A large section of the middle class still relies on bank fixed deposit schemes for saving money. However, interest rates on such savings schemes have decreased significantly over the past few years. But those who are not willing to take risks with market-related investments prefer to invest through fixed deposits to remain worry-free.
Interest rates vary based on the duration for which the FD is made. However, in most of the country's leading banks, interest rates on fixed deposit schemes range between 6 to 7 %. In any fixed deposit scheme, senior citizens (above 60 years) receive 0.50 % more interest than general citizens (below 60 years). Therefore, while senior citizens have the opportunity to make FDs at interest rates close to 8 %, this opportunity is very limited for general citizens.
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Three small finance banks in the country offer higher interest rates on fixed deposits compared to other banks. General citizens can make FDs at 8 % interest rate in these banks. Let's see which banks offer this facility and for what duration of fixed deposit this benefit is available.
Suryoday Small Finance Bank
In this small finance bank, general citizens will receive an interest at 8.05 % rate if they make a fixed deposit for five years.
Jana Small Finance Bank
In this small finance bank, general citizens will receive interest at 8 % rate if they make a fixed deposit for five years.
Utkarsh Small Finance Bank
In this small finance bank, general citizens will receive interest at a 7.25 % rate if they make a fixed deposit for five years.
{News Ei Samay does not provide investment advice anywhere. Investment and trading in the share market or any field involve risk. Proper study and expert advice are recommended beforehand. This news is published for educational and awareness purposes.}
