RBI Floating Rate Bond Interest Rates
The current interest rate on the RBI Floating Rate Note is 7.15% (6.80% + 0.35%). Every six months, the interest rates on these bonds are reset/expected. According to the RBI press release, “As a result, the Coupon Rate on FRSB 2020 (T) for the period July 1, 2022 to December 31, 2022 and payable on January 1, 2023 remains at 7.15% (6.80% +0.35%), unchanged compared to the previous half. The bonds have a fixed term of seven years.
Here is a quick compilation of FD banks that offer higher interest rates than RBI Bond.
Utkarsh Small Finance Bank
Utkarsh offers an interest rate of 7.25% on a term of 700 days to 5 years for ordinary citizens and 7.75% for senior citizens.
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank offers a higher interest rate than RBI Savings Bonds over tenor over 12 months and 1 day to 524 days, and 42 months 1 day to 60 months, the interest rate offered is 7.20%. For terms of 75 weeks (525 days) and 990 days and 75 months, the interest rate offered is 7.50%.
Small Corporate Bank ESAF
ESAF Small Finance Bank offers an interest rate of 7.25% on terms of 2 years to less than 3 years for ordinary citizens and 7.75% for senior citizens.
Fincare Small Corporate Bank
Fincare Small Finance Bank offers an interest rate of 7.25% on a 750 day term for ordinary citizens and 7.50 on a 1000 day term for ordinary citizens.