Almost everyone knows that Fixed Deposit or FD is one of the most trustable scheme to secure money. Post Office and government supported banks have this popular scheme. If you want to protect your savings and earn a guaranteed return, fixed deposits (FDs) are still a reliable option. However, the market interest rate landscape has changed dramatically. While public sector banks offer interest rates of 6.5% to 7%, some small finance banks are offering returns of over 8%. These offers are even more attractive for senior citizens, as they benefit from additional interest. Before entering into the main topic, it is necessary to say that this list contains some of the bank names which may be not among the popular names. Some of these banks are called small financial corps as well.
Top 5 FDs with best interest rates
ESAF Small Finance Bank; This bank offers 8.10% interest on FDs with a maturity period of 444 days. This rate can be even better for senior citizens.
Jana Small Finance: This Bank is offering 8% interest on fixed deposits with tenures of 2, 3, and 5 years. This could be a good option for investors with a low-risk appetite.
Suryoday Small Finance Bank: Many of us many be not aware with this bank. But it is third in the list as the bank is offering a return of 8.10% on a 5-year FD. This rate is beneficial for long-term investors.
Utkarsh Small Finance Bank: This bank currently offers the highest rate in the market, at 8.15% interest on 2- to 3-year FDs. This return is even higher than many large private banks.
Bandhan Bank: This bank offers 7.70% interest on FDs with tenures of less than 2 to 3 years. This is a stable and competitive return considering market conditions.
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