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Fixed Deposit Schemes: FDs play an important role in the financial planning of many individuals in India, providing stable and predictable investment returns. Despite the ups and downs in the financial markets, FDs remain a popular choice for investors in India who value stability and reliable returns. Whether you are looking for short term allocation of money or planning for long term investment.. banks or many financial institutions are offering attractive fixed deposit interest rates to meet your financial needs.
Small Finance Bank Interest Rates
The interest rates of small finance banks on fixed deposits are high at present and due to this people are showing more interest in making FDs in small banks. The interest rates on fixed deposits of these small finance banks are high at this time-
- North East Small Finance Bank offers a high interest rate of 9 percent on fixed deposits for investment amount less than Rs 3 crore.
- Suryoday Small Finance Bank offers an interest rate of 8.6 percent on fixed deposits.
- Utkarsh Small Finance Bank is offering 8.5 percent interest on fixed deposits.
- Jana Small Finance Bank offers a competitive interest rate of 8.25 percent on fixed deposits for a tenure of three years.
- Unity Small Finance Bank offers returns of 8.15 percent interest rate on fixed deposits.
Interest rate of country’s largest government bank SBI
State Bank of India gives interest rate of 5.30 percent to 5.40 percent on FD to general citizens and 5.80 percent to 6.20 percent interest to senior citizens.
Understand Fixed Deposit
Through FD, a fixed amount is invested at a predetermined interest rate for a fixed period. If the investor is a senior citizen, he is offered higher interest rates. In this, a lump sum amount has to be deposited for a specified period. Interest is given as per the prescribed interest rate but the interest rates are different in different financial institutions like government, non-government banks, post offices. Under fixed deposit, investment can be made for a maximum of 10 years.
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