Fixed Deposit: Fixed deposit has been a popular investment option in India for a long time.
But according to the rate at which inflation has increased in the last few years, banks, post offices or other financial institutions providing FD have not increased the interest rates. Due to which the attraction of investors has decreased a bit. But at present, there is also an option where there is an opportunity to earn 8.90 percent annual interest on FD. Here deposits from 1 year to 5 years are getting higher returns than banks.
What is the interest rate for which tenure?
Finance company Shriram Transport Finance Company or STFC has increased the interest rates by 25 basis points for FDs of 1 year i.e. 12 months and now it has become 7 percent per annum. The company has started a new 18-month scheme, on which 7.30 percent annual interest is. For 24-month FDs, STFC has increased the interest rates by 25 basis points and now it is 7.50 per cent per annum. Interest is 8.05 percent on 36-month FD, 8.15 percent on 42-month FD, 8.20 percent on 48-month FD and 8.30 percent on 60-month FD.
Interest rate revised
STFC has revised its fixed deposit interest rates. STFC has increased the interest rates by 0.25% for different tenures. The new rates are effective from 14 October 2022. The revised interest rate is for FDs ranging from 12 months to 60 months i.e. 1 year to 5 years. Women and senior citizens will get more interest than the normal rate. Keep in mind that this additional 0.25% interest rate will be available on all renewals where your scheme is maturing.
How to get interest up to 8.90 percent
If senior citizens open an FD account in their name, they will get 50 basis points more interest. On the other hand, if women are customers, then they will get an additional benefit of 10 basis points. In such a situation, female senior citizens will get 8.90 percent annual interest on FD of 5 years. The company has started an additional 10 point benefit for women in the form of new features.
