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    Banks offering more than 9% interest on FDs in 2018

    There are many banks in India that offer more than 9% p.a. on Fixed Deposits (FDs). Term deposits are an ideal investment option, especially for those who are looking for benefits like high liquidity, premature withdrawal facilities, nomination facility, loan/overdraft, etc. It is not difficult to find banks that pay a good rate of interest and there are a few that pay a high rate such as Mahaveer Bank, ESAF Small Finance Bank and Suryoday Small Finance Bank.

    Given below is a revised list of banks that pay over 9% p.a. in 2018:

    FDs paying more than 9%
    Bank Tenure Regular FD Rate (per annum) Senior Citizen FD Rate (per annum)
    Mahaveer Bank More than 2 years to 5 years 9.50% 10%
    Mahaveer Bank More than 5 years 9.00% 9.50%
    ESAF Small Finance Bank 1 year 9.00% 9.50%
    Suryoday Small Finance Bank More than 2 years to 3 years 8.75% 9.00%

    *Interest rates are subject to change and can be revised from time to time

     

    Mahaveer Bank

    • Mahaveer Bank is a co-operative urban bank that offers the highest interest rates on all fixed deposit schemes
    • At present, the bank pays a lucrative rate of 9.50% p.a for deposits held for more than 2 years upto 5 years
    • For a tenure of more than 5 years, an interest rate of 9% p.a. is paid
    • The bank offers different interest payout options
    • Interest will be paid at a discounted rate for monthly payout term deposits
    • For senior citizens, the FD rate is 10% p.a for deposits held for more than 2 years upto 5 years
    • For a tenure of more than 5 years, an interest rate of 9.50% p.a. is paid

    Read more about: Read more about: Best FD Interest Rates for 3 Year 2018

    Suryoday Small Finance Bank

    • Suryoday Small Finance Bank is another bank in the small finance sector that offers attractive interest rates on all term deposit schemes
    • The bank pays an interest rate of more than 9.00% p.a for senior citizen term deposit schemes for an investment period that ranges from more than 24 months to 3 years
    • This rates are applicable to all deposits of up to Rs.1 crore
    • TDS is applicable on all deposits and deductions will be made if the interest earned is more than Rs.10,000 in a financial year for regular individuals and more than Rs.50,000 for those above 60 years
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