Check How To Earn 9.5% Interest on Fixed Deposit in Small Finance Bank

Fixed deposit is one of the most popular investment options in India which allows an individual to invest and earn higher interests on his/her hard-earned money. Most of the savings accounts offer interest at 3.5% to 4% per annum. On the other hand, fixed deposits can help you earn up to 9.5% p.a. interest. Not only this, fixed deposits are considered as the safest option available for investment as it brings low risk to the table and the depositor is guaranteed with returns on his investment.

But, the rate of interest on fixed deposits remains limited when it comes to investing in a bank or financial institution. Small Finance Banks often pay higher rate of interest on fixed deposit than the major banks. While the major banks pay interest rates up to 7.50% on term deposits less than Rs.1 crore, Small Finance Banks provide up to 9.5% p.a. on deposits less than Rs.1 crore.

Below are some of the best fixed deposits available for Indian citizens in 2018.

Best Fixed Deposit Interest Rates

Small Finance Bank Fixed Deposit Interest Rate* (in % p.a.)
Regular Citizens Senior Citizens
Ujjivan Small Finance Bank 8.50% 9.00%
Fincare Small Finance Bank 9.00% 9.50%
ESAF Small Finance Bank 8.75% 9.25%
Suryoday Small Finance Bank 8.75% 9.00%
Utkarsh Small Finance Bank 8.50% 9.00%
Jana Small Finance Bank 8.50% 9.10%
Equitas Small Finance Bank 8.00% 8.50%

*Interest Rates are applicable on investment below Rs.1 crore for the tenure ranging from 1 year to 2 years.

Detailed Best Fixed Deposit Interest Rate

  1. Ujjivan Small Finance Bank Fixed Deposit
Tenure Interest Rate (p.a.) (Under Rs. 1 Crore)*
Regular Individuals Senior Citizens
7 Days to 29 Days 5.50% 6.00%
30 Days to 89 Days 6.25% 6.75%
90 Days to 179 Days 6.75% 7.25%
180 Days to 364 Days 7.50% 8.00%
1 Year to 2 Years 8.00% 8.50%
2 Years and 1 Day to 734 Days 7.50% 8.00%
735 Days 8.25% 8.75%
736 Days to 798 Days 7.50% 8.00%
799 Days 8.50% 9.00%
800 Days to 3 Years 7.50% 8.00%
3 Years and 1 Day to 5 Years 7.00% 7.50%
5 Years and 1 Day to 10 Years 6.50% 7.00%

*Interest rates for amount less than Rs.1 crore with effect from 1st September, 2018.

  1. Fincare Small Finance Bank Fixed Deposit
Tenure Interest Rate*
Regular Senior Citizens
7 days to 45 days 4.00% 4.50%
46 days to 90 days 4.00% 4.50%
91 days to 180 days 6.00% 6.50%
181 days to 364 days 7.00% 7.50%
12 months to 15 months 8.00% 8.50%
15 months 1 day to 18 months 8.25% 8.75%
18 months 1 day to 21 months 8.50% 9.00%
21 months 1 day to 24 months 8.75% 9.25%
24 months 1 day to 36 months 9.00% 9.50%
3 years 1 day to 5 years 8.00% 8.50%
5 years 1 day to 7 years 7.00% 7.50%

*Interest rates for amount less than Rs.1 crore with effect from 1st September, 2018.

  1. Jana Small Finance Bank Fixed Deposit
 

Period

Interest Rate (p.a.)*
Regular Individuals Senior Citizens
7 days to 45 days 6.00% 6.60%
46 days to 60 days 6.50% 7.10%
61 days to 180 days 7.00% 7.60%
181 days to 365 days 8.00% 8.60%
More than 1 year up to 2 years 8.25% 8.85%
More than 2 years up to 3 years 8.50% 9.10%
More than 3 years up to 5 years 8.00% 8.60%
More than 5 years up to 10 years 7.00% 7.60%

*Interest rates for amount less than Rs.1 crore with effect from 8th September, 2018.

  1. Utkarsh Small Finance Bank Fixed Deposit
Tenure Interest Rates (% p.a.)*
Regular Individuals Senior Citizens
7 Days to 15 days 3.50% 4.00%
16 Days to 28 Days 3.50% 4.00%
29 Days to 45 Days 4.00% 4.50%
46 Days to 90 Days 4.50% 5.00%
91 Days to 120 Days 5.00% 5.50%
121 Days to 179 Days 5.50% 6.00%
180 Days to 210 Days 6.00% 6.50%
211 Days to 270 Days 7.00% 7.50%
271 Days to Less than 1 Year 7.50% 8.00%
1 Year to 455 Days 8.25% 8.75%
456 Days to less than 2 Years 8.50% 9.00%
2 Years to less than 3 Years 7.85% 8.35%
3 Years to less than 5 Years 7.00% 7.50%
5 Years 8.00% 8.50%
More than 5 Years to 10 Years 7.00% 7.50%

*Interest rates for amount less than Rs.1 crore with effect from 14th March, 2018.

  1. ESAF Small Finance Bank Fixed Deposit
Tenure Interest Rate*
Regular Senior Citizens
7 – 14 days 5.75% 6.25%
15 – 59 days 5.75% 6.25%
60 – 90 days 6.50% 7.00%
91 – 179 days 6.75% 7.25%
180 – 363 days 7.50% 8.00%
364 days 5.60% 6.10%
365 – 727 days 8.75% 9.25%
728 days 6.80% 7.30%
729 – 1091 days 8.00% 8.50%
1092 days 5.66% 6.16%
1093 – 1819 days 7.00% 7.50%
1820 days 5.65% 6.15%
1821 – 3652 days 7.00% 7.50%

*Interest rates for amount less than Rs.1 crore with effect from 1st April, 2018.

  1. Suryoday Small Finance Bank Fixed Deposit
Tenure Interest Rate*
Regular Senior Citizens
7 days to 14 days 4.00% 4.00%
15 days to 45 days 4.00% 4.00%
46 days to 90 days 5.00% 5.00%
91 days to 180 days 5.50% 5.75%
181 days to 240 days 7.50% 7.75%
241 days to 364 days 7.75% 8.00%
12 months to 24 months 8.50% 8.75%
>24 months to 36 months 8.75% 9.00%
>36 months to 60 months 7.75% 8.00%
>60 months to 120 months 7.25% 7.50%

*Interest rates for amount less than Rs.1 crore with effect from 21st September, 2017.

  1. Equitas Small Finance Bank Fixed Deposit
 

Tenure

Interest rates*
Regular Individuals Senior Citizens
7 – 14 days 5.00% 5.50%
15 – 29 days 5.50% 6.00%
30 – 45 days 6.00% 6.50%
46 – 62 days 6.25% 6.75%
63 – 90 days 6.25% 6.75%
91 – 120 days 6.50% 7.00%
121 – 180 days 6.50% 7.00%
181 – 210 days 6.75% 7.25%
211 – 270 days 6.75% 7.25%
271 – 364 days 7.50% 8.00%
1 year to 18 months 8.00% 8.50%
18 months 1 day to 2 years 7.75% 8.25%
2 years 1 day to 3 years 7.75% 8.25%
3 years 1 day to 4 years 7.00% 7.50%
4 years 1 day to 5 years 7.00% 7.50%
5 years 1 day to 10 years 7.00% 7.50%

*Interest rates for amount less than Rs.1 crore with effect from 05th July 2018.

Conclusion

Investing in any small finance bank fixed deposit is as safe as any other fixed deposit options with major banks. Some of you might be unaware of the fact that deposits up to Rs.1 lakh are insured by the government. So, you can easily invest you savings and earn an interest up to 9.50% p.a. with no risks involved.