Small Finance Banks Pay Up To 9.5% Interest On Fixed Deposit: Maturity Period, Deposit Limit And Other Details

Small Finance Banks Pay Up To 9.5% Interest On Fixed Deposit: Maturity Period, Deposit Limit And Other Details

FD interest rate: Small finance banks pay an annual return of up to 9.5% on deposits below Rs. 1 crore

Small finance banks – which are banks aimed primarily at financial inclusion – pay interest rates in a range of 3.5-9.5 per cent on FDs or fixed deposits of up to Rs. 1 crore. These lenders, such as Equitas Small Finance Bank, AU Small Finance Bank, Suryoday Bank, Jana Small Finance Bank, Fincare Small Finance Bank, ESAF Small Finance Bank and Utkarsh Small Finance Bank, provide a variety of maturity periods, from as short as seven days to as long as 10 years. In contrast to market-linked instruments such as equity or mutual funds, FDs provide a fixed return over a pre-defined maturity period, known as term or lock-in. Financial planners often suggest fixed deposit for investors with a low risk appetite.

Here’s a comparison of interest rates paid by these small finance banks on fixed deposits of up to Rs. 1 crore:

Equitas Small Finance Bank

Maturity period (term) Interest rate with effect from July 5, 2018
7 – 14 days 5.00%
15 – 29 days 5.50%
30 – 45 days 6.00%
46 – 62 days 6.25%
63 – 90 days 6.25%
91 – 120 days 6.50%
121 – 180 days 6.50%
181 – 210 days 6.75%
211 – 270 days 6.75%
271 – 364 days 7.50%
1 year to 18 months 8.00%
18 months 1 day to 2 years 7.75%
2 years 1 day to 3 years 7.75%
3 years 1 day to 4 years 7.00%
4 years 1 day to 5 years 7.00%
5 years 1 day to 10 years 7.00%

AU Small Finance Bank

Maturity period (term) Interest rate with effect from October 10, 2018
General Senior citizen
7 Days to 1 Month 15 Days 5.50% 6.00%
1 Month 16 Days to 3 Months 6.75% 7.25%
3 Months 1 Day to 6 Months 6.90% 7.40%
6 Months 1 Day  to 13 Months 7.00% 7.50%
13 Months 1 Day to 18 Months 8.25% 8.75%
18 Months 1 Day to 24 Months 8.50% 9.00%
24 Months 1 Day to 36 Months 7.75% 8.25%
36 Months 1 Day to 45 Months 7.75% 8.25%
45 Months 1 Day to 60 Months 8.00% 8.50%
60 Months 1 Day to 120 Months 7.25% 7.75%

Suryoday Bank

Maturity period (term) Interest rate with effect from September 29, 2018
General Senior citizen
7 days to 14 days 4.00% 4.50%
15 days to 45 days 4.00% 4.50%
46 days to 90 days 5.00% 5.50%
91 days to 180 days 5.50% 6.00%
181 days to 240 days 7.50% 8.00%
241 days to less than 1 Year 7.75% 8.25%
1 Year to 2 Years 8.50% 9.00%
Above 2 Years to 3 Years 8.75% 9.25%
950 Days* 9.00% 9.50%
Above 3 Years to less than 5 Years 8.00% 8.50%
5 Years 8.25% 8.75%
Above 5 Years to 10 Years 7.25% 7.75%

Jana Small Finance Bank

Maturity period (term) Interest rate with effect from October 17, 2018
7 days to 45 days 6.00%
46 days to 60 days 6.50%
61 days to 180 days 7.00%
181 days to 365 days 8.00%
More than 1 year up to 2 years 8.25%
More than 2 years up to 3 years 8.50%
More than 3 years up to 5 years 8.00%
More than 5 years up to 10 years 7.00%

Fincare Small Finance Bank

Maturity period (term) Interest rate
General Senior citizen
7 days to 45 days 4.00% 4.50%
46 days to 90 days 4.00% 4.50%
91 days to 180 days 6.00% 6.50%
181 days to 364 days 7.00% 7.50%
12 months to 15 months 8.00% 8.50%
15 months 1 day to 18 months 8.25% 8.75%
18 months 1 day to 21 months 8.50% 9.00%
21 months 1 day to 24 months 8.75% 9.25%
24 months 1 day to 36 months 9.00% 9.50%
3 years 1 day to 5 years 8.00% 8.50%
5 years 1 day to 7 years 7% 7.50%

ESAF Small Finance Bank

Maturity period (term) Interest rate with effect from April 1, 2018
General Senior citizen
7 – 14 days 5.75% 6.25%
15 – 59 days 5.75% 6.25%
60 – 90 days 6.50% 7.00%
91 – 179 days 6.75% 7.25%
180 – 363 days 7.50% 8.00%
364 days 5.60% 6.10%
365 – 727 days 8.75% 9.25%
728 days 6.80% 7.30%
729 – 1091 days 8.00% 8.50%
1092 days 5.66% 6.16%
1093 – 1819 days 7.00% 7.50%
1820 days 5.65% 6.15%
1821 – 3652 days 7.00% 7.50%

Utkarsh Small Finance Bank

Maturity period (term) Interest rate with effect from September 27, 2018
General Senior citizen
7 Days to 15 days 3.50% 4.00%
16 Days to 28 Days 3.50% 4.00%
29 Days to 45 Days 4.00% 4.50%
46 Days to 90 Days 4.50% 5.00%
91 Days to 120 Days 5.00% 5.50%
121 Days to 179 Days 5.50% 6.00%
180 Days to 210 Days 6.00% 6.50%
211 Days to 270 Days 7.00% 7.50%
271 Days to less than 1 Year 7.50% 8.00%
1 Year to 455 Days 8.50% 9.00%
456 Days to less than 2 years 9.00% 9.50%
2 Years to less than 3 Years 7.85% 8.35%
3 Years to less than 5 Years 7.00% 7.50%
5 Years 8.00% 8.50%
More than 5 Years to 10 Years 7.00% 7.50%

Across many maturities, small finance banks pay higher interest rates on FDs compared to their larger counterparts.


Most people don’t realize Chase’s Ultimate Rewards travel portal lets you redeem points for more than just flights and hotels — here’s what else you can book

Chase_Sapphire_Reserve_lifestyle 036

A few days ago, I cashed in 3,914 Chase Ultimate Rewards points for a three-hour “Game of Thrones” sightseeing tour in Dubrovnik, Croatia. My husband and I are big fans of the show and we have always wanted to see Dubrovnik, which is also the setting of “King’s Landing” in the HBO series made-up world of Westeros. So, next month, we are going to see the Red Keep, where the Battle of Blackwater Bay took place, and a wide range of other settings where important scenes of the movies were filmed. I’m pretty stoked this is happening, but I’m equally happy I didn’t have to pay a dime.

The same is true for a few other excursions we booked for our upcoming Croatia trip, including a Plitvice Lakes tour from Zagreb and a day trip to Bosnia and Herzegovina including Medjugorje and Mostar that I paid with entirely with points.

The crazy thing is, most people I speak to about using points this way don’t realize booking activities is an option. When they think about using their Chase Ultimate Rewards points, they focus mostly on airline and hotel partners, while maybe thinking of using their points to book flights or hotels through the Chase Ultimate Rewards portal.

However, it’s super easy to book activities and experiences through Chase if you know where to look. When you go into the Chase portal, all you have to do is select “activities” instead of flights, hotels, or rental cars. It’s as easy as that.

Screen Shot 2018 10 25 at 1.27.51 PM
It’s super easy to book activities and experiences through Chase if you know where to look within the Ultimate Rewards portal.
Holly Johnson

If you haven’t checked out the activities available in Chase Ultimate Rewards before, I highly recommend you do. You might be surprised at what you find and just how affordable many options are whether you’re paying in points or cash.

Here are some truly exciting options you can book worldwide with Chase Ultimate Rewards points, along with how much they would cost if you carry the Chase Sapphire Reserve.

Click here to learn more about the Chase Sapphire Reserve from Insider Picks’ partner: The Points Guy.

Click here to learn more about the Chase Sapphire Preferred from Insider Picks’ partner: The Points Guy.

#1: Electric Bike Tour in Athens, Greece

#1: Electric Bike Tour in Athens, Greece TripAdvisor

After a day spent exploring ancient ruins and relics of our culture’s past in Athens, Greece, you can cash in 5,145 Chase Ultimate Rewards points for an electric bike ride around the city. See the Hill of the Muses and the Hill of the Nymphs, the ancient Acropolis, the historic neighborhood of Plaka, the Panathenaic Stadium, and so many more of this city’s famous sights while only pedaling when you feel like it.

#2: Taste of Barcelona Food Tour

#2: Taste of Barcelona Food Tour Flickr/jlastras

Spain is known for its bull fights, its alluring and rich history, and its small tasting plates known as tapas. On this Barcelona food tour, you’ll roam the streets of Barcelona’s Gothic Quarter and El Born neighborhood to try amazing local delicacies such as “sardina arenque,” a local sardine cleaned on the spot in a unique way along with wine pairings with nearly every dish. This three-hour tour costs just 5,052 Chase Ultimate Rewards points per person.

#3: Private Day Trip to Terra Cotta Warriors from Xian, China

#3: Private Day Trip to Terra Cotta Warriors from Xian, China LEE SNIDER PHOTO IMAGES /

Travelers flock to this region of China to see one of the most interesting dig discoveries in world history — an army of terra cotta warriors and horses that have been buried for over 2,000 years. This army stands over 7,000 strong and is still being excavated, making this the educational trip of a lifetime. You can book this private day tour through Chase Ultimate Rewards for just 1,600 points per person.

#4: Vodka Tasting and Evening Canal Cruise in St. Petersburg, Russia

#4: Vodka Tasting and Evening Canal Cruise in St. Petersburg, Russia Flickr Creative Commons

Fork over just 3,200 Chase Ultimate Rewards points per person to enjoy St. Petersburg and Russia in the most epic way ever — on a boat drinking vodka. This Insta-worthy day trip lasts three hours and takes you through the city’s gorgeous canals and along the Neva, Fontanka, and Moika rivers.


Panasonic announces Eluga Z1 and Eluga Z1 Pro with big batteries

Panasonic India launched two upper mid-rangers earlier this month and now introduced two entry level handsets to continue the expansion of its portfolio – Panasonic Eluga Z1 and Panasonic Eluga Z1 Pro pack Helio P22 chipsets, AI Face Unlock, and big batteries.

Both devices share the same 6.19” notched screen with HD+ resolution and Dragon Trail Pro protection glass on top. The main camera is 13 MP + 2 MP, while the front-facing shooter is 8 MP, both setups coupled with an LED flash. The regular Eluga Z1 has 3 GB RAM and 32 GB internal storage, while the Eluga Z1 Pro comes with 4 GB RAM and 64 GB storage; both with a microSD slot for up to 128 GB more.

The battery is 4,000 mAh, which sounds impressive, but it is charged through a microUSB port on the bottom. The OS is Android 8.1 Oreo which Panasonic coupled with Arbo Hub. The pre-installed app promises “go-to solutions for all needs” like booking cabs, comparing fares, live cricket updates, news reports, paying the bills, weather updates, etc.

Panasonic Eluga Z1 (Pro) Panasonic Eluga Z1 (Pro) Panasonic Eluga Z1 (Pro) Panasonic Eluga Z1 (Pro)
Panasonic Eluga Z1 (Pro)

Dimensions of the phone are 157.2 x 76.3 x 8.1 mm with a weight of 169 grams. The back panel and the rim of the Eluga are from metal and arrive in three colors – Black, Gold, Blue. The regular Z1 costs INR14,490, while the Z1 Pro goes for INR17,490. Both will be available at offline retailers starting October 31.


Florida man, Cesar Sayoc Jr., arrested in probe of mail bombs targeting Obama, Clinton and other Trump critics

A 56-year-old man, Cesar Sayoc Jr., was arrested Friday morning in Florida in the investigation of 12 suspected mail bombs sent to former President Barack Obama, Hillary Clinton and other leading Democratic critics of President Donald Trump.

Sayoc, a registered Republican voter who lives in Aventura, Florida, will face federal criminal charges for the mailed devices, according to NBC News.

The Brooklyn, New York, native, previously was arrested, in Florida in 2002, on a charge of threatening to throw a bomb. He received probation in that case, without having been convicted.

Read more: Cesar Sayoc charged with five federal crimes in bomb plot

“I’m as surprised as anybody,” said Daniel Lurvey, a Florida criminal defense lawyer who represented Sayoc in several cases in which Sayoc had been charged with theft from retail stores.

At the time, Lurvey said, Sayoc was doing work as a bouncer for a group of male dancers similar to Chippendales.

“He was a normal guy. Somebody I would never think he’d be capable of something like this, if he is responsible,” Lurvey said.

The attorney said Sayoc never discussed anything “political” during their meetings about his criminal cases.

Records show that Sayoc also was arrested in 2015 for violating probation in a case in which he first was charged with grand theft and battery.

A mugshot of suspected package bomber Cesar Sayoc Jr. 

A mugshot of suspected package bomber Cesar Sayoc Jr.

Sayoc also had previously been arrested in Florida on charges of possession of steroids.

In 1994, a woman who had the same name as Sayoc’s grandmother accused him of domestic violence in the civil division of domestic violence court in Broward County, Florida. If it was Sayoc’s grandmother, she would have been about 80 years old at the time.

Sayoc filed for bankruptcy in 2012, public records show.

The Justice Department has scheduled a news conference in the case at 2:30 p.m., Eastern time.

Police on Friday seized a van that had been parked outside an AutoZone store in Plantation, Florida.

FBI investigate a van owned by a suspect who was arrested in relation to the a series of package bombs that were sent to leading democrats, in Plantation, Fla on Oct. 26th, 2018.

FBI investigate a van owned by a suspect who was arrested in relation to the a series of package bombs that were sent to leading democrats, in Plantation, Fla on Oct. 26th, 2018.

Investigators were examining a white van plastered with stickers carrying Trump’s name and the presidential seal, according to MSNBC. The network said authorities were looking at “right-wing paraphernalia” found at the scene.


Brainstorm Health: Anthem AI, Google Maps and the Opioid Crisis, Pre-Existing Conditions

Story image for Health from Fortune

This coming weekend includes a marquee event in the fight against opioid addiction. Saturday, October 27 is the Drug Enforcement Agency’s (DEA) National Prescription Drug Take Back Day—dedicated to dumping unused, unneeded, and (to others) potentially harmful prescription medications that still may be lying around the house.

This year, though, tech giant Google is expanding its involvement in the effort. In fact, Google Maps will post 5,800 locations where people can dispose of powerful painkillers and other prescription drugs in a (relatively) new tool.

The product was first released back in April, and Google says that 50,000 Americans used the locator service on its very first day. “Every day 134 people die from opiate related overdoses—and misuse of prescription painkillers is a large contributor to this crisis,” says the company in a statement. “Thankfully, there is something we can do. One way that you can help reduce the potential misuse of drugs is to properly dispose of expired or unused medications.” The firm points out that expired medicines left lying around could also have environmental effects if they aren’t thrown out properly.

The National Take Back Day hours last between 10 am and 2 pm on Saturday. Furthermore, Google announced a partnership earlier this week with Walgreens, which has numerous drug disposal sites, to add such locations to Maps year-round.


There’s a major reason for this stock sell-off that people are missing, and it’s only getting worse

Banknotes of the U.S. Dollar on January 25, 2018.

The October stock market sell-off has been puzzling to many investors because most companies are riding high on business confidence and a tax-cut windfall.

Plus, profit growth has been solid, and many companies have been beating expectations on strong sales numbers and a positive outlook.

Most important thing to watch next week  

But one real worry cited on post-earnings conference calls is the rising U.S. dollar, which makes business overseas more expensive for U.S. companies. The strong dollar was cited by companies as varied as Anheuser-Busch and PPG Industries.

And it’s a problem that is only getting worse. The gains in the U.S. Dollar Index, a measure of the greenback against a basket of major currencies, are accelerating, up another 2 percent in the last one month. By no coincidence, the S&P 500 has headed lower at the same time.

3M revised its earnings per share estimate to include a 5 cent per share hit from currency translation. It previously had factored in a gain of 10 cents a share. And United Parcel Service said currency fluctuations could be a drag of $35 million to $45 million in the fourth quarter.

Add that to rising interest rates, rising fuel costs and the early effects of tariffs on imports of steel, aluminum and other manufacturing materials, and executives have struck a more cautious tone for the near term, though the overall message is still positive.

The dollar was higher versus most currencies again on Friday morning as stock futures pointed to another big drop.

Why you shouldn't panic when stocks are getting slammed

Why you shouldn’t panic when stocks are getting slammed   9:47 AM ET Fri, 12 Oct 2018 | 02:11

“The market doesn’t believe 2019 growth is going to be anywhere near what it is expected to be,” said Nick Raich, CEO of research firm Earnings Scout.

Raich adds that there’s no evidence any of these fears will come true. Estimates for 2019 first- and second-quarter earnings have actually inched up, he said. And revenue growth of 8 percent for the S&P 500 companies that have reported so far is outpacing expense growth.

‘Unfavorable impact’

Anheuser-Busch on Thursday slashed its dividend in half and said beer sales fell during the third quarter. Currency volatility is a challenge for the brewing giant, which bought U.K.-based SABMiller in 2016. “In the last six months, we’ve seen a lot of [currency] volatility,” Chief Financial Officer Felipe Dutra told reporters on a conference call Thursday, as reported by Reuters. “This scenario triggers some sort of uncertainty and at a certain point … we thought it was the right time to adjust the dividend.”

PPG, an industrial bellwether, said currency turned into a headwind the third quarter as the dollar strengthened. Currency translation lowered sales $80 million and pretax income took a hit of $15 million. It also said sales could be cut $50 million to $60 million in the fourth quarter because of the “unfavorable impact” of currency translation.

Illinois Took Works said year-over-year earnings growth of 11 percent, to $1.90 per share, was on the high end of its range but included 3 cents a share of “unfavorable currency translation impact.”

Companies have had to adjust to account for the stronger dollar. “We’ve taken some other actions around the emerging markets and initiatives to ensure that we can overcome that,” UPS CFO Richard Peretz said on a call with analysts. “That’s one of the reasons we’ve called out the guidance for the total company to remain where we expect it to be even given this new headwind.”

Currency isn’t the only extra cost companies are facing. On Thursday, Southwest Airlines reported record third-quarter profit that beat expectations, then burst the bubble by saying its costs were going up more than expected, largely because of fuel. American Airlines said a 42 percent increase in fuel costs ate into its third-quarter profit despite record revenue.

More than one-third of companies reporting earnings so far have mentioned the Trump administration’s tariffs. Harley Davidson said it will pay at least $40 million more this year to cover such costs.

Estimates for next year reflect optimistic company guidance on sales and their ability to pass some of the higher costs on to customers, Morgan Stanley analysts said in a note last week. But tech is more vulnerable to profit-margin pressure, they said, as are consumer discretionary and transportation stocks.

Texas Instruments, like other semiconductor companies, is also seeing weakness ahead. While it beat profit expectations, it issued a weaker fourth-quarter outlook blaming slower demand. “We are heading into a softer market,” CFO Rafael Lizardi said on a conference call this week. “We believe this is mostly driven by a slowdown in semiconductors.” That slowdown, executives said, comes after several years of strong growth.


Mi Mix 3 poster shows blue and green colors, confirms rear fingerprint reader

It appears that someone put out a Mi Mix 3 poster a bit too early. The poster doesn’t show a lot that we didn’t already know but it still confirms cool looking green and blue variants. And we get to see the rear-mounted fingerprint reader.

The theory of in-display fingerprint was initially thrown around and since the Xiaomi Mi 8 Pro and Explorer Edition were both equipped with the tech, it sounded legit. But then the first photo of the back panel leaked the other day made us think twice.

At least the Mi Mix 3 offers advanced 3D face unlocking tech on the slider so if you are not a fan of the fingerprint placement, there’s always an alternative.


October Android distribution: Oreo grows and still no Pie

Three months after the stable release of Android Pie and it still doesn’t show in the monthly stats. However, Oreo is on the rise since September while Nougat numbers are falling.

Perhaps more OEMs are updating their devices to Oreo or the new device releases in the mid-range and low-end segment have pushed Oreo numbers up a little. If you haven’t noticed, most of the new releases for the past couple of months come with Android 8.1 or 8.0 Oreo out of the box.

The rest of the Android versions such as Lollipop, Marshmallow, KitKat and Jelly Bean hover around the same percentages with steady but negligible share decrease.

Keep in mind that versions with less than 0.1% share are not shown and the data is collected during a 7-day period ending on October 26. Which could also mean that Gingerbread probably won’t make it to the charts in November or December.