List of 6 small Finance Banks that Offers Highest Interest Rate on FDs to Senior Citizens

caks2006407 wrote:
no relationship with utkarsh
Equitas/Ujjivan both good - use these accounts only for keeping money; debit card rewards/mobile app, upi...etc all do not expect much

What about Jana small finance Bank.
That is the only one where account getting opened online. Rest all are not working

raman12 wrote:
What about Jana small finance Bank.
That is the only one where account getting opened online. Rest all are not working

no exp with Jana bank;
for FD better u visit bank and open account; online opened accounts may have some issues in case of withdrawl b4 maturity
there was a thread by @kukdookoo where someone faced such issue, bank said online fds so we do not have much control...

How safe are these banks when it comes to FD? What are RBI guidelines for FDs or it comes under 5L insurance?

Also what happens if you break FD say after 2 years or lesser period than originally planned ?

Manitian wrote:

How safe are these banks when it comes to FD? What are RBI guidelines for FDs or it comes under 5L insurance?

Also what happens if you break FD say after 2 years or lesser period than originally planned ?

Are small finance banks covered under Deposit Insurance?

All commercial banks, including branches of foreign banks functioning in India, local area banks, regional rural banks, small finance banks and payment banks, are covered under the Deposit Insurance Scheme.

equalizer wrote:

I filled google form.. Next day bank guy visited home and gave above 2 forms ( 2 page, 4 sides ).. I haven't decided if I should go ahead with this option..

go ahead

Guys any idea about Suryoday Small Finance Bank.

https://www.suryodaybank.com/deposits/fixed-dep...

9.10% for non seniors 5 years .

I saw this small finance bank is backed by dicgc insurance too.
https://www.dicgc.org.in/FD_ListOfInsuredBank...ml

Also can we close accounts of such small finance banks without branch visits?

Never have any experience of opening FD without a savings account. How does it work if I don't open an acc and yet have FD.

Looking for suggestions
@raman12 @dhinchakrohit @InvestPotato

Seinfeld wrote:

Guys any idea about Suryoday Small Finance Bank.

https://www.suryodaybank.com/deposits/fixed-dep...

9.10% for non seniors 5 years .

I saw this small finance bank is backed by dicgc insurance too.
https://www.dicgc.org.in/FD_ListOfInsuredBank...ml

Also can we close accounts of such small finance banks without branch visits?

Never have any experience of opening FD without a savings account. How does it work if I don't open an acc and yet have FD.

Looking for suggestions
@raman12 @dhinchakrohit @InvestPotato

I went for Jana small finance Bank. Experience was good, took 1 week tmfor debit card which was mandatory and without which no transaction could be done, only limited access. Branch I was not given which I wanted but another one in different district but I am told I can transfer whenever I want by going to new branch that I want.
No exp with suryodaya bank but it should be okay if it's nearby your home

Seinfeld wrote:

Guys any idea about Suryoday Small Finance Bank.

https://www.suryodaybank.com/deposits/fixed-dep...

9.10% for non seniors 5 years .

I saw this small finance bank is backed by dicgc insurance too.
https://www.dicgc.org.in/FD_ListOfInsuredBank...ml

Also can we close accounts of such small finance banks without branch visits?

Never have any experience of opening FD without a savings account. How does it work if I don't open an acc and yet have FD.

Looking for suggestions
@raman12 @dhinchakrohit @InvestPotato

Keep in mind locking for 5 years is a long time. I did an FD for 500 days for 8.1 perc with Jana bank

raman12 wrote:
Keep in mind locking for 5 years is a long time. I did an FD for 500 days for 8.1 perc with Jana bank

Thanks bro for sharing the experience.
For short period bandhan bank's 8% for 600 days will be better na? 

From what I realise the interest rates might have peaked and it will be good to lockin to a good interest rates for a bit longer period. Au bank has 8% for 3 years, which is not bad too. IndusInd has 7.75% for 3 yrs which is attractive too from bank's stability perspective and good interests.

Unless best interest rates is not for a longer period, to open account in small finance banks at similar interest rates might not be that attractive I guess.

Seinfeld wrote:
Thanks bro for sharing the experience.
For short period bandhan bank's 8% for 600 days will be better na? 

From what I realise the interest rates might have peaked and it will be good to lockin to a good interest rates for a bit longer period. Au bank has 8% for 3 years, which is not bad too. IndusInd has 7.75% for 3 yrs which is attractive too from bank's stability perspective and good interests.

Unless best interest rates is not for a longer period, to open account in small finance banks at similar interest rates might not be that attractive I guess.

Some banks give 0.7 PRC or even 1 prc extra for senior citizens. It will help if either parents senior citizen and u open on their name. Eg: ujjivan small finance Bank, this Jana bank also

Seinfeld wrote:
Thanks bro for sharing the experience.
For short period bandhan bank's 8% for 600 days will be better na? 

From what I realise the interest rates might have peaked and it will be good to lockin to a good interest rates for a bit longer period. Au bank has 8% for 3 years, which is not bad too. IndusInd has 7.75% for 3 yrs which is attractive too from bank's stability perspective and good interests.

Unless best interest rates is not for a longer period, to open account in small finance banks at similar interest rates might not be that attractive I guess.

In my opinion if it's pure surplus cash better to distribute in multiple FDs for best interest rate. And if you might need cash in b/w like during your marriage then staggered approach is better.

Seinfeld wrote:

Guys any idea about Suryoday Small Finance Bank.

https://www.suryodaybank.com/deposits/fixed-dep...

9.10% for non seniors 5 years .

I saw this small finance bank is backed by dicgc insurance too.
https://www.dicgc.org.in/FD_ListOfInsuredBank...ml

Also can we close accounts of such small finance banks without branch visits?

Never have any experience of opening FD without a savings account. How does it work if I don't open an acc and yet have FD.

Looking for suggestions
@raman12 @dhinchakrohit @InvestPotato

Absolutely no problem upto 5lakhs. U can't close account without branch visit i guess.
AU & Equitas are better placed than Suryoday.