FD interest rate News

Here is a list of small finance banks in India and their fixed deposit interest rates.  

Senior Citizen Fixed Deposit Interest Rate: Senior citizens often tend to invest in an instrument that is risk-free and yields a better return. Of all the traditional investment options, fixed deposit is one of the most trusted options by senior citizens.  Recently, not only public sector banks but private lenders have also revised their interest rates on fixed deposits including SBI, HDFC, ICICI Bank, Bank of Baroda and Union Bank of India. While nationalised banks offer a return of up to 7.5 per cent on fixed deposits, Small Finance Banks (SFBs) offer a return of up to 9 per cent on fixed deposits. These SFBs include Ujjival Small Finance Bank, Utkarsh Small Finance Bank, Jana Small Finance Bank, and Fincare Small Finance Bank.

DCB Bank has relaunched its Suraksha Fixed Deposit scheme The scheme offers an interest rate up to 7.6 per cent Suraksha Fixed Deposit is a three-year FD scheme

The bank has hiked the interest rates on FD schemes worth less than Rs 2 crore. The latest interest rates are effective from April 12, 2022. The new interest rates are not applicable to senior citizen investors.

Investors don’t need to visit the bank or do any paperwork for opening the digital fixed deposit accounts. The complete process is digital and can be completed online in a matter of a few minutes. Investors can withdraw up to 25% of their investments anytime without any penalty on premature withdrawals.

FDs maturing in 7 to 30 days will now receive a 2.5% interest rate. The bank will offer an interest rate on FDs with tenors of 31 to 90 days and 91 to 120 days at 2.75% and 3% respectively. On fixed deposits with a tenure of 180 days, the bank will offer an interest rate of 4.3%.

The best way to keep your money growing is to invest in equity in a measured, de-risked and tax-efficient way.