To get 9.21 percent interest on FD, senior citizens will have to make an FD for 750 days in the bank. After the changes by the bank, the new interest rates on FD have become effective from October 28, 2023. The change in FD rates has been made for investments of less than Rs 2 crore.
In today’s time, everyone wants to save some of their earnings and invest it in such a place where apart from keeping their money safe, they also get strong returns. In this matter, fixed deposit schemes (FD Schemes) of many banks have become a popular option. Last year, when the repo rate was increased one after the other after inflation reached its peak, banks gave relief to the customers by increasing FD rates and this trend is still continuing. One such bank is Fincare Small Finance Bank which is offering more than 9 percent interest on FD to its customers.
Tremendous benefits for senior citizens
Although there are many banks which are offering 9 percent interest on FD to their customers, but by offering 9.21 percent interest rate, Fincare Small Finance Bank has joined the list of banks offering the highest interest. Keep in mind here that this high interest rate on FD is being offered for senior citizens, whereas for ordinary citizens, a maximum interest of 8.61 percent is being given on investment. Recently, Fincare Small Finance Bank had given a gift to its customers by announcing changes in interest rates on FD.
You will get profit on investment of 750 days
To get this huge interest of 9.21 percent on fixed deposits, senior citizens will have to make an FD of 750 days in the bank. After the changes by the bank, the new interest rates on FD have become effective from October 28, 2023. The change in FD rates has been made for investments of less than Rs 2 crore. If we look at the interest rates currently being offered to general and senior citizens in Fincare Small Finance Bank, on fixed deposits ranging from 7 days to 10 days, interest ranging from 3 to 8.61 percent is being given to general customers. At the same time, for senior citizens, interest rates on FDs of different tenures range from 3.60 percent to 9.21 percent.
New interest rates after change
After the recent changes made by the bank, if we look at the interest rates being given on different tenures in Fincare Small Finance Bank on FD, then common citizens can get 3 percent on FD of 7 to 14 days, 3 percent on FD of 15 to 30 days. The bank is getting 4.50 percent interest, 5.25 percent interest on deposits of 31 to 45 days and 5.76 percent interest on FDs of 46 days to 90 days.
The bank is offering 6.25 percent interest on FDs of 91 to 180 days, 6.50 percent interest on FDs of 181 days to one year i.e. 365 days, and 7.50 percent interest on investments of 12 to 15 months.
These banks are also giving strong interest on FD
Apart from Fincare Small Finance Bank, many banks are offering strong interest rates to their customers on FD. At the top among these is Unity Small Finance Bank which is giving interest up to 9.5 percent to senior citizens. Whereas Suryoday Small Finance Bank is included in the list by giving 9.1 percent, DCB Bank 8.50 percent, RBL Bank 8.30 percent, IDFC First Bank 8.25 percent.
(Note- Before making any investment, please consult your advisor.)
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