Interest rates on fixed deposits (FDs) have been rising, and many banks are now offering higher returns to customers. Small finance banks offer rates of up to 9% for senior citizens, while major banks in the country offer interest rates of up to 8%.
These small financial institutions are:
Suryoday Small Finance Bank is offering 8.51 per cent interest for common people and 8.76 per cent for senior citizens on a 999-day FD.
On 181 and 501 days FD, Unity Small Finance Bank is offering 8.50 percent to the general public and 9.00 percent to senior citizens.
Deposits at Ujjivan Finance Bank can earn 8.20% interest for a period of 560 days.
On a 999-day FD, ESAF Small Finance Bank is offering 8% interest to the general public and up to 8.50% interest to senior citizens.
On a 700-day FD, Utkarsh Small Finance Bank is offering general citizens 8.25 percent interest and senior citizens 9% interest.
Nonetheless, it is essential to keep in mind that experts believe that FD rates may continue to rise in the future, despite the fact that FD investment may be a viable option for some individuals.
Therefore, it is essential to conduct appropriate research and take precautions to guarantee the safety of your investment prior to making a high-interest-rate investment in these small finance banks.
Make sure to determine whether the bank is experiencing financial difficulties before taking the risk. Additionally, take advantage of the Deposit Insurance Scheme provided by the Reserve Bank of India, which covers interest and principal up to a maximum of Rs 5 lakh. You could also think about getting more insurance to protect yourself.
