Fixed deposits are an age-old favourite for investors who are risk-averse. They always look out for the high interest rates that various banks are offering.
Some of the banks offer interest rates exceeding 9% on FDs of various tenures. (Picture Credit: depositphotos)
Interest rates are ruling high in India. In fact, economists are unanimous that they are at their peaks and might start sliding this year itself if Reserve Bank experts are satisfied with the retail inflation trajectory in the next few months. Therefore, the next few weeks might offer an opportunity to lock in the highest rates in the FDs of different banks.
FD Interest rates above 9%
- Guwahati-based North East Small Finance Bank offers the highest rate of 9.25% for general citizens and 9.75% for senior citizens on deposits between 546 and 1,111 days. The highest interest rate that Unity Small Finance Bank offers is 9.5% for senior citizens and 9% for general customers on duration of 1,001 days.
- Suryoday Small Finance Bank offers rates of 9.10% for senior citizens and for FDs with tenures of 2 years to 3 years. The corresponding interest offered to non-senior citizens is 8.60% to 8.65%.
- Another small finance bank, Equitas Small Finance Bank, offers the highest rate of 9% for senior citizens and 8.5% for non-senior citizens for maturity period of 444 days. Shivalik SGB pays 9.05%to senior citizens and 8.55% to those under 60 for fixed deposits between 18 and 24 months.
- Utkarsh Small Finance Bank offers its highest rate of 9.1% in two maturity baskets – 2 years to 3 years and 1,500 days. This rate is offered to senior citizens. Those below 60 will get a rate of 8.5% in both baskets.
FD Interest Rates between 8% and 9%
Jana Small Finance Bank offers 8.75% interest to senior citizens and 8.25% to non-senior citizens for tenures between 365 days and 1,095 days. Ujjivan SFB offers 8.75% for senior citizens and 8.25% for deposits of 12 months duration.
RBL Bank’s highest interest rate for FD is 8.80% for those above 60 and 8.3% for those below 60. DCB Bank offers rates of 8.55% for senior citizens and 8.05% for general customers for maturity periods between 19 months and 20 months.
The highest rate for IDFC First Bank FD is 8.25% for senior citizens and 7.75% for 500 days. Bandhan Bank offers the highest rate of 8.50% (senior citizens) and 8% (non-senior citizens) for 1-year-9-month FDs. Yes Bank’s highest interest rate on FD is 8.5% for seniro citizens and 8% for non-seniors for 18-month duration.
Wrong notion
It is a mistake to think that FDs appeal only to risk-averse investors or retirees. Every investment strategist recommends that a portfolio should consist of debt instruments, irrespective of the risk appetite of the individual.
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