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Unity SFB Vs Jana SFB Vs AU SFB Latest FD Rates Compared, Get Up To 9.50% Interest
A fixed deposit is a secure investment choice that offers constant interest rates, senior citizen discounts, flexible interest payment options, and income tax deductions without any market-related concerns. FDs are offered by most Banks, NBFCs, and Post Office. Major commercial banks in India offer high-interest rates on FD, however, when Small Finance Banks' interest rates on FD are way higher than commercial bank FDs.
Generally, Bank offers FD for tenures of 7 days to 10 years, the Interest Rates for the general public range from 3% p.a. to 9.60% p.a. Interest rates for senior citizens are 0.50% to 0.75% higher than those for the general population.
Before choosing a new fixed deposit or renewing an existing one, it is crucial to compare the most recent fixed deposit rates offered by the nation's top banks. Most Small Finance Banks offer senior citizens FD interest rates of over 9%.
Here we have highlighted 3 leading Small Finance Banks that offer high interest rates on FD up to 9.50% to Senior Citizens.
Unity Small Finance Bank (Unity SFB)
Unity SFB is a leading SFB in terms of high FD rates. On June 14, Unity SFB hiked their interest rates on FD of less than Rs 2 Crore. After the hike, the bank is now offering interest rates between 4.50% to 9% on General deposits with maturities ranging from 7 days to 10 years. While for Senior citizens, the bank offers interest rates on FD between 4.50% to 9.50% for the same deposit tenure as General deposits.
The bank offers maximum 8.75% interest on 6 months to 201 days and 501 days special FD tenure, and maximum 9% on 1001 days FD tenure to the general public. While to senior citizens, the bank offers 9.25% interest on 6 months to 201 days and 501 days special FD tenure and maximum 9.50% on 1001 days special FD tenure.
Fixed Deposits Interest rates w.e.f. 14th June, 2023
| Tenure | General FD Rates % p.a. | Senior Citizen FD Rates % 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 Days - 6 Months | 5.75% | 6.25% |
| > 6 Months - 201 Days | 8.75% | 9.25% |
| 202 - 364 Days | 6.75% | 7.25% |
| 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% |
| > 18 Months - 1000 Days | 7.40% | 7.90% |
| 1001 Days | 9.00% | 9.50% |
| 1002 Days - 3 Year | 7.65% | 8.15% |
| > 3 Year - 5 Year | 8.25% | 8.75% |
| > 5 Year - 10 Year | 7.00% | 7.50% |
Source - theunitybank.com
Jana Small Finance Bank (Jana SFB)
Jana SFB Jana Small Finance Bank has revised its interest rates on fixed deposits of less than Rs 2 crore. The new rates are applicable from May 30, 2023, according to Jana Small Finance Bank's website.
The bank offers FD rates between 3.75% to 8.50% to the general public for deposit periods ranging between 7 days to 10 years. While for Senior citizens, the bank offers 4.25% to 9% interest for the same deposit period as the general public.
For a period of 366-499 days, 500 days, and 501 days to 2 years, the bank offers the highest 8.50% interest to the general public and 9% interest to senior citizens on FDs.
Fixed Deposits Interest rates w.e.f. 30th May 2023
| Tenure | Regular FD Interest Rate (p.a.) | Senior Citizen FD Interest Rate (p.a.) |
|---|---|---|
| 7-14 Days | 3.75% | 4.25% |
| 15-60 Days | 4.25% | 4.75% |
| 61-90 Days | 5.00% | 5.50% |
| 91-180 Days | 6.25% | 6.75% |
| 181-364 Days | 7.00% | 7.50% |
| 365 Days | 7.25% | 7.75% |
| 366 - 499 Days | 8.50% | 9.00% |
| 501 Days - 2 Years | 8.50% | 9.00% |
| > 2 Years - 3 Years | 7.35% | 7.85% |
| > 3 Year - | 7.25% | 7.75% |
| 5 Years [1825 Days] | 6.00% | 6.50% |
| > 5 Years - 10 Years | 6.00% | 6.50% |
| 500 Days | 8.50% | 9.00% |
Source - janabank.com
AU Small Finance Bank (AUSFB)
AU Small Finance Bank has also hiked their interest rates on FD in the past 2 months, on June 05. Following the hike, now the bank offers interest rates on FD between 3.75% to 7.75% to the general pubic and 4.25% to 8.25% interest to senior citizens for the deposit period of 7 days to 120 months deposit period.
The bank offers a maximum 7.75% interest on a deposit period of 24 months 1 day to 45 months, and 7.50% interest on deposit period of 12 months 1 day to 18 months, and 36 months 1 day to 45 months to the general public. For senior citizens, the bank offers maximum 8.25% on 24 months 1 day to 45 month deposit period, 8% on 12 months 1 day to 18 months, and 36 months 1 day to 45 months deposit period.
Fixed Deposits Interest rates w.e.f. 5th June 2023
| Tenure Bucket | General Public FD Rates | Senior Citizen FD Rates |
|---|---|---|
| 7 Days to 1 Month 15 Days | 3.75% | 4.25% |
| 1 Month 16 Days to 3 Months | 4.25% | 4.75% |
| 3 Months 1 Day to 6 Months | 5.00% | 5.50% |
| 6 Months 1 Day to 12 Months | 6.75% | 7.25% |
| 12 Months 1 Day to 15 Months | 7.50% | 8.00% |
| 15 Months 1 Day to 18 Months | 7.50% | 8.00% |
| 18 Months 1 Day to 24 Months | 7.25% | 7.75% |
| 24 Months 1 Day to 36 Months | 7.75% | 8.25% |
| 36 Months 1 Day to 45 Months | 7.50% | 8.00% |
| 45 Months 1 Day to less than 60 Months | 7.00% | 7.50% |
| 60 Months to 120 Months | 7.00% | 7.50% |
Source - aubank.in
Should Invest?
FDs in Small Finance Banks (SFBs) are safe as Deposit Insurance and Credit Guarantee Corporation (DICGC), an RBI-regulated body, covers insurance up to Rs 5 lakhs that applies to all scheduled commercial banks, applies to small finance banks too.
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