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Bank deposits offer fixed interest rates depending on the tenure. In recent times various banks reviewed their interest rates on FDs. Despite falling returns, it is still a choice of investment for millions of Indians as it has negligible risks. If you are searching for good returns, till now a few banks are giving interest rates up to 6.25% on fixed deposits of tenure of one year to general customers. Small finance banks offer comparatively higher interest on FDs than major banks to attract more customers.
Best rates
Bank Jana Small Finance Bank is currently offering a 6.25% interest rate on one-year fixed deposits for regular customers. But senior citizens will get an additional 0.50 percentage point taking the rate to 6.75% per annum. This small finance bank has last revised FD rates on May 7, 2021.
Utkarsh Small Finance Bank is also promising an interest rate of 6.25% on fixed deposits of less than Rs 2 crores maturing in 365 days to 699 days for the general public. On the other hand, senior citizens will get 6.75% interest rates.
ESAF Small Finance Bank is also offering an interest rate of 6.25% to general customers and 6.75% to senior citizens on their term deposits less than Rs 2 crore maturing in 365 days and 366 days.
RBL Bank, one of the leading private sector banks, offers an interest rate of 6.00% to the general public for tenure of 12 months to 24 months. However, for senior citizens the interest rate is 6.50%.
IndusInd Bank is currently offering an interest rate of 6.00% to the general public and 6.50% to senior citizens on fixed deposits for tenures between one year and less than 18 months.
Ujjivan Small Finance Bank is offering an interest rate of 6% to regular customers on fixed deposits maturing between one year and two years. According to the bank’s website, senior citizens will get 0.50% extra interest than general customers.
Other banks
State Bank of India (SBI), the country’s largest lender, offers 5% interest rates on FDs for deposits below Rs 2 crore for tenure of one year to less than two years to the general public. But senior citizens will earn up to 0.50% extra for the same tenure. This rate is effective from January 1, 2021.
On the other hand, HDFC Bank, the largest private sector bank, now offers 4.90% interest on FDs of one year to the general public. Like other government-owned banks, HDFC Bank is also giving 0.50% extra interest on FDs to senior citizens for the same tenure.