Best FD rates: These five banks offer the highest interest rates on fixed deposits. Check details here | Mint

Best FD rates: Fixed Deposits (FDs) are a popular investment option in India due to their safety and guaranteed returns. For investing in FDs, comparing the rates to maximise returns is essential. Here’s a detailed comparison of the top 5 banks offering the highest FD rates, per the latest data from banks’ respective websites. Small finance banks in India provide competitive interest rates on Fixed Deposits (FDs) compared to larger, traditional banks like State Bank of India (SBI), ICICI Bank, and HDFC Bank.

Here’s a detailed comparison of the top 5 small finance banks offering the highest FD rates in India, with information sourced from the banks’ respective websites.

6 Months – 201 Days: 8.50%

For Senior Citizens:

6 Months – 201 Days: 9.00%

Suryoday Small Finance Bank (Effective September 4, 2024)

For General Public:

Above 2 Years to 2 Years 1 Day: 8.60%

2 Years 3 Days up to 3 Years: 8.60%

For Senior Citizens:

Above 2 Years to 2 Years 1 Day: 9.10%

2 Years 3 Days up to 3 Years: 9.10%

Shivalik Small Finance Bank (Effective June 28, 2024)

For General Public:

18 Months to 24 Months: 8.55%

For Senior Citizens:

18 Months to 24 Months: 9.05%

Highest FD Rate for theGeneral Public:

North East Small Finance Bank: 9.00% for deposits maturing in 546 – 1111 Days.

Highest Rate for Senior Citizens:

Unity Bank: 9.50% for deposits maturing in 1001 Days.

North East Small Finance Bank: 9.50% for deposits maturing in 546 – 1111 Days.

Are your deposits with small finance banks safe?

The Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance for fixed deposits (FDs) held with small finance banks, covering up to ₹5 lakh per depositor.

What Is the maximum deposit amount insured by the DICGC?

The DICGC insures up to ₹5 lakh per depositor for the principal and interest amounts held in the same right and capacity.

How can you verify if the DICGC insures your bank?

Banks covered by the DICGC are provided with printed leaflets detailing the insurance protection, which should be displayed at the bank branches. If you have any doubts, you can ask a branch official for confirmation regarding the bank’s insurance status with the DICGC.

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Note: This story is for informational purposes only. Please speak to a SEBI-registered investment advisor before making any investment-related decision