Small Finance Bank FD interest rates compared: Who is offering the highest rate?

Small finance banks (SFBs) continue to offer the highest interest rates, ranging from 8 per cent to 9 per cent on fixed deposits (FDs) to general citizens. Do remember that deposits under the small finance banks are also covered by the insurance of Deposit Insurance and Credit Guarantee Corporation (DICGC). Simply put, your FDs of up to Rs 5 lakh are covered under the deposit insurance scheme if the small finance bank fails or is put under a moratorium.

Here is a list of small finance banks offering the best interest rates on fixed deposits.

Unity Small Finance Bank

Unity SFB offers interest rates between 4.50 per cent and 9 per cent to general citizens for FDs maturing between 7 days to 10 years. The bank provided interest rates between 4.50 per cent to 9.50 per cent to senior citizens for tenures ranging from 7 days to 10 years. The highest interest rate can go up to 9 per cent for the general public and 9.50 per cent for senior citizens on a fixed deposit tenure of 1001 Days. The new rates are effective from February 15, 2023.

ESAF Small Finance Bank
ESAF Small Finance Bank offers interest rates between 4 per cent and 8.10 per cent on deposits maturing between 7 days and 10 years to general citizens. Senior citizens can earn between 4.50 per cent and 8.60 per cent on FDs maturing between 7 days and 10 years. The highest interest rate of 8.10 per cent (for the general public) and 8.60 per cent (for senior citizens) will be offered on FDs maturing in 999 days. The new rates are effective from February 15, 2023.

Jana Small Finance Bank
Jana Small Finance Bank offers interest rates between 3.75 per cent and 8.10 per cent for FDs maturing between 7 days and 10 years to general citizens. For senior citizens, the interest rate will be between 4.45 per cent and 8.80 per cent for deposits maturing between 7 days and 10 years. The highest interest rate will be 8.10 per cent (for general citizens) and 8.80 per cent (for senior citizens) on fixed deposits maturing between two years and three years. The new rates are effective from February 1, 2023.

Fincare Small Finance Bank
Fincare Small Finance Bank offers interest rates ranging from 3 per cent to 8.11 per cent to general residents and up to 8.71 per cent to senior citizens for term deposits maturing between 7 days and 10 years. The highest interest rate of 8.11 per cent will be offered to deposits maturing in 750 days to general citizens. For senior citizens, the interest can go up to 8.71 per cent for FDs maturing in 750 days.

Ujjivan Small Finance Bank
Ujjivan Small Finance Bank offers interest rates between 3.75 per cent and 8 per cent to general citizens on FDs maturing between 7 days and 10 years. For general citizens, the highest interest rate will be 8 per cent on FDs maturing in 560 days. The bank offers the highest interest rate of 8.75 per cent for deposits maturing in 560 days to senior citizen investors. The new rates are effective from November 5, 2022.

Utkarsh Small Finance Bank
Utkarsh Small Finance Bank customers (general citizens) can earn interest rates ranging from 4 per cent to 8 per cent for deposits maturing between 7 days and 10 years. For senior citizens, the interest can go up to 8.75 per cent on fixed deposits. The highest interest rate of 8 per cent will be offered on deposits maturing in 700 days to general citizens. Senior citizens will earn an interest rate of 8.75 per cent on FDs maturing in 700 days. These rates are effective from November 21, 2022.

Suryodaya Small Finance Bank
Suryodaya Small Finance Bank offers interest rates ranging from 4 per cent to 8.51 per cent for deposits maturing between 7 days and 10 years to general residents. For senior citizen, the interest rate on FDs range from 4.5 per cent to 8.76 per cent for various tenures. The highest interest rate of 8.51 per cent will be offered to general citizens on FDs maturing in 999 days. For senior citizens, the interest rate will be 8.76 per cent on FDs maturing in 999 days. These rates are effective from December 21, 2022.