Banks offering 8% interest rates on Fixed Deposit with Rs 5 lakh cover

  • Facebook
  • Twitter
  • Reddit
  • Flipboard
  • Email
  • WhatsApp
Banks offering 8% interest rates on Fixed Deposit with Rs 5 lakh cover
Banks offering 8% interest rates on Fixed Deposit with Rs 5 lakh cover

New Delhi : The banks on February 1 increased their Fixed Deposit (FD) cover to Rs 5 lakh from existing Rs 1 lakh. The announcement was made by the Finance Minister Nirmala Sitharaman in her recently announced Budget 2020.

With the move, if any bank goes bankrupt then the RBI would be liable to pay at least Rs 5 lakh against the FD value. The budget proposal comes after the recent crisis at Mumbai-based PMC Bank.

Fixed Deposit (FD) has been one of the safest modes of investment with a guaranteed return. Some small finance banks like Suryoday, Jana, Ujjivan, Utkarsh, Equitas among others give more than 8% interest rate to general customers.

Suryoday Small Finance Bank FD rate ranges from 4% to 9% for general customers and 4.5% to 9.25% for senior citizens depending upon the tenure. The bank offers maximum Fixed Deposit interest rate of 9% on the maturity date. For senior citizens, the interest rate will be 9.5%.

7 days to 14 days 4.00%

15 days to 45 days 4.00%

46 days to 90 days 5.00%

91 days to 6 months 5.50%

Above 6 months to 9 months 7.50%

Above 9 months to less than 1 Year 7.75%

1 year to 2 years 8.25%

Above 2 years to 3 years 8.50%

Above 3 years to less than 5 years 8.00%

5 years 9.00%

Above 5 years to 10 years 7.25%

Jana Small Finance Bank gives 5% to 8.50% interest on FDs ranging from 7 days to 10 years. Senior citizens get an additional 60 basis points on these deposits.

7 − 14 days 5.00%

15 − 45 days 5.25%

46 − 60 days 6.00%

61 − 90 days 6.25%

91 − 180 days 7.00%

181 − 198 days 7.75%

199 days 8.25%

200 − 364 days 7.75%

365 days (1 Year) 8.00%

366 days - < 498 days 8.25%

499 days 8.50%

500 days - < 3 years 8.25%

3 years (1095 days) 8.40%

>3 years - 5 years 8.25%

>5 years - 10 years 7.00%

Ujjivan Small Finance Bank offers more than 8% interest on FDs in select buckets.

7 days to 29 days 5.50%

30 days to 89 days 6.10%

90 days to 179 days 6.60%

180 days to 364 days 7.00%

1 year to 2 years 8.00%

2 years and 1 day to 734 days 7.50%

735 days 8.00%

736 days to 798 days 7.50%

799 days 8.10%

800 days to 3 years 7.50%

3 years and 1 day to 5 years 7.00%

5 years and 1 day to 10 years 6.50%

Equitas Small Finance Bank latest FD interest rates

7−14 days 5.00%

15-29 days 5.50%

30-45 days 6.00%

46-90 days 6.25%

91-180 days 6.50%

181-270 days 6.75%

271-364 days 7.50%

1 year to 18 months 8.00%

18 months 1 day to 2 years 7.70%

2 years 1 day 887 days 7.80%

888 days 8.25%

889 to 3 years 7.8%

3 years to 10 years 7 %