Due to its relatively low-risk, fixed deposits are resistant to the varying market conditions. It is also one of the safest methods to invest some of your money. Although FD rates are significantly better now than they were in the two years ago, it’s best not to lock in all of your money at once if you want to put some cash in FDs. Therefore, for now, one may want to think about laddering their FD investments. This calls for splitting and spreading your FD investments across a number of smaller FDs with various maturity dates.
Here are banks that have revised fixed deposit interest rates in August and are offering interest rates up to 8.6% for regular citizens.
Suryoday Small Finance Bank
The bank is offering general public with interest at a rate of 4.00 percent to 8.60 percent. The highest interest rate is offered on tenure above 2 years to 3 years. Senior citizens will receive an extra 50 basis points of interest on FD of various tenures, as compared to the general public. The new rates are applicable from August 7, 2023.
| Period | Interest Rate | Senior Citizen Rate # |
| (Per Annum) | (Per Annum) | |
| 7 days to 14 days | 4.00% | 4.50% |
| 15 days to 45 days | 4.25% | 4.75% |
| 46 days to 90 days | 4.50% | 5.00% |
| 91 days to 6 months | 5.00% | 5.50% |
| Above 6 months to 9 months | 5.50% | 6.00% |
| Above 9 months to less than 1 Year | 6.00% | 6.50% |
| 1 Year | 6.85% | 7.35% |
| Above 1 Year to 15 months | 8.25% | 8.75% |
| Above 15 months to 2 years | 8.50% | 9.00% |
| Above 2 years to 3 years | 8.60% | 9.10% |
| Above 3 Years to less than 5 Years | 6.75% | 7.25% |
| 5 Years | 8.25% | 8.75% |
| Above 5 years to 10 years | 7.25% | 7.75% |
Jana Small Finance Bank
Jana SFB offers interest rate between 3% to 8.50% for tenure between 7 days to 10 years for general citizens. The new rates are effective from August 15, 2023. The highest rate is offered on tenure of 2 Years – 3 Years(1095 Days).Utkarsh Small Finance Bank
Utkarsh SFB offers interest rate between 4% to 8.50% for tenure between 7 days to 10 years for general citizens. The new rates are effective from August 21, 2023. The highest rate is offered on tenure of 2 Years – 3 Years(1095 Days).
Equitas Small Finance Bank
Equitas SFB offers interest rate between 3.5% to 8.50% for tenure between 7 days to 10 years for general citizens. The new rates are effective from August 21, 2023. The highest rate is offered on 444 days tenure.
| Tenure | Interest rates |
| 7 – 14 days | 3.50% |
| 15 – 29 days | 3.50% |
| 30 – 45 days | 4.00% |
| 46 – 62 days | 4.50% |
| 63 – 90 days | 4.50% |
| 91 – 120 days | 5.25% |
| 121 – 180 days | 5.25% |
| 181 – 210 days | 6.25% |
| 211 – 270 days | 6.25% |
| 271 – 364 days | 6.25% |
| 1 year (365 days) | 8.20% |
| 1 year 1 day | 8.00% |
| 1 year 2 days to 443 days | 8.20% |
| 444 Days | 8.50% |
| 445 Days to 18 Months | 8.20% |
| 18 Months 1 day to 2 years | 7.75% |
| 2 years 1 day to 887 days | 8.00% |
| 888 days | 8.25% |
| 889 days to 3 years | 8.00% |
| 3 years 1 day to 4 years | 7.50% |
| 4 years 1 day to 5 years | 7.25% |
| 5 years 1 day to 10 years | 7.25% |
