Suggest safe small finance banks for opening FD


I was looking for some banks which are safe and also offer more than 8% FD rate.

Dont want FD is risky banks. 

Any suggestions?

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Pro Entertainer Pro Entertainer
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Au Small Finance bank. Safe and secure, Upto 5 lakh deposit.

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Is it safe as atleast au bank

Deal Cadet Deal Cadet
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What do you guys really mean when you say "safe" bank??
Which is more safer bank - ICICI or HDFC? 
Go beyond subjectivity. How do you define a "safe" bank? Even Yes Bank was considered safe at one point in time!

If it is only about getting the max FD rate with some safety net, then except a few (like Unity SFB, South Indian), almost all the other banks/SFBs giving high FD rates should be technically at par w.r.t safety levels, since all banks have the same insurance coverage level for each customer ID - INR 5 lakh.
Or else, use the bigger banks (which are considered to be "systemically important" even by RBI) & get the max rate that they can offer, which will obviously be way lower than the max rates offered by other banks/SFBs.

Of course, please don't depend on external credit ratings of the banks to decide safety levels. Credit ratings are practically just facades!

Keep the FD amount (principal+interest) under the INR 5 lakh insurance limit & then AU bank, Jana & Fincare should ideally be at the same risk level - unless you want to do a full blown analysis of their financial statements & do a fine tune differentiation!!

In fact, you can open FD at your nearest SFB/bank, so that you can maybe build some relationship with them!

And yeah, no need to open a savings account to open a FD. Saving account is a medium for banks to levy all their misc charges. But they can't charge on "Only FD" relationships! wink

Check ESAF, Utkarsh & Equitas - offering 8%+ to non-senior & 9% to senior citizens.

The PostMighty The PostMighty
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Au bank is good.. don't defame please..once I had 40L in the account and I was earning around 20k pm as interest.. withdrawal and everything very good and they always inform you if there is outage or maintenance but over time they might offer you to upgrade the account here at this point never fall for it ...continue with digital savings account

In addition I got rupay amazon benefit also

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