Small banks tend to offer higher interest rates on deposits compared to larger banks. The trade-off for the customer is that they can earn higher returns on their deposits by taking a chance on upcoming banks. Here’s a quick look at interest rates on select tenors from some well-known small finance banks.
|Bank||<1 Year||>=1 to <=2||2 to <=3||3 to <=5|
|AU Small Finance Bank||6.5||7||7.25||7|
|Equitas Small Finance Bank||6.6||7.1||7.35||6.75|
|Fincare Small Finance Bank||6.25||7.1||7.2||7.5|
|Jana Small Finance Bank||7||7.75||8||7.5|
|Suryoday Small Finance Bank||7||7.25||7.5||9|
|Ujjivan Small Finance Bank||5.65||6.95||6.5||6.25|
Data as on respective banks’ website on 30 June 2020. For each year range, the maximum offered interest rate is considered; interest rate is for a normal fixed deposit amount below Rs. 1 crore. Compiled By BankBazaar.com, a neutral online marketplace for loans and credit cards.