The government on 1st February increased the limit of insurance cover on fixed deposits (FDs) to 5 lakh. The announcement was made by Finance Minister Nirmala Sitharaman while presenting the Union Budget 2020-21. So, for instance if the bank goes bankrupt, then their deposits worth 5 lakh are protected with the bank. Earlier the limit was 1 lakh. The budget proposal comes after the recent crisis at Mumbai-based PMC Bank.

FDs, also known as term deposits are low risk savings option which offer guaranteed return at the end of the tenure. Some small finance banks like Suryoday, Jana, Ujjivan, Utkarsh, Equitas among others give more than 8% interest rate to general customers.

Suryoday Small Finance Bank latest FD interest rates

Suryoday Small Finance Bank FD rate ranges from 4% to 9% for general customers and 4.5% to 9.25% for senior citizens depending upon the tenure. The bank gives the highest rate of interest on deposits maturing in 5 years. These deposits will fetch interests 9% , 9.5% to general people and senior citizens respectively. For deposits maturing in more than 2 years to 3 years, Suryoday Small Finance Bank gives 8.50% to general customers. The bank gives 50 basis points extra to senior citizens on all deposits except for 5 years tenure one. These deposits fetch them 25 bps more than general customers.

7 days to 14 days 4.00%

15 days to 45 days 4.00%

46 days to 90 days 5.00%

91 days to 6 months 5.50%

Above 6 months to 9 months 7.50%

Above 9 months to less than 1 Year 7.75%

1 year to 2 years 8.25%

Above 2 years to 3 years 8.50%

Above 3 years to less than 5 years 8.00%

5 years 9.00%

Above 5 years to 10 years 7.25%

Jana Small Finance Bank latest FD interest rates

Jana Small Finance Bank gives 5% to 8.50% interest on FDs ranging from 7 days to 10 years. Senior citizens get an additional 60 basis points on these deposits. These deposits will fetch interest rate ranging from 5.6% to 9.10% for senior citizens. The bank gives the highest rate of interest on deposits with maturity period 499 days. These deposits will fetch an interest rate of 8.50% to general customers

7 − 14 days 5.00%

15 − 45 days 5.25%

46 − 60 days 6.00%

61 − 90 days 6.25%

91 − 180 days 7.00%

181 − 198 days 7.75%

199 days 8.25%

200 − 364 days 7.75%

365 days (1 Year) 8.00%

366 days - < 498 days 8.25%

499 days 8.50%

500 days - < 3 years 8.25%

3 years (1095 days) 8.40%

>3 years - 5 years 8.25%

>5 years - 10 years 7.00%

Ujjivan Small Finance Bank latest FD interest rates

Ujjivan Small Finance Bank offers more than 8% interest on FDs in select buckets. For 7-29 days, 30-89 days and 90-179 days, Ujjivan Small Finance Bank gives interest 5.50%, 6.10% and 6.60% respectively. For deposits maturing in 180 days to 364 days, the bank gives 7 % interest. On deposits maturing in 1 year to 2 years, the bank gives 8% interest. For deposits maturing in 2 years and 1 day to 734 days, the bank gives 7.50%. The bank gives 8% on deposits maturing in 735 days. For 736 days to 798 days, the bank offers an interest rate of 7.50%. Small Finance Bank gives the highest interest on deposits maturing in 799 days. These deposits fetch an interest rate of 8.10% in Small Finance Bank. For 800 days to 3 years, 3 years and 1 day to 5 years and 5 years and 1 day to 10 years, Small Finance Bank gives 7.50%, 7.00% and 6.50% interest rates respectively. The bank gives additional 50 basis points interest rate to senior citizens on FDs maturing in 7 days to 10 years. So, senior citizens get interest rate ranging from 6% to 8.60% on deposits maturing in 7 days to 10 years.

7 days to 29 days 5.50%

30 days to 89 days 6.10%

90 days to 179 days 6.60%

180 days to 364 days 7.00%

1 year to 2 years 8.00%

2 years and 1 day to 734 days 7.50%

735 days 8.00%

736 days to 798 days 7.50%

799 days 8.10%

800 days to 3 years 7.50%

3 years and 1 day to 5 years 7.00%

5 years and 1 day to 10 years 6.50%

Utkarsh Small Finance Bank latest FD interest rates

FDs with maturity period 7 days to 45 days and 46 days to 90 days will fetch 4.75% and 5.50% interest, respectively. For 91 days to 180 days, the bank gives 6.75% interest, for 181 days to 270 days, the bank gives 7.00% interest. Deposits maturing in 271 days to less than 1 year will fetch you an interest rate of 7.25%. FDs maturing in 1 year to 455 days will give you 8.20% interest. Utkarsh Small Finance Bank gives the highest interest rate on deposits maturing in 456 days to less than 2 years. The bank gives 8.5% interest rate on these deposits. On deposits maturing in 2 years to less than 5 years, the bank gives 8.00%. On 5 years FDs, Utkarsh Small Finance Bank gives 8.35%, and on 5 years to 10 years FDs, it gives 7.75% interest. Senior citizens get an additional 50 basis points on these deposits.

7 days to 15 days 4.75%

16 days to 28 days 4.75%

29 days to 45 days 4.75%

46 days to 90 days 5.50%

91 days to 120 days 6.75%

121 days to 180 days 6.75%

181 days to 210 days 7.00%

211 days to 270 days 7.00%

271 days to less than 1 year 7.25%

1 year to 455 days 8.20%

456 days to less than 2 years 8.50%

2 years to less than 3 years 8.00%

3 years to less than 5 years 8.00%

5 years 8.35%

More than 5 years to 10 years 7.75%

Equitas Small Finance Bank latest FD interest rates

7−14 days 5.00%

15-29 days 5.50%

30-45 days 6.00%

46-90 days 6.25%

91-180 days 6.50%

181-270 days 6.75%

271-364 days 7.50%

1 year to 18 months 8.00%

18 months 1 day to 2 years 7.70%

2 years 1 day 887 days 7.80%

888 days 8.25%

889 to 3 years 7.8%

3 years to 10 years 7 %

Chennai-based Equitas Small Finance Bank offers interest rate ranging from 5% to 8.25% to general public. Senior citizens get 60 basis points extra over and above the normal FD rates. The bank gives 8.25% interest on deposits maturing in 888 days. For FDs maturing in 7-14 days, 15-29 days, 30-45 days, Equitas Small Finance Bank gives 5%,5.5% and 6% interest respectively. For FDs maturing in 46 to 90 days, the bank offers 6.25% interest. For 91 to 180 days, the bank gives 6.50% interest. Deposits maturing in 181 days to 270 days will fetch an interest rate of 6.75% and FDs maturing in 271 days to 364 days will fetch an interest rate of 7.50%, 1 year to 18 months will fetch an interest rate of 8% in Equitas Small Finance Bank. FDs maturing in 18 months 1 day to 2 years will get you 7.70% interest. The bank gives 7.80% interest for deposits maturing in 2 years 1 day 887 days. FDs maturing in 888 days 8.25%, 889 to 3 years 7.8% , and 3 years to 10 years will fetch an interest rate of 7% in Equitas Small Finance Bank gives an additional 60 bps to senior citizens for these deposits. Deposits maturing in 7 days to 10 years will fetch senior citizens an interest rate ranging from 5.60% to 8.85%.

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