Small Finance Bank FD Update – Making money through fixed deposits is a simple way. People invest in large banks, offering high interest rates that are often a hit with customers. Did you know that small finance banks are offering higher interest rates than large banks to win over customers?
Banks offer 6.25% to 6.45% interest on bank FDs. SFBs, on the other hand, offer returns of 7.1% to 7.77%. If you want to earn high interest by investing in these small finance banks, you should first understand some important things. We’re going to provide you with detailed information about interest rates.
How much interest is being earned in SFBs?
Investing in small finance banks will yield high interest. While SBI offers 6.25% to 6.45%, SFBs offer returns of 7.1% to 7.77%. This is why investors are increasingly interested in these banks.
Security Cover from DICGC
You’ll be pleased to know that SFB FDs are also covered by DICGC insurance. This means they’re just like those of larger banks. They provide coverage of up to ₹5 lakh per depositor. This includes both principal and interest. Furthermore, this also provides security for investments in smaller banks.
Good Interest Rates from Jana Small Finance Bank
You can also earn good interest on FDs from Jana Small Finance Bank. It offers FDs at an interest rate of 7.77%, the highest rate. An investment of ₹1 lakh grows to ₹107,770 in a year, making it a very attractive option for investors.
Suryoday Small Finance Bank
Suryoday Small Finance Bank also offers strong interest rates. FDs here offer FDs at an interest rate of 7.75%. An investment of Rs 1 lakh here can grow to Rs 107,750 in a year. This is the second-highest investment in the market.
Interest is also available from Utkarsh Small Finance Bank.
Investing in an FD with Utkarsh Small Finance Bank offers a strong interest rate. It offers an interest rate of 7.65%. An investment of ₹1 lakh can grow to ₹107,650 in a year. This is also an excellent option for those seeking stable returns.