since then it has remained the same. Though offering 4.60 per cent to 9.10 per cent for tenures between seven days and 10 years, the maximum is 9.10 for seniors for two years to up to three years tenure, where the annualized yield is 9.42 per cent.

Unity Small Finance Bank:

Unity SFB rates were last revised on February 2, 2024. It offers 9.25 per cent for more than six months to 201-day FDs and 501-day FDs, including the additional 0.50 per cent interest for seniors, 9.45 per cent for 701 days, and 9.50 per cent for 1001 days. 9.50 per cent rate is the highest rate it offers.

Fincare Small Finance Bank:

Seniors can avail of 9.01 per cent and 9.21 per cent for tenures of 1000 days and 750 days, respectively. Fincare offers interest between 3.60 per cent and 9.21 per cent to seniors. The rates are 8.10 per cent for all tenures between 12 months and 66 months and 7.60 per cent for 66 months one day to 84 months tenures, its longest tenure.

Ujjivan Small Finance Bank:

This SFB provides 9.00 per cent to senior citizens for a 15-month tenure. It offers interest in the range of 3.75 per cent for seven days to 29 days to 6.50 per cent for 60 months one day to 120 months. The rates are 8.50 per cent for tenures of 12 months to 560 days.

Suryodaya Small Finance Bank:

The bank revised its rates on March 1, 2024. It offers seniors more than 9.0 per cent interest for various tenures. It is 9.0 per cent for above 15 months to two years, and 9.10 per cent for more than two years to less than 25 months, above two years to two years one day, ‘two years and two days, two years three days up to less than 25 months, and more than 25 months up to three years. The highest rate it offers seniors is 9.25 per cent for two years and one month (25 months).

Shivalik Small Finance Bank:

Shivalik Bank offers more than 9.0 per cent for FDs of 12-18 months. It is the highest offering from the bank. The interest ranges from 4.00 per cent to 9.20 per cent across tenures from a minimum of seven days to a maximum of 120 months. The SFB revised the rates on March 2, 2024.