Bank FDs: These small finance banks offer the highest FD interest rates

NEW DELHI: While investing in fixed deposits or FDs, customers prefer investing in banks’ FDs because it is considered a safe investment option.

These days, small savings banks provide consistent interest rates. Those who generally prefer investing in FDs for three to five years can look for such deposits.

However, comparing the latest fixed deposit rates in other banks is essential while investing in a new fixed deposit.

Here are the latest small finance bank fixed deposit rates. The top three banks are offering interest rates of more than 7%.

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Disclaimer: Data as on respective banks’ website on 16 Sep 2022; 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.

These are cumulative small finance bank FDs. It means the interest you earn gets reinvested on the initial deposit regularly. For instance, if you have purchased a two-year FD, the interest earned in each quarter will be added to the initial deposit. In the next quarter, the interest is calculated on the increased initial deposit (initial deposit + interest from previous quarters). Thus, the amount on which the interest is calculated goes up every quarter.

While such FDs, you must also check the terms and conditions of the scheme. You can buy such FDs by visiting their website or nearest bank branch. Once you have invested the money in such FD, you get the receipt on your email address if investing online. Or, if visiting a bank, you get the receipt from the bank after a successful investment.

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