INSUBCONTINENT EXCLUSIVE:
Senior citizens get FD interest rate of 7.20% on deposits below Rs 1 crore for 1 year from SBI.Fixed deposit (FD) interest rates paid by SBI
or State Bank of India range from 5.75 per cent to 6.85 per cent
However, small finance banks such as Jana Small Finance Bank, Equitas Small Finance Bank and AU Small Finance Bank provide interest rates up
to 9.1 per cent on FDs, much higher than their larger peers
Consider this: on amounts below Rs 1 crore, SBI offers an FD interest rate of 6.70 per cent to general citizens for one year
However, on the same amount and maturity period, Jana Small Finance Bank and Equitas Small Finance Bank pays an interest rate of 8 per cent
each while AU Small Finance Bank pays 7 per cent to the general public.Senior citizens with fixed deposit accounts in SBI earn an FD
interest rate of 7.20 per cent on deposits below Rs 1 crore for one year
However, Jana Small Finance Bank pays 8.6 per cent, Equitas Small Finance Bank pays 8.5 per cent and AU Small Finance Bank offers 7.5 per
cent on fixed deposits below Rs 1 crore for one year.Most small finance banks have a niche customer base
Higher FD interest rates and doorstep banking helps them garner more customers.Given below is a comparison of fixed deposit or FD interest
rates of SBI, Jana Small Finance Bank, AU Small Finance Bank, and Equitas Small Finance Bank on deposits up to Rs 1 crore:SBI FD interest
website - sbi.co.in:TermInterest rate for general public w.e.f
30.07.2018Interest rate for senior citizens w.e.f
30.07.20187 days to 45 days5.756.2546 days to 179 days6.256.75180 days to 210 days6.356.85211 days to less than 1 year6.46.91 year to less
Bank FD interest rates (up to Rs 1 crore)PeriodInterest Rate (p.a.)7 days to 45 days6.00%46 days to 60 days6.50%61 days to 180 days7.00%181
days to 365 days8.00%More than 1 year up to 2 years8.25%More than 2 years up to 3 years8.50%More than 3 years up to 5 years8.00%More than 5
bank's website - janabank.com.AU Small Finance Bank FD interest rates (up to Rs 1 crore)Here are the interest rates paid by AU Small Bank
on deposits up to rs 1 crore, according to its website - aubank.inTENURE BUCKETSResident / NRE* / NRO Interest Rate (%)Senior Citizen
Months7.00%7.50%12 Months 1 Day to 18 Months7.55%8.05%18 Months 1 Day to 24 Months7.55%8.05%24 Months 1 Day to 36 Months7.75%8.25%36 Months
(up to Rs 1 crore)Fixed deposit Interest rates for Domestic/NRE/NRO (for INR) with effect from July 5, 2018 according to the bank's
website - equitasbank.comTenureInterest rate for amount less than Rs
days6.50%181 - 210 days6.75%211- 270 days6.75%271- 364 days7.50%1 year to 18 months8.00%18 months 1 day to 2 years7.75%2 years 1 day to 3
is paid to senior citizens
However, it is not applicable to NRE/NRO deposits, said the bank.
