Fixed deposit (FD) interest rates have been on the rise, with many banks now offering higher returns to customers. Major banks in the country are providing interest rates of up to 8 per cent, while small finance banks are offering rates of up to 9 per cent for senior citizens.
These small finance banks are:
Suryoday Small Finance Bank is offering 8.51 per cent interest for common people and 8.76 per cent for senior citizens on a 999-day FD.
Unity Small Finance Bank is giving 8.50 per cent to the general public and 9.00 per cent to senior citizens on 181 and 501 days FD.
Ujjivan Finance Bank is offering 8.20 per cent interest on deposits with a tenure of 560 days.
ESAF Small Finance Bank is giving 8 per cent interest to the common people and up to 8.50 per cent to senior citizens on 999 days FD.
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Utkarsh Small Finance Bank is giving 8.25 per cent interest for general citizens and 9 per cent interest for senior citizens on 700 days FD.
However, it's important to remember that while FD investment can be a good option for some people, experts believe that FD rates may increase further in the future. Therefore, before investing in these small finance banks for high-interest rates, it's important to do proper research and take precautions to ensure your investment is secure.
Before taking the risk, make sure to check whether the bank is in financial trouble or not. Additionally, take advantage of the Deposit Insurance Scheme offered by the Reserve Bank of India, where up to Rs 5 lakh is insured for both the principal amount and interest. You can also consider additional insurance for added protection.
