Full list of small finance banks that are offering up to 8.75% interest rate on one-year FDs
Jana Small Finance Bank senior citizen FD rate
Jana Small Finance Bank is offering an 8.75% interest rate to senior citizens on FDs maturing in one year.
Similarly, Ujjivan Small Finance Bank is also offering an interest rate of 8.75% on FD maturing in one year for senior citizens.
Equitas Small Finance Bank senior citizen FD rate
Equitas Small Finance Bank is offering an 8.6% interest rate on its FD maturing in one year.
Utkarsh Small Finance Bank is also offering an 8.6% interest rate on its FD maturing in one year for senior citizens.
| Bank | Interest Rate |
| Jana Small Finance Bank | 8.75% |
| Ujjivan Small Finance Bank | 8.75% |
| Equitas Small Finance Bank | 8.60% |
| Utkarsh Small Finance Bank | 8.60% |
| Suryoday Small Finance Bank | 8.55% |
| Unity Small Finance Bank | 8.35% |
Source: paisabazaar.com as of November 6, 2024
Suryoday Small Finance Bank senior citizen FD rate
Suryoday Small Finance Bank is offering an 8.55% interest rate on its FD maturing in one year for senior citizens.
Unity Small Finance Bank senior citizen FD rate
Unity Small Finance Bank is offering an 8.35% interest rate on its FD maturing in one year.
Disclaimer: While deposits in small finance banks are insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, experts advise investors to exercise caution when investing in their FDs. Given their unique business model, the risk associated with investing in small finance bank FDs might differ slightly from that of scheduled commercial banks. To mitigate potential risks, it’s recommended that investors limit their exposure to small finance bank FDs to an amount that falls within the DICGC coverage. This ensures that their principal and interest are protected in unforeseen circumstances.
If you are a senior citizen then you can claim a tax deduction of up to Rs 50,000 under section 80 TTB under the old tax regime. On top of it, this deduction (up to Rs 50,000 is the threshold limit for an aggregate of all the interest income of banks, post offices and deposits held in a banking cooperative society (both savings and FD accounts).
According to Jana Small Finance Bank website as of November 9, 2024, the interest in FDs is computed based on the actual number of days in a year i.e. 365 days for a non- leap year and 366 days for a leap year. The tenor of Deposit is calculated in the number of days.
As per the Jana Small Bank website, “In case of premature withdrawal of the deposit, interest will not be paid at the originally contracted rate. In such cases interest will be paid at the applicable rate of interest for the duration which the deposit is maintained with us minus premature withdrawal penal rate as follows:
-Fixed Deposit less than Rs 300 lakh – 1%
-Fixed Deposits greater than or equal to Rs 300 lakh – 1%.
