Few fixed deposit (FD) systems offering more than 6.5% interest

Few Fixed Deposit (FD) Systems Offering Interest Rate Above 6.5% | Photo credit: iStock Images

For risk-averse investors, debt is the most popular investment option as it offers guaranteed returns. Fixed Deposits (FDS) have remained popular among Indians who want to invest in instruments that offer safe and secure returns for decades.

While FDs are a decent investment option, interest rates have fallen in recent years, which has dampened their appeal. Since the outbreak of the Covid-19 epidemic, FD rates have been in freefall. However, some smaller banks continue to offer higher yields on one-year term bank deposits.

Jana Small Finance Bank, ESAF Small Finance Bank, Suryoday Small Finance Bank and Utkarsh Small Finance Bank continue to offer a fixed deposit interest rate of up to 6.25% on a one-year FD for normal depositors and 6.75% for the elderly.

Bank Jana Small Finance

The interest rate on a Jana Small Finance Bank fixed deposit for 7-14 days is 2.50%, while the same fixed deposit rate for 15-60 days is %. The small finance bank offers an interest rate of 3.75% on bank FDs with terms of 61 to 90 days and an interest rate of 4.50% on FDs with terms of 91 to 90 days. 180 days. Jana Small Finance Bank offers a fixed interest rate of 5.50% for terms of 181 to 364 days and a fixed interest rate of 6.25% for terms of one year or 365 days. Jana Small Finance Bank offers an additional 0.50% return to seniors at all levels.

Utkarsh Small Finance Bank

The small financial bank offers an FD interest rate of 3% on deposits held for 7 to 45 days. This small corporate bank offers an interest rate of 3.25% on term deposits with terms of 46 to 90 days, and a rate of 4% on DFs with terms of 91 to 180 days. Fixed deposit rates of 5.75% are available on fixed bank deposits with terms ranging from 181 to 364 days. Utkarsh Small Finance Bank offers an interest rate of 6.25% on term deposits with terms ranging from 365 to 699 days.

The lender also offers a bonus of 50 basis points on all terms. As a result, this small corporate bank offers depositors up to 6.75% interest on one-year term bank deposits.

Small Corporate Bank ESAF

The interest rate on an ESAF Small Finance Bank FD for 7-14 days is 4.00%, while the same fixed deposit rate for 15-59 days is 4.50%. The small finance bank offers an interest rate of 5.25% on bank FDs with a term of 60 to 90 days, and an interest rate of 5.50% on FDs with a term of 91 at 181 days. Fixed deposit interest rates range from 6.00% to 6.25% for terms of 183 to 363 days and 6.25% for terms of one year, 365 days and 366 days. The SFB offers an additional remuneration of 0.50% to the elderly over all durations.

Suryoday Small Finance Bank

The bank offers FD interest rates of 3.25% on deposits held for 7-14 days. This small corporate bank offers an interest rate of 3.25% on term deposits with a term of 46 to 90 days and an interest rate of 4.75% on DFs with a term of 91 at 180 days. Fixed deposit rates of 5.25% are available on term bank deposits with terms of 6 to 9 months. The interest rate on term deposits is 6.50% for terms ranging from 365 to 1 year and 6 months.

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