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Looking to grow your savings?
Unity and Suryoday small finance banks are now offering fixed deposit (FD) interest rates of over 9%, outperforming popular schemes like PPF, EPF, and SSY. In this article, we’ll explore why investing a portion of your savings in FDs can be a smart move, providing both liquidity and regular interest income.
Benefits of FDs
Fixed deposits are a reliable option in uncertain market conditions, thanks to their low-risk nature. They offer a safe haven for your money, ensuring stability even when markets fluctuate. Additionally, FD interest rates have seen a significant improvement in recent years.
Tax Considerations
While FD interest is taxable, senior citizens often benefit from lower tax slabs, minimizing or even eliminating their tax liability, especially if their other income is minimal. This makes FDs an attractive option for retirees looking to make the most of their savings.
Banks offering 9% interest rate to general customers
1. Unity Small Finance Bank FD Interest Rates in 2023
Unity Small Finance Bank offers varying FD rates based on the duration and amount of the deposit. The bank provides an attractive interest rate of up to 9.50% p.a. for senior citizens and 9.00% p.a. for general citizens.
| FD Tenure (Days) | General Citizens Interest Rate (% p.a.) | Senior Citizens Interest Rate (% p.a.) |
|---|---|---|
|
7-14 days |
4.50% |
4.50% |
|
15-45 days |
4.75% |
4.75% |
|
46-60 days |
5.25% |
5.75%
|
|
61-90 days |
5.50% |
6.00%
|
|
91-164 days |
5.75% |
6.25%
|
|
165-180 days |
5.75% |
6.25%
|
|
181-201 days |
8.75% |
9.25%
|
|
202-364 days |
6.75% |
7.25%
|
|
365 days |
7.35% |
7.85%
|
|
1 year 1 day |
7.35% |
7.85%
|
|
1 year 2 days - 500 days |
7.35% |
7.85%
|
|
501 days |
8.75% |
9.25%
|
|
502 days - 18 months |
7.35% |
7.85%
|
|
18 months 1 day - 1000 days |
7.40% |
7.90%
|
|
1001 days |
9.00% |
9.50%
|
|
1002 days - 3 years |
7.65% |
8.15%
|
|
3 years 1 day - 5 years |
7.65% |
8.15%
|
|
5 years 1 day - 10 years |
7.00% |
7.50%
|
*Note: FD interest rates are updated as of 18 April 2023.
2. Suryoday Small Finance Bank FD Interest Rates in 2023
Suryoday Small Finance Bank provides fixed deposit (FD) interest rates ranging from 4.00% to 8.60% per annum for the general public and 4.50% to 9.10% per annum for senior citizens. These rates apply to FDs with tenures spanning from 7 days to 10 years.
For Suryoday Small Finance Bank Tax Saving FDs, the interest rate is 8.25% per annum for the general public and 8.75% per annum for senior citizen depositors, and these rates are applicable for FDs held for a period of 5 years.
Furthermore, the bank also offers various fixed deposit products tailored for NRIs, including NRO and NRE fixed deposits.
Interest rates on domestic deposits below ₹2 crore effective from August 7, 2023.
| FD Tenure (Days) | General Citizens Interest Rate (% p.a.) | Senior Citizens Interest Rate (% p.a.) |
|---|---|---|
|
7-14 days |
4% |
4.50% |
|
15-45 days |
4.25% |
4.75% |
|
46-90 days |
4.50% |
5%
|
|
91 days-6 month |
5% |
5.50%
|
|
Above 6 months - 9 months |
5.50% |
6%
|
|
Above 9 months - less than 1 year |
6% |
6.50% |
|
1 Year |
6.85% |
7.35%
|
|
Above 1 Year - 15 months |
8.25% |
8.75%
|
|
Above 15 months - 2 years |
8.50% |
9%
|
|
Above 2 years - 3 years |
8.60% |
9.10%
|
|
Above 3 years - less than 5 years |
6.75% |
7.25%
|
|
5 years |
8.25% |
8.75%
|
|
Above 5 years - 10 years |
7.25% |
7.75%
|
3. Utkarsh Small Finance Bank FD Interest Rates 2023
Utkarsh Small Finance Bank provides fixed deposit (FD) interest rates for the general public ranging from 4.00% to 8.50% per annum. For senior citizens, the rates are slightly higher, ranging from 4.75% to 9.10% per annum. These rates apply to FDs with tenures spanning from 7 days to 10 years.
For Utkarsh Small Finance Bank Tax Saving FDs, the interest rate is 7.50% per annum for the general public and 8.10% per annum for senior citizens. These rates are applicable for FDs held for a period of 5 years.
Interest rates on domestic deposits below ₹2 crore effective from August 21, 2023.
| FD Tenure (Days) | General Citizens Interest Rate (% p.a.) | Senior Citizens Interest Rate (% p.a.) |
|---|---|---|
|
7-14 days |
4% |
4.60% |
|
46-90 days |
4.75% |
5.35%
|
|
91 days-180 days |
5.50% |
6.10%
|
|
181 days - 364 days |
6.50% |
7.10%
|
|
365 days - 699 days |
8% |
8.60% |
|
700 days - less than 2 years |
8.25% |
8.85%
|
|
2 years - 3 years |
8.50% |
9.10%
|
|
Above 3 years - less than 4 years |
8.25% |
8.85%
|
|
4 years - 5 years |
7.50% |
8.10%
|
|
Above 5 years - 10 years |
7% |
7.60%
|
Happy investing and thank you for reading!
Disclaimer:
This website content is only for educational purposes, not investment advice. Before making any investment, it’s important to do your own research and be fully informed. Investing in the stock market includes risks, and you should carefully read the Risk Disclosure documents before proceeding. Please remember that past performance doesn’t guarantee future results, and due to market fluctuations, your investment goals may not always be achieved.
