Most banks in the public and private sectors continue to give returns below the rate of inflation, while interest rates on fixed deposits are rising. Retail inflation eased slightly to 7.01 per cent in June from 7.04 per cent in the previous month, and it is best to look for a fixed deposit investment that can beat inflation to earn real returns. Debt investors who believe that fixed deposits are a safe way to build wealth can take a closer look at fixed deposits offered by small finance banks, which not only provide inflation-beating returns but are also DICGC-insured. are also. To get fixed-deposit returns that beat inflation, investors of all ages can consider 5 small finance banks which are as follows.
Ujjivan Small Finance Bank
Presently, the bank is offering inflation-beating returns of 7.20 per cent to regular customers on fixed deposits of less than Rs. 2 crores mature in two different periods i.e. 990 days and 42 months from 1 day to 60 months. While senior citizens will get 0.50 percent higher interest rate. The bank last revised its interest rates on June 13, 2022.
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Jana Small Finance Bank
Jana Small Finance Bank is now giving an inflation rate of 7.25 percent to 7.35 percent to the general public, while the elderly are now being given a return of 8.05 percent to 8.15 percent. Both regular customers and older people will get returns that now outperform inflation on deposits maturing in 1 to 5 years.
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ESAF Small Finance Bank
ESAF Small Finance Bank fixed deposit interest rates were last updated on May 13, 2022. After the amendment, the bank is now offering a maximum interest rate of 7.25 per cent to general public and 7.75 per cent to senior citizens on maturing deposits. In 2 years or less than 3 years.
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Suryoday Small Finance Bank
Suryoday Small Finance Bank last changed the interest rates on its fixed deposits on June 6, 2022, and as a result, the bank is currently offering inflation-beating returns to customers, 7.49 per cent for general public and senior citizens. Providing 7.99 percent. On deposits maturing in 999 days.
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Utkarsh Small Finance Bank
The bank had last changed the interest rates on fixed deposits on 9 May 2022. After the revision, Utkarsh Small Finance Bank is now offering deposits maturing in 700-1000 days which will beat inflation with returns of 7.25 per cent for general public and 7.75 per cent for elderly individuals.
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