FD rate Hike: This bank has increased the interest rates of FD, senior citizens will get 9.10% interest

Bank FD Rates : Big banks of the country like SBI, HDFC and ICICI are reducing interest rates on fixed deposits (FD) these days. But Suryoday Small Finance Bank (SSFB) has taken a step against this trend and increased the interest rates of FD. The bank has increased the interest rates by 41 basis points (bps) for the period less than Rs 3 crore. This has opened the way for investors to get higher returns.

According to the new rates of the bank, now common customers will get interest ranging from 4% to 8.60% on FD. On the other hand, senior citizens will get benefit ranging from 4.5% to 9.10%. The highest interest rate is being offered on FD of 5 years and 1001 days, where common customers will get 8.60% and senior citizens will get 9.10% interest.

If you make a one-year FD, you will get 7.90% interest and senior citizens will get 8.40% interest. On FDs up to 15 months, the general customer will get 8.00% interest and senior citizens will get 8.50% interest. The interest rate on 18-month FDs is 8.25% and 8.75% respectively. If you deposit money for 30 to 36 months, then this rate becomes 8.40% and 8.90%. At the same time, the interest rate on FDs up to 10 years has been fixed at 7.25% for general customers and 7.75% for senior citizens.

The bank has also given attractive interest rates on Recurring Deposit (RD). For example, on a 12-month RD, a general customer will get 7.90% interest and a senior citizen will get 8.40% interest. If you do RD for 5 years, then this rate becomes 8.60% for general customers and 9.10% for senior citizens.

This is also a good option in terms of investment safety because all the fixed deposits of the bank come under DICGC insurance. This means that every depositor gets protection of up to Rs 5 lakh. If you are looking for a better interest rate with safe investment, then Suryoday Small Finance Bank’s FD and RD schemes can be a good option for you. Especially senior citizens should take full advantage of this time when other banks are reducing interest rates. However, do check the rating of the bank before investing.

 

The post FD rate Hike: This bank has increased the interest rates of FD, senior citizens will get 9.10% interest first appeared on informalnewz.

News