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

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

However, it is essential to compare the latest fixed deposit rates with other banks while investing in new fixed deposits.

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

These are cumulative small finance bank FDs. This means that the interest you earn is regularly reinvested on the initial deposit. For example, if you have bought a two-year FD, the interest earned every quarter will be added to the initial deposit amount. In the next quarter, interest is calculated on the increased initial deposit (initial deposit + interest from previous quarters). Thus, the amount on which the interest is calculated increases every quarter.

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

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