Latest FD Interest Rate: Top 5 SFBs Offering More Than 9.00% Interest Rate

Five renowned small finance banks (SFBs) recently revised interest rates on fixed deposits in an effort to make them more appealing for their customers. The banks that revised interest rates are AU Small Finance Bank, Equitas Small Finance Bank, Fincare Small Finance Bank, Suryoday Small Finance Bank, and Utkarsh Small Finance Bank. Meanwhile, Reserve Bank Governor-led six-member Monetary Policy Committee (MPC) meeting is currently underway (October 4-6) and it will be closely watched as banks tend to revised interest rates after the meeting outcome. Check latest interest rates that these banks are now offering:

1. Suryoday Small Finance Bank: The bank revised its fixed deposit interest rates on August 7, 2023. After the revision, the bank is offering the highest interest rate of 9.10% to senior citizens and 8.60% interest rate to regular citizens for FDs for the period of "above 2 years to 3 years." These interest rates are applicable for fixed deposit of amounts Rs 2 Crore and above.

2. Equitas Small Finance Bank: The small finance bank is offering a maximum interest rate of 8.50% to regular citizens for FDs for the tenure of 444 days and 8.25% for 888 days. Senior citizens can get 9.00% interest rates for the tenure of 444 days. The bank offers 0.50% extra for senior citizen (not applicable for NRE/NRO). These interest rates will be applicable for deposits of less than Rs 2 crore. These rates have been effective from 21st August, 2023. The bank offers interest rates in the range of 4.00% -9.00% p.a. to senior citizens on tenures ranging from 7 days to 10 years.

3. Fincare Small Finance Bank: The bank revised its interest rates of resident FDs (less than Rs 2 crore) on September 21, 2023. After the revision, Fincare Small Finance is offering regular citizens the maximum interest rate of 8.51% and senior citizens can fetch 9.11% interest rate on FDs for the tenure of 750 days.

4. AU Small Finance Bank: It revised its FD interest rates on August 16, 2023. After revision, regular citizens can get maximum interest rate of 8.00% for the tenure of 24 months 1 day to 36 months. These rates are valid for domestic & NRE**/NRO Retail FDs (for amounts less than INR 2 Crore). Meanwhile, senior citizens will be eligible to receive the maximum interest rate of 8.50% for the same tenure for amounts less than Rs 2 crore.

5. Utkarsh Small Finance Bank: The bank is offering general customers the highest interest rate of 8.50% and senior citizens can get maximum interest rate of 9.10% for the tenure of 2 years up to 3 years for deposits less than Rs 2 crore. According to the bank's website, "Penalty on premature withdrawal is 1 % (not applicable for closure within 7 days) i.e. 1 % less than the card rate as on the date of deposit, for the period for which the deposit has remained with the bank or 1% less than the contracted rate, whichever is lower.