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These 8 Small Finance Banks Are Offering 9% Interest Rates On FDs, Check Details

Senior citizens looking for guaranteed returns can check out these small saving banks offering more than 9.0 per cent interest rates for fixed deposits

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Outlook Money
September 1, 2023
8 Small Finance Banks Are Offering 9% Interest

8 Small Finance Banks Are Offering 9% Interest

Fixed deposits (FDs) hold a special place in a senior citizen’s portfolio because of risk-free guaranteed returns. Compared to large banks, small finance banks generally offer higher interest rates on FDs. The FDs of small finance banks are protected by the government body “Deposit Insurance and Credit Guarantee Corporation.” So choose an option as per your need. Here is a list of 8 Small Finance Banks Are Offering 9% Interest Rates On FDs to senior citizens. 

Utkarsh Small Finance Bank: Utkarsh Bank revised its interest rates on August 23, 2023, offering 9.10 per cent to senior citizens for two to three years FD. It is 60 basis points higher than the general public. The bank charges 1.0 per cent for premature withdrawal.  

Equitas Small Finance Bank: The bank offers 0.50 per cent more than the interest rate offered to the general public. Seniors can get 9.0 per cent on a 444-day FD; the general public gets 8.50 per cent for the same duration. The bank revised the rates on August 21, 2023. 

Jana Small Finance Bank: The bank revised its FD rates on August 15, 2023. It offers 9.0 per cent interest on FD for less than two to three years (1,095 days). However, remember that the bank charges a premature withdrawal penalty of 0.5 per cent for fixed deposits of less than Rs 2 crore and 1.0 per cent for FDs of Rs 2 crore and above.   

Unity Small Finance Bank: Unity Bank pays up to 9.50 per cent interest on FDs. The highest interest rate for senior citizens is 9.50 per cent on a 1,001-day FD. Further, it pays 9.25 per cent for FDs of more than six months to 201 days and 501 days. The bank revised the rates on August 11, 2023. 

Suryoday Small Finance Bank: The bank has revised FD rates on August 7, 2023. For seniors, it offers 9.00 per cent for FD tenure of above 15 months to two years and 9.10 per cent for a period of above two years to three years. It amounts to an approximate annualized return of 9.31 per cent and 9.42 per cent, respectively.

North East Small Finance Bank: This Guwahati, Assam-based bank is offering up to 9.25 per cent interest to senior citizens on its special FDs, 75 basis points higher than for the general public. Seniors can earn 9.15 per cent interest on its 400-day FD and 9.25 per cent on its 555-day and 1111-day FDs. It revised the rates on August 1, 2023.  

Fincare Small Finance Bank: Seniors can get 9.11 per cent interest rates for its 750-day FDs. The annualised yield on this FD would be around 9.43 per cent. It last revised the rates on July 26, 2023.  

ESAF Small Finance Bank: Seniors can earn a 9.0 per cent interest rate on a two-year to less than three-year FD. The rate for seniors is 50 basis points higher than the card rate for others. It is the highest rate the bank is paying across all its FD tenures. It last revised the rates in April 2023.

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