INSUBCONTINENT EXCLUSIVE:
Fincare Small Finance Bank offers an interest rate of 8% on 1-year fixed deposit of less than Rs 1 crore.
Consider this: a one-year fixed deposit of less than Rs
1 crore in State Bank of India (SBI) fetches an interest rate of 6.40 per cent
Compared to this, a similar deposit fetches an interest rate of 8 per cent in Fincare Small Finance Bank; 8.75 per cent in ESAF Small
Finance Bank; and 7 per cent in AU Small Finance Bank
Leading public and private sector lenders like SBI, ICICI Bank, HDFC Bank, Punjab National Bank (PNB), Axis Bank, among others offer
compelling interest rates on fixed deposits
However, there are some banks which offer equally competitive, rather better, interest rates but are not that famous.(: Tax-Saving Fixed
Deposits: SBI Vs HDFC Bank Vs ICICI Bank Vs Axis Bank)Small finance banks provide financial inclusion to small businesses, micro and small
industries, and farmers, among others
The aim of small finance banks is to lend credit to the underserved population of the country
They may not be popular among the general public but their interest rates are higher than leading banks.Given below are interest rates on
fixed deposits offered by three small finance banks - Fincare Small Finance Bank, ESAF Small Finance Bank, and AU Small Finance Bank:Fixed
363 days7.50%8.00%364 days5.60%6.10%365 - 727 days8.75%9.25%728 days6.80%7.30%729 - 1091 days8.00%8.50%1092 days5.66%6.16%1093 - 1819
days7.00%7.50%1820 days5.65%6.15%1821 - 3652 days7.00%7.50%(: SBI Bank Fixed Deposits Vs Post Office Term Deposit: Interest Rate, Income Tax
(%)Senior Citizen Interest Rate p.a
Months7.00%7.50%12 Months 1 Day to 18 Months7.15%7.65%18 Months 1 Day to 24 Months7.15%7.65%24 Months 1 Day to 36 Months7.25%7.75%36 Months
1 Day to 45 Months7.30%7.80%45 Months 1 Day to 60 Months7.40%7.90%Above 60 Months*7.25%7.75%(: 5 Investment Schemes That Can Make You Money,
days to 90 days4%4.50%91 days to 180 days6%6.50%181 days to 364 days7%7.50%12 months to 15 months8%8.50%15 months 1 day to 18
months8.25%8.75%18 months 1 day to 21 months8.50%9%21 months 1 day to 24 months8.75%9.25%24 months 1 day to 36 months9.00%9.50%3 years 1 day
to 5 years8%8.50%5 years 1 day to 7 years7%7.50%Fixed deposits or FDs, besides offering assured returns, also help investors earn fixed
interest rates, which do not fluctuate according to market-linked adversities
Besides banks, non-banking financial companies also offer the options of fixed deposit accounts to customers.
