These 3 small finance banks changed FD interest rates in May, returns more than 8%, know details here

Many banks have changed fixed deposit interest rates (FD rates) in May. The list includes 3 small finance banks – Jana Small Finance Bank, Utkarsh Small Finance Bank and ESAF Small Finance Bank. New rates have come into effect. The facility of 50 basis points additional interest is also being provided to all senior citizens (aged 60 years and above).

Keep in mind that all banks keep changing fixed interest rates from time to time. Therefore, before investing, customers are advised to visit the official website of the concerned bank or the nearest branch.

ESAF Small Finance Bank has implemented new rates from May 1. It is offering interest ranging from 2.75% to 7.75% to common citizens on FD of less than Rs 3 crore. Senior citizens are also being given 0.50% additional interest, the interest rate ranges from 3.25% to 8.25%. Investment can be made from 7 days to 10 years. Maximum interest is available on tenure of 2 years to less than 3 years.
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Jana Small Finance Bank

Jana Small Finance Bank has implemented new FD interest rates from May 19. It is offering interest ranging from 3.50% to 8.11% to common citizens. Whereas earlier the maximum interest rate was 7.77%. Except for some tenures, it is offering the facility of 0.50% additional interest to senior citizens on tenures of 181 days or more. The highest return the bank is getting is on tenure of 370 days to 380 days.
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Utkarsh Small Finance Bank

This bank has implemented new FD interest rates from May 5. The minimum investment limit is Rs 1,000. After the change, it is offering interest ranging from 4% to 8.10% to common citizens. Offering additional interest facility of 15-50 bps to senior citizens, depending on the tenure. The interest rate ranges from 4.50% to 8.25%. The bank is giving the highest interest on tenure of 666 days.
Check new rates here