Fixed Deposit Rates: Earn up to 9 percent interest with these banks

Best Fixed Deposit (FD) Rates March 2019: If you are looking for earning some interest on your savings in the short term, Fixed Deposit comes across as one of the best options. This is a risk-free investment option offered by commercial banks. At present, some of the small banks are offering high-interest rate up to 9 per cent on select tenures. Fincare Small Finance Bank is offering 9 percent interest rate on investment for 24 months 1 day to 36 months. For senior citizens, the rate of interest for the same tenure is 9.5%.  Similarly, Jana Small Finance Bank is offering 9.00 percent interest rate on tenure of three years. For senior citizens, this is 9.6 percent. Suryoday Small Finance Bank is also offering a 9 percent interest on a deposit of 950 days (145 days less than three years). For senior citizens, the rate is 9.5 percent. 

Compared to these small banks, the highest fixed deposit rates offered by some of the largest banks like SBI, PNB, and HDFC Bank are 6.85 percent, 7.1 percent and 7.4 percent respectively. 

*Source: Official Website of Banks

Are small banks safe?

In the wake of the IL&FS crisis and concerns over Dewan Housing, scores of investors are wary of depositing in NBFCs (non-banking financial companies) or some non-convertible debentures. 

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However, deposits in small finance banks are safe as they are also regulated by the Reserve Bank of India. These banks have to follow the guidelines related to lending and other parameters set by the central bank.