8 hrs ago
Small Finance Banks Offer Up To 8.25% Before RBI MPC
Several small finance banks are advertising fixed-deposit rates of 8% or more in the supplied data.
Suryoday Small Finance Bank has the highest listed rate at 8.25%.
That rate applies only to a five-year deposit.
Utkarsh Small Finance Bank offers 8.10% for a 666-day deposit.
Other banks offer 8%, but their best rates apply to different periods.
A bank’s highest advertised rate may not apply to every deposit length.
People should compare both the interest rate and the required tenure.
They should also check withdrawal rules and deposit-insurance coverage before putting money into an FD.
Suryoday Small Finance Bank offers the highest advertised rate in the supplied data at 8.25% for five years.
Utkarsh Small Finance Bank offers up to 8.10% for a 666-day fixed deposit.
Equitas, ESAF, Jana and Shivalik Small Finance Banks each offer maximum rates of 8% at specified tenures.
AU Small Finance Bank offers a maximum rate of 7.40% for deposits lasting 30 months and one day to 36 months.
The applicable tenure, premature-withdrawal rules and deposit-insurance coverage should be checked before investing.
- Who
- Seven small finance banks, including Suryoday, Utkarsh, Equitas, ESAF, Jana, Shivalik and AU Small Finance Bank.
- What
- The banks’ advertised fixed-deposit interest rates and the tenures linked to their highest rates are being compared.
- Where
- In India’s banking and fixed-deposit market.
- When
- Before the Reserve Bank of India’s Monetary Policy Committee meeting.
- Why
- Investors are comparing returns, but the highest rate depends on the selected tenure and other deposit conditions.
Key facts
- Highest listed rate
- 8.25% from Suryoday Small Finance Bank
- Highest-rate tenure
- Five years at Suryoday Small Finance Bank
- Second-highest listed rate
- 8.10% from Utkarsh Small Finance Bank for 666 days
- Banks offering up to 8%
- Equitas, ESAF, Jana and Shivalik Small Finance Banks
- AU Small Finance Bank maximum
- 7.40% for 30 months and one day to 36 months
- Private-bank comparison
- DCB Bank offers up to 7.50%, while Bandhan Bank offers up to 7.45%
- Public-sector comparison
- Bank of India and Punjab & Sind Bank each offer up to 6.85% in the supplied data
Sources
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