Bank FDs are considered safer as compared to investments in equities like stocks, SIPs or mutual funds (MFs). FD interest rates have been increased for the last few months.
Fixed Deposit: Even after all the options are available, most people bet on bank fixed deposits (FD) for secure returns. Bank FDs are considered safer as compared to investments in equities like stocks, SIPs or mutual funds (MFs).
FD interest rates have been increased for the last few months. However, small finance banks are still paying higher interest on deposits than commercial banks. One such small finance bank is Unity Small Finance. It is offering up to 9% interest on FD. It is currently offering 9.5% p.a. interest on FDs to senior citizens.
FD interest rates for general citizens
> 6 months – 201 days 8.75%
501 days 8.75%
1001 days 9.00%
FD interest rates for senior citizens
> 6 months – 201 days 9.25%
501 days 9.25%
1001 days 9.50%
Utkarsh Small Finance Bank
On the other hand, talking about Utkarsh Small Finance Bank, now a maximum interest rate of 8.25% and 9% for senior citizens will be given on deposits maturing in 700 days. Explain that the bank offers FDs with interest rates ranging from 4.75% to 9%.
Fincare Small Finance Bank
Fincare Small Finance Bank is now offering interest rates on FDs ranging from 3% to 8.4% for general citizens and 3.60% to 9.01% for senior citizens. Let us tell you that SBI, HDFC Bank and ICICI Bank are offering interest rates between 3% to 7.10% on FDs maturing in 7 days to 10 years. Senior citizens are getting interest ranging from 3.50% to 7.60%.
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