Some banks provide more attractive interest rates on Fixed Deposits (FDs) than the Sukanya Samriddhi Yojana (SSY) offers. This means that investors, especially those looking for fixed returns, may find FDs more lucrative than the government-backed savings scheme for the girl child. While SSY offers tax benefits and a higher interest rate than regular savings accounts, FDs from certain banks may provide even higher returns, making them an appealing choice for investors seeking to grow their savings.”
Let’s look at higher interest rates offered by six small finance banks.
Utkarsh Small Finance Bank latest FD rates
For deposits maturing between 700 days to less than two years, the bank provides an interest rate of 8.25%. For tenures ranging from 2 years up to 3 years, the interest rate offered is 8.50%. Additionally, for deposits above three years to less than four years, the bank offers an interest rate of 8.25%. Notably, Utkarsh Small Finance Bank stands out with an attractive interest rate of 8.50% for FDs maturing between two and three years.
700 Days to less than 2 Years 8.25%
2 Years up to 3 Years 8.50%
Above 3 Years to less than 4 Years 8.25%
Ujjivan Small Finance Bank offers competitive interest rates on FDs with varying tenures. For deposits maturing in 15 months, the bank provides an interest rate of 8.50%. Additionally, for deposits with tenures ranging from 2 months to less than 15 months and 15 months from 1 day to 560 days, the interest rates offered are 8.25%.
2 months to <15 months 8.25%
15 months 8.50%
15 Months 1 Day to 560 Days 8.25%
Jana Small Finance Bank latest FD rates
Jana Small Finance Bank offers attractive interest rates on Fixed Deposits (FDs) for different tenures. For deposits maturing in 365 days, the bank provides an interest rate of 8.5%.
365 days- 8.5%
> 1 Year – 2 Year(730 Days) 8.25%
Equitas Small Finance Bank provides an interest rate of 8.5% for deposits maturing in 444 days.
444 days- 8.5%
888 days 8.25%
Unity Small Finance Bank latest FD rates
Unity Small Finance Bank offers attractive interest rates on Fixed Deposits (FDs) across different tenures. For deposits maturing in more than six months up to 201 days and 501 days, the bank provides an interest rate of 8.75%. Additionally, for deposits maturing in 701 days, the interest rate offered is 8.95%. Unity Small Finance Bank also offers a high-interest rate of 9% for FDs maturing in 1001 days.
> 6 Months – 201 Days 8.75%
501 Days- 8.75%
701 Days 8.95%
1001 days- 9%
2 February
Suryoday Small Finance Bank provides competitive interest rates on Fixed Deposits (FDs) for various tenures. The bank offers an interest rate of 8.65% for deposits maturing in over two years and two days. Additionally, for deposits maturing above two years up to 2 years and one day, the interest rate offered is 8.60%.
Above 1 Year up to 15 months 8.25%
Above 15 months to 2 years 8.50%
Above 2 Years to 2 years 1 Day 8.60%
Years & 2 Days 8.65%
Two years 3 Days up to 3 Years 8.60%
5 Years 8.25%
Sukanya Samriddhi Account latest interest rates
The Sukanya Samriddhi Account offers an annual interest rate of 8.2% . This account, introduced as part of the Beti Bachao Beti Padhao initiative, provides tax benefits under Section 80C of the Income Tax Act. The government revises interest rates on small savings schemes every quarter. For the first quarter of the fiscal year FY25, April-June 2024, the government has maintained the interest rates of post office schemes unchanged.
If you’re considering investment options for your child’s future, it’s important to compare the benefits and features of each.
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Published: 30 Apr 2024, 12:59 PM IST