Fixed deposits are not the most ideal decision for the new age financial investors, in any case, the FDs actually are standing firm on a gigantic foothold in the venture field. In addition to the more seasoned age, yet numerous others additionally save a part of their cash in FDs for security.
The affirmation behind FDs is the most worthwhile variable for financial backers. Albeit, as per a few investigators, FDs ought not be considered as a venture for much benefit, rather it will just save the investors’ money.
For the beyond 4-5 years, financial investors are regretting about the FDs generally due to the low-loan fee on them. All the momentary FDs and Long term FDs are currently offering low-loan fees, generally around 5% for the general population.
The loan costs for senior residents are higher by around 0.75%. Be that as it may, prior, during 2015, FD rates used to remain around 8.25%, which has been corrupted throughout the long term.
However, some banks are offering better interest rates than the others in 3 years FD, and the top 4 banks are listed below. Interest rates on FDs for 3 years:
Bank name Interest rate for public Interest rate for seniorcitizens
Ujjivan Small Finance Bank 6.50% 7.25% Jana Small Finance Bank 6.75% 7.25% Yes Bank 6.25% 7.00% Equitas Small Finance Bank 6.00% 5.50%
The Ujjivan Small Finance Bank, Jana Small Finance Bank, and Equitas Small Finance Bank are the three top small finance banks in India.
Yes Bank, on the other hand, is another reputed bank in the country. Additionally, the RBI will secure your FD money up to Rs. 5 lakhs, which makes it absolutely safe to interest in FDs, in any RBI registered bank in the country.
So, investing in a small finance bank FD will not be different than investing in any other bank. The interest rates on FDs depend on the repo rate fixed by RBI, which now stands at 4%. On the other hand, the reverse repo rate is now 3.55%.
In the latest MPC meeting on December 8, 2021, the central bank has retained the repo rate same for the 9 consecutive months. So, FD rates have also remained unchanged in the country.
