The government is trying its own best to accelerate the economy. Similarly, after the previous reduction in the repo rate by the Reserve Bank of India, many banks have reduced the interest rates on FDs. Due to reduced interest rates on FD, many investors have lost their attraction. Several major banks, including State Bank of India, HDFC Bank, ICICI Bank, have reduced the interest rates on FDs due to two consecutive repo rate cuts by RBI. Despite this, there are still some banks, which are paying 9% interest on FD.
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Jan Small Finance Bank: This small finance bank is offering interest rates up to 9.20% on fixed deposits. According to the bank's website, 8.50% interest rate is being offered on regular FDs of one year and 9.10% on senior FDs. 8.60% interest is being offered on regular FDs of more than one year and up to 2 years and 9.20% on senior FDs.
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Utkarsh Small Finance Bank: This small finance bank is offering interest rates up to 9.50% on FD. According to the bank website, 9% interest is being offered from ordinary customers and 9.50% from senior citizens on FDs of less than 2 crores of 777 days duration. This small finance bank is paying interest up to 9.25% on fixed deposits of less than two crore. According to the bank website, the bank is offering 9% interest from ordinary customers and 9.25% from senior citizens on FDs of five years duration.
