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%
(Source: equitasbank.com)

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%
(Source: aubank.in)

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%
Source: suryodaybank.com)

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%
(Source: janabank.com)

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%
(Source: fincarebank.com)

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%
(Source: esafbank.com)

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%
(Source: utkarsh.bank)

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

[“source=cnbc”]

Away from caravan, other migrants travel out of spotlight

A small group of Honduran migrants trying to reach the U.S. border walk along train tracks in Trancas Viejas, Veracruz state, Wednesday, Oct. 24, 2018. As a caravan of thousands of Central Americans renewed their slow march toward the U.S. on Wednesd

On a day when a migrant caravan of several thousand was still crawling through far southern Mexico, hundreds of young men were walking swiftly between train rides more than 200 miles to the north.

Some of them had left Honduras the same day as those in the caravan. One had left a week later. The difference: They were moving along one of the traditional Central American migrant trails, riding the freight trains known as La Bestia, or “the beast,” that have been speeding — and maiming — migrants on their journey toward the U.S. border for decades.

While world attention has been focused on the migrant caravan numbering an estimated 4,000 people for the past two weeks, thousands of other migrants have continued their steady flow north on well-trod migratory routes. It’s a faster option — and those taking it hope may help them fly under the radar while Mexican authorities focus on the slow-moving caravan.

In fiscal 2018, the U.S. Customs and Border Protection apprehended more than 396,000 migrants who crossed the southwest border illegally. Just the ones who were caught in a week amount to more than the estimated 7,000 traveling in the caravan at its peak.

One afternoon this week, at the spot where a set of mud-packed railroad tracks crossed a rural backroad in the Gulf coast state of Veracruz, figures emerged walking in the distance. Every few minutes more groups — of eight, 10, 12 young men — came into view.

They said they had gotten off a train that had stopped an hour’s walk away and were trying to make it to a migrant shelter before nightfall.

Cesar Ferrera, wearing a green shirt and black jeans covered in grime from the train, said he left his home in the Honduran city of San Pedro Sula on Oct. 13, the same day the caravan departed, but never considered joining it.

“The train takes you much more quickly, and they are walking slowly and are super behind,” Ferrera said. “We are, wow, way ahead.”

He estimated there were 500 to 600 people just like him on the train that crossed the Guatemalan border into Mexico, passing town after town in southern Chiapas state in recent days.

His reasons for leaving were identical to many of those traveling in the caravan. Work was hard to find and what was available didn’t pay enough to support a family. Crime was an ever-present threat. The 28-year-old left his two children at home along with his wife.

“More than anything, the government doesn’t solve people’s problems,” Ferrera said.

He was working as a private security guard at a mall in San Pedro Sula last December and had to fight off looters in the disturbances that followed President Juan Orlando Hernandez’s contested re-election, which was marred by irregularities and denounced as outright fraudulent by Hernandez’s opponent. He said he was not making enough to risk his life protecting someone else’s property.

Since leaving Honduras two weeks ago, he hasn’t had access to news about President Donald Trump’s threats of sealing the border to stop the caravan, but said he was undeterred.

Those living along the tracks in Trancas Viejas didn’t blink an eye at the sight of dozens of young men walking by their homes.

Estefana Reves Cardenas has lived there for more than 15 years. Sometimes the migrants ride the train past, but it’s also common to hear them walking by throughout the night. She couldn’t remember ever having a problem with any of the young men, pregnant women and children who have passed.

“We give them a bit of food,” Reves said. “Not everyone, because they are so many and they all want some.”

It was Manuel Hernandez’s first time attempting the trip.

The 23-year-old farmer from Santa Barbara, Honduras, had started travelling six days earlier and had heard some of Trump’s threats about the caravan.

“Yes, we heard, but we are going to try it,” Hernandez said. “It is an adventure.”

He preferred to travel this way on his own because the caravan attracted a lot more attention.

“One person alone,” he said, “that’s the way.”

Hernandez, who has family in Washington, D.C., said he was sure he could find a landscaping job there.

Noting that he’d be “very close” to Trump, he chuckled and said maybe he would “visit him.”

[“source=cnbc”]

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.

[“source=cnbc”]