Highest Fixed Deposit Interest Rates in 2023

Strategic Insights -

Senior citizens and general citizens can now earn high returns on their savings with the highest interest rates on some bank Fixed Deposits reaching nearly 10% since the Reserve Bank of India (RBI) introduced the new repo rate regime last year. This provides a good opportunity for investors to book FDs with Suryoday Small Finance Bank (SSFB) and Unity Small Finance Bank offering the highest interest rates. A comparison of the highest interest rates offered by 12 banks shows that Suryoday Small Finance Bank (SSFB) offers 9.6% interest on 5-year Fixed Deposits for senior citizens, while Unity Small Finance Bank offers 9.5% interest on 1001-day deposits. For general citizens, Suryoday and Unity Banks offer around 9% interest on similar tenors.

Key Takeaways:

  • Suryoday Small Finance Bank (SSFB) offers the highest FD interest rate of 9.6% for senior citizens on 5-year deposits, while others can get 9.1% interest on FD.
  • Unity Small Finance Bank offers the highest FD interest rate of 9.5% for senior citizens on deposits of 1001 days, while others can get 9% interest on this FD.
  • Ujjivan Small Finance Bank offers 8.75% interest on 560-day deposits for senior citizens, while others can get 8.25% interest on FD.
  • ESAF Small Finance Bank offers 9% interest on 2 years to less than 3 years deposits for senior citizens, while others can get 8.5% interest on this FD.
  • All banks listed offer higher interest rates for senior citizens compared to general citizens.
  • The interest rates mentioned are subject to change and should be confirmed with the banks.
  • Suryoday Small Finance Bank (SSFB), Unity Small Finance Bank, ESAF Small Finance Bank, Utkarsh Small Finance Bank, Fincare Small Finance Bank, Equitas Small Finance Bank, Bandhan Bank, RBL Bank, Yes Bank, IndusInd Bank, IDFC First Bank, and Ujjivan Small Finance Bank have all offered high interest rates on their Fixed Deposits.

Statistics:

  • Suryoday Small Finance Bank (SSFB) offers a return of approximately Rs 1.6 lakh on a Fixed Deposit of Rs 1 lakh for senior citizens.
  • Unity Small Finance Bank offers a return of approximately Rs 1.3 lakh on a Fixed Deposit of Rs 1 lakh for senior citizens.
  • Ujjivan Small Finance Bank offers 8.75% interest on 560-day deposits, while others can get 8.25% interest on FD.
  • ESAF Small Finance Bank offers 9% interest on 2 years to less than 3 years deposits for senior citizens.
  • Fincare Small Finance Bank offers 9.01% interest on 1000 days deposits for senior citizens.

Sources:

  • Suryoday Small Finance Bank (SSFB)
  • Unity Small Finance Bank
  • Ujjivan Small Finance Bank
  • ESAF Small Finance Bank
  • Utkarsh Small Finance Bank
  • Equitas Small Finance Bank
  • Fincare Small Finance Bank
  • Bandhan Bank
  • RBL Bank
  • Yes Bank
  • IndusInd Bank
  • IDFC First Bank
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