If you want to get good returns by investing your hard-earned money in a safe place, then Fixed Deposit (FD) is always a good option. There is no market risk in this, and you get guaranteed returns on time. To attract customers, especially senior citizens, some small finance banks in the country are offering very high interest rates on FDs. These banks are giving interest from 8% to 8.50%, which is quite attractive.
5 Small Finance Banks Giving Over 8% Interest on FD
1. Slice Small Finance Bank
Slice Small Finance Bank is giving 8.50% interest to both regular customers and senior citizens. This rate is for FDs of 18 months 1 day to 18 months 2 days.
2. Suryoday Small Finance Bank
Suryoday Small Finance Bank gives high interest to senior citizens for long-term investments. For 5-year FDs, senior citizens get 8.40% interest and regular customers get 7.75%.
3. Unity Small Finance Bank
Unity Small Finance Bank has a special FD scheme of 1001 days. Senior citizens get 8.25% interest, while regular customers get 7.75%.
4. Jana Small Finance Bank
Jana Small Finance Bank gives good interest on medium-term FDs of 1 to 3 years. Senior citizens get 8.25% interest, and regular customers get 7.75%.
5. Utkarsh Small Finance Bank
Utkarsh Small Finance Bank offers over 8% interest to senior citizens for FDs of 2 to 3 years. Senior citizens get 8.15% interest, and regular customers get 7.65%.
Is it Safe to Keep Money in Small Finance Banks?
Yes, it is safe. Like big banks such as SBI, HDFC, or ICICI, these small finance banks also work under the rules of the Reserve Bank of India (RBI). Under the Deposit Insurance and Credit Guarantee Corporation (DICGC) rules, deposits of up to ₹5 lakh per customer are completely safe.