Fixed deposit (FD) rates remain elevated in mid-April, with small finance banks offering up to 8.1 per cent. Their offers outpace rates from large public and private sector peers, according to digital investment platform Stable Money.
Small finance banks lead on returns
Among such lenders, Suryoday Small Finance Bank offers the highest rate at 8.1 per cent for a tenure of two years and five months. Jana Small Finance Bank follows with up to 7.77 per cent for five years, while Utkarsh and slice small finance banks offer around 7.5 per cent for three-year deposits.
Private banks
Private banks offer relatively competitive rates:
-
Bandhan Bank: up to 7.25 per cent (3 years) -
RBL Bank: up to 7.2 per cent (3 years) -
IDFC First Bank and Yes Bank: up to 7 per cent (3 years) -
HDFC Bank, ICICI Bank: around 6.5 per cent
These rates reflect a balance between safety perception and return expectations.
Public-sector banks
These lenders remain the most conservative in pricing:
-
State Bank of India, Punjab National Bank, Bank of Baroda: up to 6.3 per cent -
Bank of India: around 6.25 per cent
While the rates are lower, these banks continue to attract depositors due to perceived safety and strong government backing.
NBFC FDs also competitive
Non-banking financial companies (NBFCs) such as Bajaj Finance and Shriram Finance offer up to 7.6–7.65 per cent for three-year tenures, placing them between private banks and small finance banks in terms of returns.
Why FDs remain relevant
“Small finance banks, along with other banks, are continuing to offer relatively higher interest rates across fixed and recurring deposits, making them an attractive option for investors seeking better risk-adjusted returns,” said Saurabh Jain, cofounder and chief executive officer of Stable Money.
He added that in the current environment, where stability and predictability are key, FDs remain a reliable instrument for steady income.
Importantly, deposits are insured up to Rs 5 lakh per depositor under the Deposit Insurance and Credit Guarantee Corporation (DICGC).
What investors should do
For investors prioritising capital protection and predictable returns:
-
Consider diversifying deposits across banks to stay within the Rs 5 lakh insurance limit -
Use small finance banks selectively for higher yields -
Match tenure with liquidity needs
Latest FD rates table
|
|
|
Regular Rates |
Regular Citizen Rates |
||||||
|
Bank Name |
Bank Type |
Special rate |
Special Tenure |
Reg Highest Rate (%) |
Reg Highest Tenure |
Reg 1Y (%) |
Reg 3Y (%) |
Reg 5Y (%) |
Reg 10Y (%) |
|
Bank of Baroda |
PUBLIC_BANK_TYPE |
|
|
6.3 |
5Y |
6.1 |
6.25 |
6.3 |
6 |
|
Bank of India |
PUBLIC_BANK_TYPE |
|
|
6.25 |
1Y |
6.25 |
6.25 |
6 |
6 |
|
PNB |
PUBLIC_BANK_TYPE |
|
|
6.3 |
3Y |
6.25 |
6.3 |
6.1 |
6 |
|
SBI |
PUBLIC_BANK_TYPE |
|
|
6.3 |
3Y |
6.25 |
6.3 |
6.05 |
6.05 |
|
Axis Bank |
PRIVATE_BANK_TYPE |
|
|
6.45 |
3Y |
6.25 |
6.45 |
6.45 |
6.45 |
|
Bandhan Bank |
PRIVATE_BANK_TYPE |
|
|
7.25 |
3Y |
7 |
7.25 |
5.85 |
5.85 |
|
FEDERAL BANK LTD. |
PRIVATE_BANK_TYPE |
|
|
6.75 |
3Y |
6.25 |
6.75 |
6.4 |
6.4 |
|
HDFC Bank |
PRIVATE_BANK_TYPE |
|
|
6.5 |
3Y |
6.25 |
6.5 |
6.4 |
6.15 |
|
ICICI Bank |
PRIVATE_BANK_TYPE |
|
|
6.5 |
5Y |
6.25 |
6.45 |
6.5 |
6.5 |
|
IDFC First Bank |
PRIVATE_BANK_TYPE |
|
|
7 |
3Y |
6.5 |
7 |
7 |
6 |
|
IndusInd Bank |
PRIVATE_BANK_TYPE |
|
|
6.9 |
3Y |
6.75 |
6.9 |
6.65 |
6.5 |
|
Kotak Mahindra Bank |
PRIVATE_BANK_TYPE |
|
|
6.7 |
3Y |
6.5 |
6.7 |
6.25 |
6.25 |
|
RBL Bank |
PRIVATE_BANK_TYPE |
|
|
7.2 |
3Y |
7 |
7.2 |
6.7 |
6.7 |
|
South Indian Bank |
PRIVATE_BANK_TYPE |
|
|
6.35 |
1Y |
6.35 |
6.2 |
5.7 |
5.7 |
|
Yes Bank |
PRIVATE_BANK_TYPE |
|
|
7 |
3Y |
6.65 |
7 |
6.75 |
6.75 |
|
AU SF Bank |
SMALL_FINANCE_BANK_TYPE |
|
|
7.1 |
3Y |
6.35 |
7.1 |
6.75 |
6.75 |
|
Jana SF Bank |
SMALL_FINANCE_BANK_TYPE |
|
|
7.77 |
5Y |
7 |
7.5 |
7.77 |
6.5 |
|
Shivalik SF Bank |
SMALL_FINANCE_BANK_TYPE |
7.80% |
1Y10M |
6.75 |
3Y |
6 |
6.75 |
6.25 |
6.25 |
|
Suryoday SF Bank |
SMALL_FINANCE_BANK_TYPE |
8.10% |
2Y6M |
7.9 |
5Y |
7.25 |
7.25 |
7.9 |
7.25 |
|
Ujjivan SF Bank |
SMALL_FINANCE_BANK_TYPE |
7.45% |
2Y |
7.25 |
1Y |
7.25 |
7.25 |
7.2 |
6.5 |
|
Unity SF Bank |
SMALL_FINANCE_BANK_TYPE |
7.5% |
1Y |
7.25 |
1Y |
7.25 |
6.75 |
6.75 |
6 |
|
Utkarsh SF Bank |
SMALL_FINANCE_BANK_TYPE |
7.50% |
3Y |
7.5 |
3Y |
7.25 |
7.5 |
7 |
6.75 |
|
slice SF Bank |
SMALL_FINANCE_BANK_TYPE |
7.75% |
1Y6M1D |
7.5 |
3Y |
6.25 |
7.5 |
7 |
6.5 |
|
Bajaj Finance |
NBFC_BANK_TYPE |
6.95% |
3Y |
6.95 |
3Y |
6.6 |
6.95 |
6.95 |
NA |
|
Shriram Finance |
NBFC_BANK_TYPE |
7.65% |
3Y |
7.6 |
3Y |
7 |
7.6 |
7.6 |
NA |