People planning to start a fixed deposit (FD) will have a range of options in July when interest rates as high as 8.5 per cent will be offered. Small finance banks offer the most attractive returns, according to data compiled by Paisabazaar.com.
Small finance banks
For risk-tolerant savers looking for high returns, small finance banks offer the most competitive FD rates:
-Slice Small Finance Bank leads with 8.50 per cent interest for a tenure of 18 months 1 day to 18 months 2 days.
-Jana Small Finance Bank and Suryoday Small Finance Bank follow closely with rates up to 8.40 per cent and 8.20 per cent, especially for longer tenures.
-Utkarsh SFB is offering 8.25 per cent for FDs ranging between 2 to 3 years.
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Most such lenders offer one-year FD rates above 7 per cent, which is a significant advantage for short-term investors.
This table lists tenures and rates of small finance banks
Private banks offer stability with decent yields
-RBL Bank and Jammu and Kashmir Bank offer up to 7.30 per cent, while Bandhan Bank, CSB Bank, and DCB Bank are offering around 7.40 per cent at selected tenures.
-YES Bank is providing 7.10 per cent for FDs between 3 and 5 years.
-Giants like HDFC Bank, ICICI Bank, and Kotak Mahindra Bank offer returns between 6.25 per cent and 6.60 per cent across tenures.
These banks might suit conservative investors seeking safety with moderate returns.
Below is a table with detailed tenure and offering rates of private sector banks
Public sector banks have generally lower FD rates:
The highest offers come from Punjab & Sind Bank and Central Bank of India, which are offering around 7.00 per cent to 7.05 per cent for specific schemes like 444 days or special tenures like 2222 days.
SBI’s Amrit Vrishti scheme gives 6.60 per cent for 444 days.
For senior citizens, public sector banks may offer slightly higher rates with additional perks.
Below is a table with detailed tenure and offering rates of public sector banks