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Top 5 Banks That Provide Highest Interest Rates On 1-2 Year FDs Up To 8.75%
The Reserve Bank of India (RBI) maintained the benchmark repo rate at 6.5 per cent despite granting six consecutive hikes, which encouraged banks to hike the fixed deposit rates. However not all banks have adjusted their fixed deposit interest rates in response to the unchanged repo rates, thus these rates remain steady as well. Despite the unchanged repo rate, a few banks have increased their fixed deposit interest rates.
Here we have picked 5 banks that offer the highest interest rates on a tenure of 1-2 years.
Unity Small Finance Bank
The bank provides the highest interest rates on 1-2 year FD tenure, between 7.35% to 8.75% for general investors, and 7.85% to 9.25% for senior citizens. It offers the highest 8.75% and 9.25% on the special tenure of 501 days. The Interest rates are effective from May 02, 2023.
Interest Rates On FDs For 1-2 Year Tenure
| Tenure | General FD Rates % p.a. | Senior Citizen FD Rates % p.a. |
|---|---|---|
| 1 Year | 7.35% | 7.85% |
| 1 Year 1 day | 7.35% | 7.85% |
| > 1Year 1 day - 500 days | 7.35% | 7.85% |
| 501 Days | 8.75% | 9.25% |
| 502 Days - 18 Months | 7.35% | 7.85% |
Source - theunitybank.com
Suryoday Small Finance Bank
The bank offers interest rates ranging from 6.85% to 8.50% for the general public and 7.35% to 9% for senior citizens for a 1-2 year FD tenure. The highest interest rate of 8.50% and 9% to are available on FDs with maturity periods of above 1 year to 2 years. The interest rates are applicable from May 05, 2023.
Interest Rates On FDs For 1-2 Year Tenure
| Tenure | General FD Rates % p.a. | Senior Citizen FD Rates % p.a. |
|---|---|---|
| 1 Year | 6.85% | 7.35% |
| Above 1 Year to 2 Year New | 8.50% | 9.00% |
Source - suryodaybank.com
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank provides interest rates on 1-2 year FD between 6.50% to 8.25% for the general public. Resident Senior Citizens will get an additional interest rate of 0.50% According to the bank, the interest rates are applicable from 8th March 2023.
Interest Rates On FDs For 1-2 Year Tenure
| Tenure | Interest Rate (p.a.) |
|---|---|
| 9 Months 1 Day to 12 months | 6.50% |
| 13 Months 1 day to 559 days | 8.00% |
| 560 days | 8.25% |
| 561 Days to 989 Days | 7.50% |
Source - ujjivansfb.in
Utkarsh Small Finance Bank
The bank offers 7.75% interest to the general public and 8.50% interest to senior citizens for a 1-2 year tenure FD for a deposit below Rs 2 crore. The interest rates are applicable from February 27, 2023.
Interest Rates On FDs For 1-2 Year Tenure
| Tenure | General FD Rates % p.a. | Senior Citizen FD Rates % p.a. |
|---|---|---|
| 365 Days to 699 Days | 7.75% | 8.50% |
Source - Utkarsh.bank
Equitas Small Finance Bank
The Bank provides interest rates for the tenure of 1-2 years between 7.75% to 8.20% for the general public. Bank offers 0.50% additional interest rates for Senior Citizens rates (not applicable for NRE/NRO). The interest rates are applicable below Rs. 2 crore. The interest rates are applicable for 11 April 2023.
Interest Rates On FDs For 1-2 Year Tenure
| Tenure | General FD Rates % p.a. |
|---|---|
| 1 year to 18 months | 8.20% |
| 18 months 1 day to 2 years | 7.75% |
Source - equitasbank.com
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