Banks Offering over 9% Interest Rates on Fixed Deposits

Since May 2022, when the Reserve Bank of India began raising the repo rate, banks have been raising the fixed deposit rates. Banks are raising the interest rates on fixed deposits, making it a favourable time for cautious investors. The RBI has raised the repo rate six times in a row, for a total increase of 250 basis points. As a result, banks increased their interest rates to match, with some even issuing FDs at rates exceeding 9%. These are some lenders who have interest rates exceeding 9% at the moment:

Unity Small Finance Bank

Seniors can take advantage of fixed-term deposits from the bank with interest rates ranging from 4.50% to 9.50%. With a term of 1001 days, the highest interest rate of 9.50% is available. Moreover, the bank provides 9.25% APR on loan terms between 181 and 501 days. The tariffs will take effect on February 15, 2023.

Early withdrawal penalties for fixed deposits and recurring deposits are 1.00% of the rate in effect during the time the deposit was kept by the bank or the agreed rate, whichever is lower.

Utkarsh Small Finance Bank

The bank provides fixed-term deposits to older adults with interest rates ranging from 4.75% to 9%. The duration of 700 days has the highest interest rate, which is 9%. The tariffs will take effect on February 27, 2023. Premature withdrawals are subject to a 1% penalty (not applicable for closure within 7 days), which is equal to 1% less than the contractual rate for the period that the deposit was kept by the bank or 1% less than the card rate in force on the day of deposit, whichever is lower.

Fincare Small Finance Bank

For accounts under Rs 2 crore, Fincare Small Finance Bank will now offer older customers fixed deposit interest rates ranging from 3.60% to 9.01%. On a term of 1001 days, the highest interest rate of 9.01% is available. These prices are valid beginning on March 24, 2023.