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Fixed deposit (FDs), also known as term deposits, 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 pay higher interest rates on Fixed Deposits compared to commercial banks. 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 unorganized sector entities.
The following are such small finance banks with highest interest rates in India.
Ujjivan Small Finance Bank accepts three kinds of fixed deposits: Fixed deposits, TASC (trusts, associations, societies, and clubs) FD and Tax saver FD (7 percent interest rate). The highest interest rate is provided on the tenure of 1 to 2 years at 8 percent for deposits less than one crore.
The following FD interest rates are applicable on deposits below Rs. 1 crore with effect from January 14, 2019, according to the bank’s website – aubank.in:
Suryoday Small Finance Bank Ltd. This Navi Mumbai based small finance bank provides regular FD account as well as tax saver FD (7.75 percent).
Fincare Small Finance Bank Formerly known as Disha Microfin, it received its license for banking services in June 2017 from the RBI. You can open a “smart” fixed deposit account online for an amount less than Rs 1 crore. It provides one of the highest interest rates on Fixed Deposits in India.
Formerly known as RGVN Microfinance Ltd, it was incorporated into North East Small Finance Bank in July 2016. It only has regular FD provision and you will have to visit the nearest branch to open one. For fixed deposits of less than Rs 1 crore, it provides highest interest rates at:
The following FD interest rates are for deposits below Rs. 1 crore from Utkarsh Bank:
Kerala based ESAF Small Finance Bank provides regular FD (with reinvestment and overdraft options) and Tax saver FD (7 percent interest) options. These can be opened without a savings account. The bank provides highest interest rates on regular FD tenures of:
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