Last Update: February 18, 2023, 20:05 IST
The main focus remains on Tier 3 cities, smaller towns and rural areas.
Suryoday Small Finance Bank is offering 8.51% interest for general public and 8.76% for senior citizens on 999 days FD.
Financial institutions known as small finance banks are those that are engaged in providing credit facilities to small business units, micro and small scale industries, small and marginal farmers and other unorganized sectors. They operate under a Small Finance Bank license obtained from the Reserve Bank of India.
The primary goal of microfinance institutions is to increase access to financial services in rural and semi-urban areas. These banks have essentially all the capabilities that typical commercial banks have, just at a much smaller size. The main focus remains on Tier 3 cities, smaller towns and rural areas. Small finance banks have the potential to offer an alternative to some of the existing large financial institutions. To woo depositors, small finance banks are offering interest rates as high as 9% on Fixed Deposits (FDs). Here are some of the top small finance banks in which you can invest:
Suryoday Small Finance Bank
Suryoday Small Finance Bank is offering 8.51% interest for general public and 8.76% for senior citizens on 999 days FD. The general public can borrow money from Suryoday Small Finance Bank at an interest rate of 4% to 6% for tenures ranging from 7 days to 10 years. On the other hand, senior citizens can get an interest rate ranging from 4.50% to 6.50% at the same time. In addition, the bank is selling FDs of 2 years to 998 days at interest rates of 7.51% and 8.51% to the general public, and 8.51% and 8.76% to senior citizens during the same period.
Ekta Small Finance Bank
Three unique Fixed-Rate Deposit (FD) programs have been launched by Unity Small Finance Bank offering an interest rate of 8.75% to general public and 9.25% to senior citizens on FDs of 181-201 days. The bank offers interest rates of 8.75% and 9% for FDs of 501 days and 1,001 days for regular individuals and 9.25% and 9.5% respectively for senior individuals.
People’s Small Finance Bank
Senior citizens can get an interest rate of 8.80% while general customers can get 8.10% interest on FDs with a tenure of two to three years.
North East Small Finance Bank
Senior citizens can get 8.75% interest rate on 1,111-day FDs from North East Small Finance Bank, while other customers can get 8% interest rate.
read all latest business news Here