These banks offer highest returns on FDs: Check interest rates, policy terms
To control inflation, a few days ago, the Reserve Bank of India (RBI) increased the repo rates. Therefore, the rate of fixed deposits continues to rise. There are many small banks that offer higher returns than big commercial banks.
- To control inflation, RBI increased the repo rates.
- The great feature of FD is that you can invest in it from 7 days to 10 years.
- There are many small banks that pay more than big commercial banks.
New Delhi: To control inflation, a few days ago, the Reserve Bank of India (RBI) increased the repo rates, despite hiking the rates a few days ago. As a result, the interest rate offered on fixed deposits continues to rise. Along with large commercial banks, small finance banks are also increasing their interest rate on FDs. Such lenders offer better returns to customers as people take and invest in fixed deposits as a safe and guaranteed return.
There are many investment options in FD to choose from. There are many small banks that offer higher returns than big commercial banks. If you want, you can make good money by investing in FDs offered by these banks.
Let us look at the list and the rate of interest of the banks that are offering significant interest on FDs. (Also Read: Massive fall in gold prices, good time to invest? Check rates in your city)
Suryoday Small Finance Bank is offering a 7.49 percent interest rate for the general public and 7.99 percent for senior citizens on FDs maturing in 999 days. On an FD of 30 to 36 months, the bank is offering a 7 percent interest rate for the general public and 6.8 percent for senior citizens. For a short-term investment, you can get returns ranging from 3 to 6 percent.
Jana Small Finance Bank is offering 7.3 percent to the general public and 8.1 percent to the senior citizens for FDs maturing in 5 years. If you want to invest for 2 to 3 years then you can get an interest rate of 7.2 percent for the general public and 8 percent for the senior citizens. Short term investment option is also available. You can avail the interest rate of approx 3 to 6 percent on the FDs maturing in 7 to 365 days.
Ujjivan Small Finance Bank is another small finance bank that gives higher than most large commercial banks. On an FD of 990 days to 36 months, one can get returns at an interest rate of 7.2 percent and 7.7 for senior citizens. The FD maturing in 7 days to 5 months offers returns at approx 3 to 5.2 percent.
However, financial experts advise that one should not put their entire savings in FDs. One needs to assess one’s asset allocation and financial targets to decide how much money one needs to deposit in banks.