Fixed Deposit Interest Rates Offered By Small Finance Banks Compared Here

Fixed Deposit Interest Rates Offered By Small Finance Banks Compared Here

Fixed Deposit Interest Rates Offered By Small Finance Banks Compared Here

Small finance banks pay higher interest rates on fixed deposits compared to commercial banks

Last week, Capital Small Finance Bank revised it fixed deposit interest rates on select maturities. Fixed deposit (FDs) are secure financial instruments offered by private and public sector banks, small finance banks (SFBs), non-banking financial companies (NBFCs) and post offices. Small finance banks focus on financial inclusion by provision of savings vehicles and supply of credit to small business units, small farmers, micro and small industries, and other unorganised sector entities. While the products are similar to those provided by mainstream commercial banks, the interest rates paid by the small finance banks are higher compared to their larger peers.

Here’s a comparison of fixed deposit (FD) interest rates paid by Capital Small Finance Bank, ESAF Small Finance Bank, Suryoday Small Finance Bank and Ujjivan Small Finance Bank:

Capital Small Finance Bank

The following FD interest rates according to the bank’s website – capitalbank.co.in:

Interest rates are applicable with effect from March 14, 2019
Slab General public Senior citizens
15 Days to 30 Days 5.40% 5.90%
31 Days to 45 Days 5.75% 6.25%
46 Days to 89 Days 6.50% 7.00%
90 Days to 179 Days 6.85% 7.35%
180 Days to less than 1 Year 7.15% 7.65%
1 Year to less than 5 Years 7.80% 8.30%
5 Years and up to 10 Years 7.65% 8.15%
400 Days 8.00% 8.50%
900 Days 7.85% 8.35%

ESAF Small Finance Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank’s website – esafbank.com:

Tenure of deposit Rate of Interest effective from March 1, 2019
Normal Rate Rate for Senior Citizens
7 – 14 days 5.50% 6.00%
15 – 59 days 5.50% 6.00%
60 – 90 days 6.25% 6.75%
91 – 179 days 6.75% 7.25%
180 – 363 days 7.50% 8.00%
364 days 5.60% 6.10%
365 – 727 days 8.75% 9.25%
728 days 6.80% 7.30%
729 – 1091 days 8.00% 8.50%
1092 days 5.66% 6.16%
1093 – 1819 days 7.30% 7.80%
1820 days 5.65% 6.15%
1821 – 3652 days 7.30% 7.80%

Suryoday Small Finance Bank

The following FD interest rates are applicable on deposits below Rs. 2 crore with effect from February 25, 2019, according to the bank’s website – suryodaybank.com:

Period Interest Rate

(Per Annum)

Senior Citizen Rate

(Per Annum)

7 days to 14 days 4.00% 4.50%
15 days to 45 days 4.00% 4.50%
46 days to 90 days 5.00% 5.50%
91 days to 180 days 5.50% 6.00%
181 days to 240 days 7.50% 8.00%
241 days to less than 1 Year 7.75% 8.25%
1 Year to 2 Years 8.50% 9.00%
Above 2 Years to 3 Years 8.75% 9.25%
950 Days* 9.00% 9.50%
Above 3 Years to less than 5 Years 8.00% 8.50%
5 Years 8.25% 8.75%
Above 5 Years to 10 Years 7.25% 7.75%

Ujjivan Small Finance Bank

The following FD interest rates are applicable on deposits with effect from February 27, 2019, according to the bank’s website – ujjivansfb.in:

Tenure Interest Rate (pa)
Under Rs. 2 Crore
7 Days to 29 Days 5.50%
30 Days to 89 Days 6.25%
90 Days to 179 Days 6.75%
180 Days to 364 Days 7.50%
1 Year to 2 Years 8.30%
2 Years and 1 Day to 734 Days 7.50%
735 Days 8.25%
736 Days to 798 Days 7.50%
799 Days 8.60%
800 Days to 3 Years 7.50%
3 Years and 1 Day to 5 Years 7.00%
5 Years and 1 Day to 10 Years 6.50%

The bank offers an additional 0.50 per cent interest rate for senior citizens, according to the bank’s website, www.ujjivansfb.in.

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