Best FD Interest Rates: These 5 banks offer the best interest rates on fixed deposits. Find out more here

Best FD Interest Rates: Fixed deposits are popular in India due to their safety and profitability. Small finance banks often offer higher interest rates than traditional banks

Best FD Interest Rates: Fixed deposits (FDs) are a popular investment option in India due to their safety and guaranteed returns. When investing in FDs, it is essential to compare interest rates to maximize your returns. Here is a detailed comparison of the top 5 banks with the highest FD interest rates based on the latest data from each bank’s website. Small finance banks in India offer competitive interest rates on fixed deposits compared to traditional large banks like State Bank of India (SBI), ICICI Bank, HDFC Bank etc.

Here is a detailed comparison of the top 5 small finance banks offering the highest fixed deposit interest rates in India with information from the banks’ websites.

Bank FD Interest Rate Comparison

Unity Bank (effective from 8 July 2024)

General:

• 6 months to 201 days: 8.50%
• 501 days: 8.75%
• 1001 days: 9.00%
• 701 days: 8.75%

Senior citizens:

• 6 months to 201 days: 9.00%
• 501 days: 9.25%
• 1001 days: 9.50%
• 701 days: 9.25%

 North East Small Finance Bank (effective from 25 June 2024)

General:

• 546 to 1111 days: 9.00%
• 1112 to 1825 days: 8.00%

Senior citizens:

• 546 to ​​1111 days: 9.50%
• 1112 to 1825 days: 8.50%

Suryoday Small Finance Bank (effective from 4 September 2024)

General:

• More than 2 years to 1 day of 2 years: 8.60%
• 2 years and 2 days: 8.65%
• 2 years 3 days to 3 years: 8.60%

Senior citizens:

• More than 2 years to 1 day of 2 years: 9.10%
• 2 years 2 days: 9.10%
• 2 years 3 days to 3 years: 9.10%

Shivalik Small Finance Bank (effective from 28 June 2024)

General:

• 18 months to 24 months: 8.55%

Senior citizens:

• 18 months to 24 months: 9.05%

Equitas Small Finance Bank (effective from 12 June 2024)

General:

• 444 days: 8.50%

Senior citizens:

• 444 days: 8.77%

Highest general FD interest rate:

North East Small Finance Bank:

• 9.00% for deposits with maturity between 546 and 1111 days.

Highest senior citizen interest rate:

• Unity Bank: 9.50% for deposits with maturity between 1001 days.

North East Small Finance Bank:

• 9.50% for deposits with maturity between 546 and 1111 days.

Are my deposits with small finance banks safe?

The Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance for fixed deposits (FDs) with small finance banks, covering up to Rs. 5 lakh per depositor.

What is the maximum amount of deposit insured by DICGC?

DICGC insures up to Rs. 5 lakh per depositor, against principal and interest held with the same rights and in the same capacity.

How can I check if DICGC has insured my bank?

Banks covered by DICGC will be provided with a printed brochure detailing the insurance coverage and will be posted in the bank’s branches. If in doubt, you can ask your branch personnel to verify your bank’s insurance status with DICGC.

Note: This story is for informational purposes only. Please consult a SEBI registered investment advisor before taking any investment decision.