Fixed Deposit Rates Above 8%: Bank Names With Interest Rates

The government on 1st February increased the limit of insurance cover on fixed deposits (FDs) to ₹5 lakh. The announcement was made by Finance Minister Nirmala Sitharaman while presenting the Union Budget 2020-21. So, for instance, if the bank goes bankrupt, then their deposits worth ₹5 lakh are protected with the bank. Earlier the limit was ₹1 lakh. The budget proposal comes after the recent crisis at Mumbai-based PMC Bank.

Highlights:

Some small finance banks like Suryoday, Jana, Ujjivan, Utkarsh, Equitas among others give more than 8% interest rate to general customers

FDs, also known as term deposits are low-risk savings option which offer guaranteed return at the end of the tenure. Some small finance banks like Suryoday, Jana, Ujjivan, Utkarsh, Equitas among others give more than 8% interest rate to general customers.

1- Suryoday Small Finance Bank latest FD interest rates

Suryoday Bank provides its customers with services like savings account, salary accounts and three types of deposits to serve the diverse customer’s requirements. Let us have a look at different Suryoday Small Finance Bank Fixed Deposits in detail.

7 days to 14 days 4.00%
15 days to 45 days 4.00%
46 days to 90 days 5.00%
91 days to 6 months 5.50%
Above 6 months to 9 months 7.50%
Above 9 months to less than 1 Year 7.75%
1 year to 2 years 8.25%
Above 2 years to 3 years 8.50%
Above 3 years to less than 5 years 8.00%
5 years 9.00%
Above 5 years to 10 years 7.25%

2- Jana Small Finance Bank FD

Jana Small Finance Bank offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. Fixed Deposits of Jana Small Finance Bank have a higher interest rate compared to their saving deposits. Benefits of opening an FD account in Jana Small Finance Bank are:

The minimum initial deposit should be Rs. 1000.
Cumulative and non-cumulative interest payout options available.
Premature withdrawal option is available.

FDs are attractive financial instruments for depositors looking for attractive returns and high safety. Jana Small Finance Bank FD interest rates range from 5.00% p.a. to 7.75% p.a. for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Jana Small Finance Bank FD rates for senior citizens range from 5.60% to 8.35% p.a.

7 − 14 days 5.00%
15 − 45 days 5.25%
46 − 60 days 6.00%
61 − 90 days 6.25%
91 − 180 days 7.00%
181 − 198 days 7.75%
199 days 8.25%
200 − 364 days 7.75%
365 days (1 Year) 8.00%
366 days – < 498 days 8.25%
499 days 8.50%
500 days – < 3 years 8.25%
3 years (1095 days) 8.40%
3 years – 5 years 8.25%
5 years – 10 years 7.00%

3- Ujjivan Small Finance Bank latest FD interest rates

Ujjivan Small Finance Bank offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. Fixed Deposits of Ujjivan Small Finance Bank have a higher interest rate compared to their saving deposits. Benefits of opening an FD account in Ujjivan Small Finance Bank are:

Interest is calculated quarterly and paid at Maturity only.

Premature closure is allowed.

Mobile Banking facility is available.

The minimum initial amount should be Rs. 1,000.

The high-interest rate for senior citizens.

7 days to 29 days 5.50%
30 days to 89 days 6.10%
90 days to 179 days 6.60%
180 days to 364 days 7.00%
1 year to 2 years 8.00%
2 years and 1 day to 734 days 7.50%
735 days 8.00%
736 days to 798 days 7.50%
799 days 8.10%
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%

4- Utkarsh Small Finance Bank latest FD interest rates

Utkarsh Small Finance Bank helps its customers to fulfil their dreams through Fixed Deposit which is a one-time investment plan that provides higher interest rates in comparison to a savings account. Account-holders can invest in Utkarsh Small Finance Fixed Deposit easily with a minimum investment amount of Rs. 1,000.

7 days to 15 days 4.75%
16 days to 28 days 4.75%
29 days to 45 days 4.75%
46 days to 90 days 5.50%
91 days to 120 days 6.75%
121 days to 180 days 6.75%
181 days to 210 days 7.00%
211 days to 270 days 7.00%
271 days to less than 1 year 7.25%
1 year to 455 days 8.20%
456 days to less than 2 years 8.50%
2 years to less than 3 years 8.00%
3 years to less than 5 years 8.00%
5 years 8.35%
More than 5 years to 10 years 7.75%

5- Equitas Small Finance Bank latest FD interest rates

Equitas Small Finance Bank provides its risk-averse customers with easy investment option in the form of fixed deposits. No matter how fluctuating the market becomes, investing in a fixed deposit keeps one’s savings safe with guaranteed returns. The attractive Equitas Bank FD rates along with facilities like zero penalties premature withdrawal make it an optimum choice.