Fixed Deposit gets More than 8 % interest in 2020

Fixed deposits (FD) are a low-risk savings option that gives guaranteed returns at the end tenure period. In the present situation, many small finance banks offer an interest rate of 8%-9% on fixed deposits of two to five years of tenure period compared to top banks of the country like State Bank of India (SBI), HDFC Bank, Axis Bank, Punjab National Bank etc which offers an average interest rate of 6% to 6.4%.

Here is a list of four small finance banks which offer an interest rate of 8% and above:

1. Utkarsh Small Finance Bank: The Utkarsh Small Finance Bank offers an interest rate ranging from 4.75% to 9% on fixed deposits with 7 days- 10 years tenure period. For FDs with tenure of 7 days-45 days and 46 days-90 days the bank offers interest of 4.75% and 5.50% respectively. From 91 days-180 days 6.75% interest is offered and from 181 days -270 days 7.00% interest is offered by the bank. FDs from 271 days to one year the bank offers 7.25% interest. From 1 year to 455 days 8.20% interest is given and from 456 days to less than 2 years 8.50% interest is offered. FD maturing in 2 years to 776 days will give an interest of 8.00%. The highest interest rate of 9% is offered by the bank to FD maturing in 777 days. From 3 years to less than 5 years 8% interest is given ,on 5 years FD 8.35% and on 5 years to 10 years FD 7.75% interest is offered.
2. Suryoday Small Finance Bank: The Suryoday Small Finance bank offers an interest rate ranging from 4% to 9%depending on the tenure. FD maturing in 7 days-45 days 4% and from 46 days-90 days 5% interest is given. From 91 days-6 months 5.50% and from 6 months to 9 months 7.50% interest is offered. The bank gives an interest of 7.75% for FD maturing in 9 months to less than 1 year. For FD with tenure of 1 year to 2 year, 2 years to 3 years and 3 years to less than 5 years an interest rate of 8.25%, 8.5% and 8% is offered respectively. From 5 years to 10 years 7.25% is offered and the highest interest rate of 9% is offered to FD maturing in 5 years.
3. Ujjivan Small Finance Bank: The bank gives interest rate of 5.50%, 6.10% and 6.60% respectively for FD’s maturing in 7-29days, 30-89 days and 90-179 days. For FD maturing in 180days-364 days and from 1 year to 2 year interest rate of 7% and 8% is offered respectively. For FD maturing in 2 years and 1 day to 734 days 7.50% is given. 8% is given for FD maturing in 735 days and from 736 days-798 days 7.50% is given. From 800 days to3 years, 3 years and 1 day to 5 years and 5 years and 1 day to 10 years interest of 7.50%, 7.00% and 6.50% is offered respectively. The highest interest rate of 8.10% is offered on FD maturing in 799 days.
4. Equitas Small Finance Bank: For FD’s maturing in 7-14 days, 15-29 days and 30-45 days the bank offers an interest rate of 5%, 5.5% and 6% respectively. From 46-90 days, 91-180 days and 181-270 days an interest rate of 6.25%, 6.50% and 6.75% is offered respectively. FD maturing in 271 days-1 year gives an interest of 7.50% and 1 year-18 months will give an interest of 8%. An interest rate of 7.70% is given to FD maturing in 18 months 1 day to 2 years and 7.80% is given FD maturing in 2 years 1 day-887 days. The highest interest rate of 8.25% is given to FD maturing in 888 days. For FD maturing in 889 days-3 years and 3 years-10 years an interest rate of 7.8% and 7% is offered respectively.