5 small finance banks offer interest of up to 9% on their fixed deposits (2024)

FAQs

Which bank gives 9% interest rate on FD? ›

SBM Bank India is offering an interest of 9% for the tenure above 3 years 2 days to less than 5 years, 7.6% for 1st year tenure, 8.15% for 2nd year tenure and 7.55% for the third-year tenure.

The new rates, which were applicable from May 1, 2024, range from 4% to 8.50% for regular customers. For senior citizens, the rates range from 4.60% to 9.10%. The highest rates, 8.50% for regular customers and 9.10% for senior citizens are applicable for deposits with a tenure of 2 to 3 years.

Unity Small Finance Bank offers a 9% interest rate on fixed deposits (FDs) with a 1001-day maturity. Suryoday Small Finance Bank provides an 8.65% interest rate for FDs maturing in two years and two days. Ujjivan Small Finance Bank offers an 8.5% interest rate for FDs with a maturity of 15 months.

If you have a 9% interest rate, divide 0.09 by 12 to get 0.0075. Multiply the periodic interest rate by your remaining loan balance to calculate that month's interest payment. If you have a $10,000 loan balance, your first month's interest payment would be $75 (10,000 x 0.0075).

Capital Small Finance Bank has revised fixed deposit interest rates for amounts below Rs 2 crore. The revised FD interest rates are effective from May 6, 2024. The bank offers general citizens an interest rate between 3.5 percent and 7.55 percent.

There are two major types of private banks – universal banks and small finance banks. Small finance banks generally offer a higher interest rate as compared to the universal banks. Thus, guided and regulated by RBI, it is pretty safe to invest in FDs offered by private and small finance banks.

Which small bank is best? ›

How Much Money Can You Deposit in a Small Finance Bank? The RBI has not specified any Small Finance Bank deposit limits. Hence, customers are free to deposit any amount with an SFB up to the limit specified by the bank.

Unity Small Finance Bank offers FD interest rates ranging from 4.50% to 9% for tenures maturing between 7 days and 10 years to general citizens. The highest interest rate of 9% is offered on FDs maturing in 1001 Days. The rates are effective from October 9, 2023.

Among scheduled private sector banks, DCB Bank and RBL Bank offer the best FD interest rates of up to 8.00% p.a. Among scheduled public sector banks, Punjab National Bank, Union Bank of India, Bank of Baroda, Canara Bank, Bank of India, Indian Bank and Punjab & Sind offer interest rates of up to 7.25% p.a.

Yes, 9% is a good personal loan interest rate for people with good credit. Applicants with a credit score of 660+ could qualify for a personal loan with a 9.00% APR if they choose the right lender and have enough income to afford the loan.