The banking sector has become increasingly competitive, with banks offering a wide range of products and services to attract customers. Fixed deposits are a good option for those who want to save and earn a steady stream of income, as they provide higher returns than savings accounts.
With fixed deposits, customers can lock in a certain amount of money for a set period of time, and receive higher returns than they would get from a regular savings account. This makes them a popular option for people looking to invest their money and generate a steady income.
Recently, various lenders are offering competitive interest rates on fixed deposits with additional incentives for women and senior citizens. Here are a few lenders offering fixed deposit rates of more than 9 percent.
Unity small finance bank
The bank offers fixed deposits with considerable yields of up to 9 percent to the general public and up to 9.50 percent to senior citizens. The maximum rate of 9.50 percent for seniors is accessible for a term of 1001 days. Furthermore, for a period of 181-201 days and 501 days, the elderly can avail an interest rate of 9.25 percent.
The general public can avail an interest rate of 9 percent for a period of 1001 days. Moreover, the bank offers a rate of 8.75 percent for a term of 181-201 and 501 days.
In the event of premature withdrawal of fixed deposits or recurring deposits, the bank imposes a premature penalty of 1.00 percent on the rate applicable for the period the deposit has been with the bank, or the contracted rate, whichever is lesser.
Fincare small finance bank
Fincare Small Finance Bank proposes alluring fixed deposit interest rates ranging up to 9.01 percent. The general public can acquire FD interest rates of up to 8.41 percent, while senior citizens are eligible for a rate of up to 9.01 percent for a period of 1000 days.
|Tenure||General public (p.a.)||Senior citizens (p.a.)|
|24 months- 749 days||7.90%||8.50%|
|30 months-999 days||8.00%||8.60%|
Notably, the bank offers a considerable rate of approximately 8 percent for a period of 24 months-749 days and 30 months-999 days for the general public. Moreover, for a period of 1000 days, the bank offers a rate of 8.41 percent.
Shriram Finance Limited
Shriram Finance offers impressive rates of interest on fixed deposits, with an additional 0.25 percent for renewals. For a 12-month term, the lender provides 7.34 percent to non-senior citizens and 7.84 percent to seniors.
Additionally, the lender proffers 7.48 percent, 7.76 percent and 7.90 percent for 18, 24 and 31 months, respectively. On tenures of 36, 42, 48 and 60 months, the firm offers 7.95 percent, 8 percent, 8.04 percent and 8.18 percent, respectively.
To commemorate its golden jubilee, the company unveiled a special scheme - Shriram Unnati Deposits - which offers extra interest to women, seniors and senior women, respectively. Women investors are entitled to receive 0.10 percent with senior citizens receiving an additional 0.50 percent and senior citizen women an additional 0.60 percent per annum.
Note: The FD interest rates are as of 06 April, 2023.