FD Rates: The reduction in rates by the Reserve Bank has also affected the deposit rates. However, some banks are still offering rates of 8 percent or higher.
In view of the uncertainty in the stock market, personal finance experts advise people to invest a part of their money in safe investments. Which includes FD. Usually people consider FD as an investment with limited returns, although here the money is safer than the market, so you stay away from both risk and tension. There is a possibility of deposit rates coming down due to the reduction in rates by the Reserve Bank. However, many banks, especially small finance banks, are still offering high rates. Take a look at the offers being given by the banks.
Suryoday Small Finance Bank
Suryoday Small Finance Bank is offering more than 8 percent interest to its investors. According to the bank’s website, an interest rate of 8.4 percent is being offered on 5-year FD. Whose APR (Annual Percentage Yield) is 8.67 percent. The bank is offering 8.15% for FDs of 30 months to 36 months. Whose APR is given as 8.4%. These rates are for FDs of less than Rs 3 crore.
Utkarsh Small Finance Bank
The bank is also offering interest rates of 8% or more for different periods and different categories. For FDs of less than Rs 3 crore, 8% interest is being given from 371 to 729 days (less than 2 years). At the same time, senior citizens are getting 8.5% interest. At the same time, senior citizens are getting 8.25% interest for more than 3 years and less than 4 years and 8% interest for a period between 4 to 5 years.
Jana Small Finance Bank
The bank is offering more than 8% interest for a specific period with some special conditions. There is an offer of 8.2% for FDs of 10 lakhs or above for a period of 5 years. Senior citizens have been offered 8% for 181 to 365 days, 8.25% for one year to 2 years and 8.2% for 5 years.
What to keep in mind
Keep in mind that banks keep changing interest rates continuously. In such a situation, get information about this from the bank before investing. Before long-term investment, keep your goals and future needs in mind. If for some reason you break the FD midway, then you will not get its full benefits. Before investing, take advice from a trusted advisor.
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