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  3. Small Finance Bank offering Highest Interest @9.5% on Term Deposits/ Fixed Deposits (FD)

Small Finance Bank (SFB) offering Highest Interest @9.5% on Term Deposits/ Fixed Deposits (FD)
By Anupama Deshpande | October 21, 2017

There are Public Sector Banks, Private Sector Banks, Foreign Banks, Gramin Banks and Co-operative Banks in India which have been providing banking and financial services to population of the country since long. Now a recent concept of Small Finance Bank has been introduced by the RBI and it has already given in-principal approval to 10 entities to set up their Small Finance Banks in September 2015. Eight out of these ten entities have already set up their SFBs which are fully operational as on date.



The major objective behind starting an SFB is Banks is to banking services mainly to small and marginal farmers, micro and small industries and other organized sector entities covering unserved and underserved areas. Small finance banks are not restricted to any region and can operate anywhere in India.

As compared to other commercial banks, Small Finance Banks are offering 1% to 2% higher returns on Fixed/ Term Deposits. I am detailing below highest interest rates offered by different Small Finance Banks for different tenures for general customers and senior citizens:

Compare and select the best interest rate offered by Small Finance Bank (SFB)

Bank NameHeadquartersTenureInterest Rate (General) % p.a.Interest Rate(Senior Citizen) % p.a.
Utkarsh Small Finance BankVaranasi456 Days to less than 2 Years8.509.00
ESAF Small Finance BankThrissurAbove 1 year & less than 3 years9.009.50
Suryoday Small Finance BankNavi Mumbai24 Months 1 Day to 36 Months7.357.85
AU Small Finance BankJaipur456 Days to less than 2 Years8.509.00
Ujjivan Small Finance BankBangalore1 Year to 2 Years8.008.50
Equitas Small Finance BankChennai1 Year to 3 Years7.257.75
Capital Small Finance Bank400 Days7.207.70
Fincare Small Finance Bank24 months 1 day to 36 months9.009.50

Source: websites of SFBs

From the above table, we can find that two banks viz. ESAF & Fincare SFBs are providing highest interest rates i.e. 9% for general public and 9.50% to the senior citizens.

I am sure that this article will help you comparing and selecting an SFB providing highest interest rate, if you want to open an account with an SFB & earn more returns on your investments.

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About Anupama Deshpande
Anupama is a Co-Founder of CodeForBanks.com. She is an MBA (Finance) and Chartered Financial Analyst (CFA). She also carries a Fellowship degree in Life Insurance Sector and is a Master of Computer Application (MCA). She is an expert in Finance Field with an experience of over 18 years on different managerial positions in finance industry including Stock Market, Depository and Mutual Fund Sectors. Apart from that she has remained for few years in the field of marketing as well. Her suggestions and advice for investments have been very useful to many people.
Her vast interest & expertise in the field of finance have encouraged her to write the articles so that others can also get benefitted out of them. She never loses any opportunity to learn and be creative. She is a valuable asset for CodeForBanks.com & important resource to all those around her.

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