Most banks currently allow fixed deposits (FDs) for a period ranging from seven days to 10 years. Investors choose the period as per their convenience, but Suryoday Small Finance Bank is preparing to increase the time period of FD to 20 years to attract investors.
According to the report, the bank has planned to increase the maximum period of FD to 20 years. According to the information, investors will also be given the option of systematic withdrawal in 20-year FD.
This will be similar to the annuity plan offered by life insurance companies, but for a limited period. Investors will be allowed to gradually withdraw their money from this FD after 10 years.
What is a Fixed Deposit
Fixed deposits provide fixed income and capital protection, which is why it has become a popular investment option. Apart from this, FD also helps in meeting short-term financial needs. It becomes a major source of income in case of emergency and after retirement. FD interest rates of scheduled banks range from 2.50% to 9.00% per annum for common citizens, with a tenure of 7 days to 10 years.
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