Highest Bank FD Rates: This bank has revised the interest rates on fixed deposits. In the period of 1 to 5 years, the interest rates have been increased from 49 to 160 basis points.
Fixed Deposit is no longer a low return investment scheme. Now up to 9 percent interest rate is being offered to those investing in FD. Even higher interest rate of 9.6 percent has been announced by Suryoday Small Finance Bank (SSFB). The bank has said that it is raising interest rates to encourage its investors to earn more profits.
Suryoday Small Finance Bank (SSFB) has revised the interest rates on fixed deposits. In the period of 1 to 5 years, the interest rates have been increased from 49 to 160 basis points. With this, the highest interest rate has increased to 9.6 percent. The bank has made the new interest rates on the FD scheme effective from 5 May 2023.
Suryoday Small Finance Bank Interest Rates
According to Suryoday Small Finance Bank, it is paying interest at the rate of 4.00 percent to 9.10 percent to the general public on FD investment for a period of 7 days to 10 years on deposits of less than Rs 2 crore. Whereas, senior citizens are being offered interest at the rate of 4.50 percent to 9.60 percent on FDs with maturity of 7 days to 10 years. Regular customers of the bank can now avail a maximum interest rate of 9.10 per cent, whereas, senior citizens can avail 9.60 per cent interest rate on 5-year deposits.
Interest Rate on Suryoday Small Finance Bank Savings Account
Suryoday Small Finance Bank also gives interest to its customers on the existing amount on the savings account and the bank has revised the interest rate. The bank has said that the interest rate on Rs 5 lakh in the account has been increased to 6.75 per cent. Whereas, the interest rate has been reduced to 7.00 per cent for deposits up to Rs 2 crore in the account.
5 lakh investment amount is safe in small bank
According to RBI rules, FD investment amount up to Rs 5 lakh in Small Finance Bank is insured, which the customer gets without loss if the bank collapses. However, before investing more than this amount, it is better to check the risk appetite of Small Finance Bank.
