• Banks offering more than 9% interest on FDs in 2021

    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.

    Given below is a revised list of banks that pay over 9% p.a. in 2021:

    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 8.50% 9%
    ESAF Small Finance Bank 365 days to 545 days 6.50% 7.00%
    Suryoday Small Finance Bank 2 years to 3 years 7.15% 7.65%
    Suryoday Small Finance Bank 1 year to 2 years 6.75% 7.25%

    *Interest rates are subject to change and can be revised from time to time at the discretion of the bank.

    Mahaveer Bank

    • Mahaveer Bank is a co-operative urban bank. It offers a variety of deposits scheme to individuals.
    • The interest rates offered by the bank on their fixed deposit schemes are attractive.
    • At present, the bank pays a lucrative rate of 9% p.a. to senior citizens for deposits held for more than 2 years up to 5 years.

    ESAF Small Finance Bank

    • ESAF Small Finance Bank offers a wide range of term deposit schemes and attractive interest rates
    • Currently the rate of interest offered to the general public is 6.50% p.a. for all term deposits held for a tenure ranging from 365 days to 727 days
    • For senior citizens the rate of interest paid is 7.00% p.a.
    • The bank offers reinvestment option, nomination, joint account and auto renewal facility
    • Another option available is the multiple amount deposit scheme
    • Interest payout frequencies include quarterly and monthly
    • The minimum deposit amount is Rs.1,000 and the minimum period for holding a term deposit is 7 days

    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 7.15% p.a. for senior citizen term deposit schemes for an investment period that ranges between 24 months and 36 months
    • This rates are applicable to all deposits of up to Rs.2 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
    • Senior citizens get 6.75% p.a. for investment period that ranges between 1 and 2 years.

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