New Delhi : There was a time when Indian banks used to offer double-digit interest on FDs. But all this is a thing of the past. Now even State Bank FDs (SBI FDs) offer around seven percent interest. Even then, there are some banks that are offering nine percent interest on fixed deposits for retail investors. We are telling you the names of some such banks.
Senior citizens get more interest
The banks we are listing here are offering up to 9% interest rate per annum on fixed deposits for retail depositors. This is usually on amounts less than Rs 3 crore. Moreover, senior citizens can get even higher interest rates on fixed deposits, which is usually higher by 0.25% to 0.50%. We have listed here a complete list of banks offering up to 9% interest on fixed deposits for a period of three years and less than Rs 3 crore for individuals below 60 years of age.
North East Small Finance Bank
North East Small Finance Bank is offering 9% interest rate to common citizens on FDs maturing in three years. Suryoday Small Finance Bank is also offering 8.6% interest rate to common citizens on its FDs maturing in three years.
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is offering 8.5% interest rate to common citizens on FDs maturing in three years. Jana Small Finance Bank is also offering 8.25% interest rate on FDs maturing in three years.
Unity Small Finance Bank
Unity Small Finance Bank is offering an interest rate of 8.15% on FDs maturing in three years. Equitas Small Finance Bank FD RatesEquitas Small Finance Bank is offering an interest rate of 8% on FDs maturing in three years.
(Disclaimer: Small finance bank deposits are insured only up to Rs 5 lakh by the Deposit Insurance Credit Guarantee Corporation (DICGC). Experts advise investors to be cautious while investing in their FDs. Given their unique business model, the risks associated with investing in small finance bank FDs may differ slightly from scheduled commercial banks. To mitigate potential risks, it is recommended that investors limit their exposure to small finance bank FDs to the amount that falls within the DICGC coverage. This ensures that their principal and interest are protected in unforeseen circumstances.)
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