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India is going through a lockdown in this era of corona virus. Industrial and commercial activities have come to a standstill. The dark clouds of heavy sluggishness on the economy. Banks and financial institutions have also cut interest rates after the Reserve Bank of India cut the repo rate. Last month, the RBI reduced the repo rate by 0.75 per cent to 4.4 per cent and the reverse repo rate was reduced by 0.90 per cent to 4 per cent. Apart from this, the central bank had reduced the cash reserve ratio (CRR) by 1 percent to 3 percent.
Not only this, many large banks are also seeing a reduction in interest rates on small savings deposits and FDs. In spite of all this, there are some small finance banks which are paying more than eight percent interest on fixed deposits. Fix deposits are the most popular means of saving in our country. Especially senior citizens who have no source of regular income, prefer to deposit their money in fixed deposits with very low risk investment options. Let us know which banks are paying more than eight percent interest on FDs.
Utkarsh Small Finance Bank
The bank is offering interest rates up to 9.50% from its customers on domestic fixed deposits. The bank is offering 8.20 per cent interest from ordinary customers and 8.70 per cent from senior citizens on a 455-day timeframe from one year. The bank is offering 8.50 percent interest rate from ordinary customers and 9 percent from senior citizens for a time period of 456 days and less than 2 years. At the same time, the bank is offering 9 percent interest from ordinary customers and 9.50 percent from senior citizens for a period of 777 days. These interest rates of the bank are applicable from 15 February 2020.
Jan Small Finance Bank
The bank is offering 8 percent interest on FD from general customers and 8.50 percent from senior citizens for a period of one year. The bank is offering 8.15 percent interest from general customers and 8.65 percent from senior citizens for a period of 555 days. At the same time, the bank is offering 8.25 percent interest from general customers and 8.75 percent interest from senior citizens for a period of 1555 days.
Fincare Small Finance Bank
The bank is offering 8.25 per cent interest rate on FD from general customers and 8.75 per cent from senior citizens for a period of 24 months to 36 months. Apart from this, for a period ranging from 36 months to 42 months, the bank is offering 9 percent interest rate on FDs from general customers and 9.50 percent from senior citizens.
Equitas Small Finance Bank
The bank is offering eight percent interest rate on fixed deposits from its customers for a period of 888 days.
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