Lenders, including banks, small finance banks and non-banking financial companies (NBFCs) have been raising their fixed deposit (FD) rates since May 2022 after the Reserve Bank of India (RBI) started hiking the repo rate. There have been six straight rate hikes by RBI so far, resulting in a total repo rate hike of 250 bps. Consequently, banks have followed suit and raised interest rates, with some offering even above 9 percent of rate on their FDs.

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Here's a look at lenders that are currently offering over 9 percent of interest rate:

Unity Small Finance Bank

The bank offers fixed deposits with interest rates up to 9 percent to general public and up to 9.50 percent to senior citizens. The highest interest rate of 9.50 percent to senior citizens is offered on tenure of 1001 days. The bank further offers 9.25 percent interest on tenure of 181-201 days and 501 days to senior citizens.

Here are the tenures on which lender is offering over 9 percent rate:

Shriram Finance

Shriram Finance offers interest rates of up to 9.10 percent on fixed deposits, including 0.50 percent interest for senior citizens and 0.10 percent for women. In addition, all renewals are subject to an additional 0.25 percent.

For a 12-month FD, it offers 7.34 percent to regular citizens and 7.84 percent to senior citizens. For 18, 24 and 31 months, the lender offers 7.48 percent, 7.76 percent and 7.90 percent respectively. The lender offers 7.95 percent, 8 percent, 8.04 percent and 8.18 percent on FD tenures of 36, 42, 48 and 60 months.

Fincare Small Finance Bank

Fincare Small Finance Bank offers high fixed deposit rates of up to 9.01 percent. The bank provides FD interest rates to the general public between 3 percent to 8.41 percent whereas, for senior citizens, it is between 3.60 percent to 9.01 percent.

Here is tenure on which lender is offering over 9 percent rate:

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First Published:Apr 3, 2023 12:40 PM IST