Ujjivan, Equitas, Utkarsh, Capital, Jana FD returns (bank FD rate) compared

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Fixed deposit interest rates: Small finance banks often pay higher returns compared to commercial banks

Small finance banks – aimed primarily at financial inclusion – often pay higher returns on term deposits – or fixed deposits (FD) – compared to private and public sector commercial banks and financial institutions such as the post office. Small finance banks, such as Ujjivan, Equitas, Utkarsh, Jana and Capital, offer interest at the rate of 5-9 per cent on fixed deposits up to Rs 2 crore, according to their websites. While small finance banks offer maturities comparable with those in fixed deposits in major commercial banks, the interest rates paid by the small finance banks are often higher compared to their larger peers. 

Here’s a comparison of interest rates on fixed deposits (bank FDs) up to Rs 2 crore offered by five small finance banks, and major commercial banks:

Ujjivan

TermInterest rate with effect from February 27, 2019
7 Days to 29 Days5.50%
30 Days to 89 Days6.25%
90 Days to 179 Days6.75%
180 Days to 364 Days7.50%
1 Year to 2 Years8.30%
2 Years and 1 Day to 734 Days7.50%
735 Days8.25%
736 Days to 798 Days7.50%
799 Days8.60%
800 Days to 3 Years7.50%
3 Years and 1 Day to 5 Years7.00%
5 Years and 1 Day to 10 Years6.50%
Additional Interest Rate for Senior Citizens0.50%
(Source: ujjivansfb.in)

Equitas

TermInterest rate with effect from November 1, 2018
7 – 14 days5.00%
15 – 29 days5.50%
30 – 45 days6.00%
46 – 62 days6.25%
63 – 90 days6.25%
91 – 120 days6.50%
121 – 180 days6.50%
181 – 210 days6.75%
211 – 270 days6.75%
271 – 364 days7.50%
1 year to 18 months8.50%
18 months 1 day to 2 years8.75%
2 years 1 day to 3 years8.80%
3 years 1 day to 4 years7.00%
4 years 1 day to 5 years7.00%
5 years 1 day to 10 years7.00%
(Source: equitasbank.com)

Utkarsh

TermInterest rate with effect from February 28, 2019
General publicSenior citizen
7 Days to 15 days5.00%5.50%
16 Days to 28 Days5.00%5.50%
29 Days to 45 Days5.00%5.50%
46 Days to 90 Days5.75%6.25%
91 Days to 120 Days7.00%7.50%
121 Days to 180 Days7.00%7.50%
181 Days to 210 Days7.25%7.75%
211 Days to 270 Days7.25%7.75%
271 Days to less than 1 Year7.50%8.00%
1 Year to 455 Days8.50%9.00%
456 Days to less than 2 years9.00%9.50%
2 Years to less than 3 Years7.85%8.35%
3 Years to less than 5 Years7.00%7.50%
5 Years8.00%8.50%
More than 5 Years to 10 Years7.00%7.50%
(Source: utkarsh.bank)

Jana

TermInterest rate
General publicSenior citizen
7 days to 45 days6.00%6.60%
46 days to 60 days6.50%7.10%
61 days to 180 days7.00%7.60%
181 days to 365 days8.50%9.10%
More than 1 year up to 2 years8.50%9.10%
More than 2 years up to 3 years8.50%9.10%
3 years9.00%9.60%
More than 3 years up to 5 years8.50%9.10%
More than 5 years up to 10 years7.00%7.60%
(Source: janabank.com)

Capital

TermInterest rate with effect from March 14, 2019 
General publicSenior citizen
15 Days to 30 Days5.40%5.90%
31 Days to 45 Days5.75%6.25%
46 Days to 89 Days6.50%7.00%
90 Days to 179 Days6.85%7.35%
180 Days to less than 1 Year7.15%7.65%
1 Year to less than 5 Years7.80%8.30%
5 Years and upto 10 Years7.65%8.15%
Special category  
400 Days8.00%8.50%
900 Days7.85%8.35%
(Source: capitalbank.co.in)

SBI

TermInterest rates for general public with effect from February 22, 2019Interest rates for senior citizens
7 days to 45 days5.75%6.25%
46 days to 179 days6.25%6.75%
180 days to 210 days6.35%6.85%
211 days to less than 1 year6.4%6.9%
1 year to less than 2 year6.8%7.3%
2 years to less than 3 years6.8%7.3%
3 years to less than 5 years6.8%7.3%
5 years and up to 10 years6.85%7.35%
(Source: sbi.co.in)

HDFC Bank

Term

Interest rate for general public

Interest rate for senior citizens

7 – 14 days3.50%4.00%
15 – 29 days4.25%4.75%
30 – 45 days5.75%6.25%
46 – 60 days6.25%6.75%
61 – 90 days6.25%6.75%
91 days – 6 months6.25%6.75%
6 months 1 day- 6 months 3 days6.75%7.25%
6 months 4 days6.75%7.25%
6 months 5 days- 9 months6.75%7.25%
9 months 1 day- 9 months 3 days7.10%7.60%
9 months 4 days7.10%7.60%
9 months 5 days – 9 months 15 days7.10%7.60%
9 months 16 days7.10%7.60%
9 months 17 days < 1 Year7.10%7.60%
1 Year7.30%7.80%
1 year 1 day – 1 year 3 days7.30%7.80%
1 year 4 days7.30%7.80%
1 year 5 days – 1 Year 15 Days7.30%7.80%
1 Year 16 days7.30%7.80%
1 year 17 days – 2 Years7.30%7.80%
2 years 1day – 2 Years 15 days7.40%7.90%
2 Years 16 days7.40%7.90%
2 years 17 days – 3 Years7.40%7.90%
3 years 1day – 5 years7.25%7.75%
5 Years 1 Day – 8 Years6.50%7.00%
8 Years 1 Day – 10 Years6.50%7.00%

(Also read: Axis Bank revises FD interest rates)

Meanwhile, many banks today offer income tax benefits under a special type of fixed deposit (FD) or term deposit account. This income tax benefit can be availed by the eligible assessees against their investment – up to Rs. 1.5 lakh in a financial year – in the form of deduction from taxable income under Section 80C of the Income Tax Act. Also known as tax-saving fixed deposit or tax-saving FD, this special type of fixed deposit allows a minimum maturity period of five years and a maximum of 10 years. 

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