Fixed Deposit Interest Rate: Are you still planning to invest in fixed deposits? Let us tell you that there are some banks and NBFCs which are offering 9 percent interest on FD. Recently many banks have reduced the interest on FD. But now there are some banks which are offering higher interest on FD
Fixed Deposit Interest Rate: Are you still planning to invest in fixed deposits? Let us tell you that there are some banks and NBFCs which are offering 9% interest on FDs. Recently, many banks have reduced the interest on FDs. But there are still some banks which are offering higher interest on FDs. These interest rates are on FDs of less than Rs 3 crore. At the same time, senior citizens are being given an extra interest of 0.25% to 0.50%. Here we are telling you about those banks which are giving 9% interest on three-year FDs.
These banks are offering 9% interest on 3-year FDs. The special thing is that this interest is applicable on FDs of less than Rs 3 crore for customers below 60 years of age.
1. North East Small Finance Bank
This bank is giving 9% interest to general customers on 3 year FD.
2. Suryoday Small Finance Bank
Suryoday Small Finance Bank is offering 8.6% interest rate on 3-year FD.
3. Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is offering 8.5% interest to general customers on 3-year FD.
4. Jana Small Finance Bank
Jana Small Finance Bank is offering 8.25% interest on its 3-year FD.
5. Unity Small Finance Bank
Unity Small Finance Bank is offering 8.15% interest on 3-year FD.
6. Equitas Small Finance Bank
Equitas Small Finance Bank is offering 8% interest rate on its 3-year FD.
DICGC Cover and Tips for Investors
Deposits made in small finance banks have an insurance cover of up to Rs 5 lakh under the Deposit Insurance Credit Guarantee Corporation (DICGC). However, investing your savings in small finance banks is a bit risky. Most experts advise that it is right to invest in these banks only up to the limit of DICGC cover because in any case your principal and interest remain safe.
How to save TDS on bank FDs
If a depositor’s annual income is less than Rs 2.5 lakh (Rs 3 lakh for senior citizens) and tax is zero, then they can submit Form 15G or Form 15H to the bank. This is a request to the bank to stop deducting TDS from the interest income on FD.
