Interest rate on FD
Many banks have reduced interest rates on FD after RBI cut repo rate. However, there are still some banks, which are offering high interest rates to senior citizens up to 9.1% on FDs with a duration of three years. Keeping in mind the fact that the Reserve Bank of India (RBI) has cut repo rates and many banks have reduced their FD and savings account interest rates, now there is a good time to invest in FD for a moderate period like three years. Note that these interest rates are for FD of less than Rs 3 crore.
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is offering an interest rate of up to 9.1% on FD for a period of three years.
Northeast small finance bank
Northst Small Finance Bank is offering interest rate to senior citizens up to 9% on FD of a period of three years.
Jan Small Finance Bank and Sunrise Small Finance Bank
Jan Small Finance Bank and Sunrise Small Finance Bank are offering interest rate to senior citizens up to 8.75% on FD for a period of three years.
Unity small finance bank
Unity Small Finance Bank is offering interest rate to senior citizens up to 8.65% on FD for a period of three years.
Equitas small finance bank
Equitas Small Finance Bank is offering an interest rate of up to 8.25% on FD for a period of three years.
Return to beat inflation
Keep in mind that the return on your investment should be higher than inflation rate. If this does not happen, the value of your money in the long term will continue to decrease. If you get FD done, then see that the interest rate is higher than inflation rate.
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