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When it comes to savings, we logically aim to be the bank that offers the highest interest rates. But the problem facing the vast majority of people today is that banks with the highest fixed deposit (FD) rates are often overlooked. The reason is that large banks are often in the limelight and small lenders lose their foothold in the eyes of the general public. Interest rates offered by top lenders such as State Bank of India, HDFC Bank and ICICI Bank have been declining for quite some time.
With that in mind, here are some of the best small financial banks that offer the highest interest rates on FDs. Most give better interest rates than the top lenders mentioned above. Small financial banks can offer FD rates to their clients in the range of 3% to 7% or more, depending on their age and the holding period of the scheme selected.
Northeast Small Finance Bank
7-14 days: 3.00% (general public) / 3.50% (elderly)
15-29 days: 3.00% (general public) / 3.50% (elderly)
30-45 days: 3.00% (general public) / 3.50% (elderly)
46-90 days: 3.50% (general public) / 4.00% (elderly)
91-180 days: 4.00% (general public) / 4.50% (elderly)
181-365 days: 5.00% (general public) / 5.50% (elderly)
366-729 days: 6.75% (general public) / 7.25% (elderly)
From 730 days to less than 1095 days: 6.75% (general public) / 7.25% (elderly)
777 days: 7.00% (general public) / 7.50% (elderly)
From 1,096 days to less than 1,825 days: 6.50% (general public) / 7.00% (elderly)
From 1,826 days to less than 3,650 days: 6.25% (general public) / 6.75% (elderly)
Janus Mall Finance Bank
7-14 days: 2.50% (general public) / 3.00% (elderly)
15-60 days: 3.00% (general public) / 3.50% (elderly)
61-90 days: 3.75% (general public) / 4.25% (elderly)
91-180 days: 4.50% (general public) / 5.00% (elderly)
181-364 days: 5.50% (general public) / 6.00% (elderly)
1 year: 6.25% (general citizen) / 6.75% (elderly)
1-2 years: 6.50% (general citizen) / 7.00% (elderly)
2-3 years: 6.50% (general citizen) / 7.00% (elderly)
3-5 years: 6.75% (general citizen) / 7.25% (elderly)
5 years: 6.50% (general citizen) / 7.00% (elderly)
5 to 10 years: 6.00% (general public) / 6.50% (elderly)
Suryoday Small Finance Bank
7-14 days: 3.25% (general public) / 3.25% (elderly)
15-45 days: 3.25% (general public) / 3.25% (elderly)
46-90 days: 4.25% (general public) / 4.25% (elderly)
91-6 months: 4.75% (general public) / 4.75% (elderly)
6 to 9 months: 5.25% (general public) / 3.50% (elderly)
91 days to 6 months: 3.50% (general public) / 4.00% (elderly)
6 months and 1 to 9 months: 5.25% (general public) / 5.25% (elderly)
9 months or more and less than 1 year: 5.75% (general citizen) / 5.75% (elderly)
1 year to 1 year and 6 months: 6.50% (general citizen) / 6.75% (elderly)
1 year or more 6 months to 2 years: 6.50% (general citizen) / 6.50% (elderly)
2 years or more and less than 3 years: 6.25% (general citizen) / 6.50% (elderly)
3 years: 6.75% (general citizen) / 6.75% (elderly)
5 years: 6.25% (general citizen) / 6.50% (elderly)
5 to 10 years: 6.00% (general citizen) / 6.00% (elderly)
Utkarsh Small Finance Bank
7-45 days: 3.00% (general public) / 3.50% (elderly)
46-90 days: 3.25% (general public) / 3.75% (elderly)
91-180 days: 4.00% (general public) / 4.50% (elderly)
181-364 days: 5.75% (general public) / 6.25% (elderly)
365-699 days: 6.25% (general public) / 6.75% (elderly)
700 days: 6.75% (general public) / 7.25% (elderly)
701-3,652 days: 6.00% (general public) / 6.50% (elderly)
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