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:

*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