Stay Tuned!

Subscribe to our newsletter to get our newest articles instantly!

Corporates

Highest FD rates: Top Small Finance Banks offering up to 8.25% interest rates on one-year fixed deposits – check list

Highest FD rates: Top Small Finance Banks offering up to 8.25% interest rates on one-year fixed deposits - check list
Investors can earn up to 8.25% interest on their deposits, which is a competitive rate in the current market. (AI image)

Highest Fixed Deposit Interest Rates: Small finance banks are currently offering attractive interest rates on one-year fixed deposits (FDs) for amounts less than Rs 3 crore. Investors can earn up to 8.25% interest on their deposits, which is a competitive rate in the current market.

Highest FD Rates For 1-Year Fixed Deposits

  • Among the small finance banks, Jana Small Finance Bank and Ujjivan Small Finance Bank are leading the pack with an interest rate of 8.25% on their one-year FDs. Equitas Small Finance Bank follows closely with an interest rate of 8.2% for the same tenure.
  • Utkarsh Small Finance Bank offers an 8% interest rate on its one-year FDs, while Unity Small Finance Bank provides a slightly lower rate of 7.85%.
  • AU Small Finance Bank, on the other hand, offers a 7.25% interest rate for deposits maturing in one year.

Name Interest rate
Jana Small Finance Bank 8.25%
Ujjivan Small Finance Bank 8.25%
Equitas Small Finance Bank 8.20%
Utkarsh Small Finance Bank 8%
Unity Small Finance Bank 7.85%
AU Small Finance Bank 7.25%

Source: ET report quoting Paisabazaar data as on September 25, 2024
When considering investing in fixed deposits offered by small finance banks, it’s important to keep in mind that while these deposits are insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, experts suggest proceeding with caution.The unique business model of small finance banks may result in a slightly different risk profile compared to scheduled commercial banks.
To minimize potential risks, financial advisors recommend that investors limit their investments in small finance bank FDs to an amount that is covered by the DICGC insurance, states an ET report.
It is important to note that these interest rates are subject to change and may vary depending on the bank’s policies and market conditions. Investors should carefully consider their financial goals and risk tolerance before investing in any fixed deposit scheme.
The Reserve Bank of India (RBI) opted to maintain the repo rate at its current level during the most recent monetary policy review conducted in August. However, financial analysts and economists predict that this decision might be the final pause before the central bank initiates a sequence of interest rate reductions.
Consequently, the interest rates offered on bank fixed deposits are likely to experience a gradual decline over the upcoming months.



Source link

creativebharatgroup@gmail.com

About Author

Leave a comment

Your email address will not be published. Required fields are marked *

You may also like

Corporates

Bharat Bandh: Are banks & post offices open on August 21, 2024?

Bharat Bandh on August 21, 2024: The Reservation Bachao Sangharsh Samiti has announced a nationwide strike on August 21, 2024,
Corporates

IDBI Bank hikes FD rate to 7.85% for 444-day tenure to garner more deposits | Company News

Customers can open an Utsav Fixed Deposit conveniently through the bank’s website or mobile banking application. 2 min read Last