- Want more profit on FD?
- Not SBI, HDFC but 'these' small finance banks give high interest
- 5 lakhs will be almost as much
FD Interest Rates: Considering the stock market situation, many people are still afraid to invest in the stock market. They can't afford to take risks. So many look at FD as an investment option. Bank FD is a safe investment and is invested on the belief of guaranteed returns. But we only look at certain banks while choosing this option. (FD Interest Rates)
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Many people invest in banks like SBI, HDFC but do you know there are small finance banks for FD which have emerged as a good option. Which offer higher interest rates than these banks on FDs.
Which banks offer the highest interest rate on 5 year FD?
Suryoday Small Finance Bank offers highest interest rate on 5 year FD. This bank offers up to 8.50% interest on 5 year FD to senior citizens.
The interest rates for 5-year FDs of various small finance banks are given:
| No | Small Finance Bank | Interest rate |
|---|---|---|
| 1 | Suryodaya Small Finance Bank | 8.50% |
| 2 | Jana Small Finance Bank | 8.00% |
| 3 | Ujjivan Small Finance Bank | 7.70% |
| 4 | Equitas Small Finance Bank | 7.50% |
| 5 | Utkarsh Small Finance Bank | 7.50% |
| 6 | AU Small Finance Bank | 7.25% |
| 7 | SLICE SMALL FINANCE BANK | 7.25% |
Suryoday Small Finance Bank is followed by Jana Small Finance Bank. Which offers 8% interest rate on 5 year FD. Ujjivan Small Finance Bank offers an interest rate of 7.70%.
Equitas Small Finance Bank and Utkarsh Small Finance Bank offer 7.50% interest. AU Small Finance Bank and SLICE Small Finance Bank offer 7.25% interest on 5 year FD.
Higher interest for senior citizens
Generally, senior citizens are paid higher interest rates on FDs than general customers. Investors aged 60 years and above can avail this. As per your information Suryoday Small Finance Bank interest rate for senior citizens is 8.50%. This means that if a senior citizen wants to invest in long-term FDs, interest rates from small finance banks can be attractive.
How much will you get on a deposit of ₹5 lakh?
Suppose an investor invests ₹5 lakh in a 5-year term deposit and earns 8.50% interest per annum. After 5 years ₹5 lakh invested will be ₹761,397. This means, you will get ₹261,397 as interest in 5 years.
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