Discover the Top Five Banks Offering the Highest Fixed Deposit Interest Rates

Prior to allocating funds into a fixed deposit (FD), investors frequently conduct a thorough comparison of interest rates provided by various banks. Below, we present a breakdown of interest rates offered by small finance banks. At the lower end of the spectrum, rates typically fall within the range of 4-5.5%, while at the higher end, they soar between 8-9.5%.

Small Finance Bank FDs are insured up to Rs 5 lakh by the RBI. Ensure to verify if your bank falls under this category. Here is a list of all the banks falling into this insured category.

Fixed Deposit can be made for emergency fund or small year target upto 1 year. Investors choose this option when they have to make a deposit for a small time period. Some finance influencers recommends depositing your “Emergency Fund” in fixed deposit.

1. Unity Small Finance Bank – Fixed Deposit

Unity Small Finance Bank offers the highest interest rate for Fixed Deposits among the banking sector. It lower spectrum starts from 4.5% to 6.6% for deposit upto 2 crore for a time period of 7 days to 90 days. It highest interest rate 9.5% for senior citizens is offered upto 9.5% which is highest among all the banks.

Unity Small finance bank fixed deposit rates limit

2. Shriram Finance Ltd

Shriram Finance bank offers FD rates upto 8.6% as highest for a period of 50 months. It lowest FD rate for 12 months which is one year is 7.8%.

3. Ujjivan Small Finance Bank

Ujjivan Small Finance Bank fixed deposit rates are lower than Unity Small Finance bank. Its lower spectrum starts at 3.75% to 4.25% for a period of 7 days to 89 Days. It offers highest inertest of 8.25% for 12 months which is more than Shriram Finance Ltd which have Fixed Deposit rate of 7.8% for 12 months.

4. Equitas Small Finance Bank

Equitas Small Finance lower spectrum is less than above mentioned banks. It lower spectrum starts at 3.5% to 4.5% for a period of 7 Days to 90 Days. It highest interest rate is offered for 444 Days which is almost 14 months 19 Days.

5. Suryoday Small Finance Bank

Suryoday Small Finance Bank Offers highest lower spectrum FD rates. It offers 4.00% to 5.00% for 7 days to 90 days. Its offers highest interest rate at 9.42% for a fixed deposit of minimum 2 years and 1 day.