FD Interest Rate: From May 2022 last year, the Reserve Bank of India (RBI) had increased the policy rates (Repo Rate) for six consecutive times, meanwhile, to give relief to its customers, most of the big and small finance banks Has increased the interest rates of Fixed Deposit (FD) here.
Everyone wants that he should keep saving something from his income or pension, which will fulfill all his needs. Many schemes are being operated for this. But, Fixed Deposit (FD) is very popular in this matter. From May 2022 last year, when the Reserve Bank of India started the process of increasing the repo rate to control inflation, many banks have increased the interest rates of their FDs to give relief to the customers. One of these names is the name of Suryoday Small Finance Bank, which is offering a tremendous interest of 9.6 percent.
Excellent returns for senior citizens
People are giving more preference to investment in FD. If you are also planning to get a fixed deposit, then this Suryoday Small Finance Bank can give you bumper benefits. Here the maximum interest is being given to the senior citizens. He is being offered a return of 9.6 per cent on a five-year FD by the bank.
According to this, a fixed deposit of Rs 1 lakh will give you a profit of Rs 60,694 in five years. Similarly, if you invest the entire amount including interest for the next five years, then your investment of Rs 1 lakh will be around Rs 2.5 lakh.
Common citizens also get more than 9% interest
Suryoday Small Finance Bank has recently revised its interest rates. In this, more than 9 percent interest is being offered not only to senior citizens, but also to ordinary citizens. If a common citizen invests money for five years, then the bank is giving him 9.10 percent interest. Significantly, this bank had changed the FD Interest Rates in the month of March last year as well. The bank had then increased interest rates by 75 to 125 basis points for FDs ranging from five to 10 years.
Small finance banks are giving more interest
Fixed Deposit is actually an account in which investment is made for the maturity period and good interest is offered to the investors on this deposit. The special thing is that the amount invested cannot be withdrawn before maturity. In the recent past, not only big but also many small banks have increased their FD interest rates to attract investors. However, from all major banks ranging from State Bank of India (SBI), HDFC Bank, Punjab National Bank (PNB), ICICI Bank, Kotak Mahindra Bank to Axis Bank, where annual returns range from 7.5% to 8% on their FDs. being given. At the same time, Small Finance Banks (SFBs) are offering interest of more than 9 percent on fixed deposits.
Benefits of Fixed Deposit
The biggest advantage of Fixed Deposit or FD is that it is a safe way of investment and it is not affected by the ups and downs of the market. Means the interest rate at which you have put your amount for the fixed period, then you will get the money back accordingly. Apart from this, the interest received on FD is higher than that of normal savings accounts. At the same time, some banks also provide loan facility on FD.
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