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5 Banks That Give You Returns Up To 7.50 Percent On 1-2 Year Fixed Deposits

High Return Giving FDs: Whenever it comes to investment, the first consideration of FD is in the mind. Why not come, there is a return on FD which is guaranteed with investment in it. However, before investing, a little research must be done about which bank is getting how much interest on FD. Let us tell you today about 5 such banks which are giving up to 7.5% returns in just 1-2 years.


Return on 1-year FD

These 5 banks are getting the best returns on one year FD.

  • Shriram City Union Finance Bank will get 7.50 percent interest and senior citizens will get 7.90 percent interest.
  • Utkarsh Small Finance Bank will get 6.75 percent interest, while the senior citizen is being given 7.25 percent interest.
  • You can get up to 6.50% interest in Suryoday Small Finance Bank, while if you are a senior citizen, you can get up to 7% interest.
  • Ujjivan Small Finance Bank will get 6.50 percent interest and senior citizens will get 6.50 percent interest.
  • IndusInd Bank will get 6.50 percent interest, while senior citizens are being given 7 percent interest.

2 year old FD

If you provide 2-year FD, then these 5 banks will give you the best return

  • Shriram City Union Finance Bank will get 7.25 percent interest and senior citizens will get 7.65 percent interest.
  • Utkarsh Small Finance Bank will get 6.75 percent interest, while the senior citizen is being given 7.25 percent interest.
  • In Suryoday Small Finance Bank, you can get interest of up to 6.75 per cent, while if you are a senior citizen, you can get interest up to 7.25 per cent.
  • Ujjivan Small Finance Bank will get 6.50 percent interest and senior citizens will get 6.50 percent interest.
  • IndusInd Bank will get 6.50 percent interest, while senior citizens are being given 7 percent interest.

Apart from interest, there are many benefits from investing in FD

Many people also recommend to invest money in mutual funds or elsewhere instead of getting FD, so that higher returns can be obtained. However, returns are not guaranteed at such places. So if you want a guaranteed return on your money then FD is a better option. Not only this, FD has many advantages. While making an FD, do not just look at the interest received on it, but keep other things in mind. Let’s know about them.

1- Loan or overdraft on FD

Many people do not know that they get easy loan from the bank on the FD they provide. Some banks also offer overdraft facilities on its basis. Actually, FD is like a guarantee that if you cannot repay the loan, then the loan money will be covered by your FD. So now if you compare FD with any other investment then also keep in mind that you can get loan on FD.

2- Insurance cover is available on FD

If you have FD in the bank, then you get the insurance coverage of Deposit Insurance and Credit Guarantee Corporation (DICGC). If your bank defaults or goes bankrupt, you will get up to Rs 5 lakh under this insurance cover, which will include both principal and interest. That is, not only will your returns be guaranteed, there will also be a guarantee of getting back up to 5 lakh rupees.

3- Advantage of free life insurance

If there are many such banks, then they give an additional benefit of life insurance to those who have FDs in them for free. Banks make such an offer so that it can attract more and more people to FD. Under this, banks offer life insurance equal to the FD amount to their customers. However, there is a certain age limit as well. If seen, banks calculate their risk and give life insurance to the customers, which is a profitable deal.

4- Tax related benefits

If you make a fixed deposit for 5 years or more, then you can claim tax exemption under Section 80C of the Income Tax Act, 1961. Under this, you can get a tax rebate of up to Rs 1.5 lakh in a year. However, if you get an FD of less than 5 years, you will have to pay tax. If the interest received from all the banks in a year is more than 40 thousand rupees, then it will also be taxed.

5- Guaranteed Returns


The most important thing about FD is that in this you get guaranteed returns. That is, if you are planning after 5 years or 10 years or any number of years, then in FD you know for sure how much money you will get at maturity. This is because the fix returns on the FD. At the same time, the returns in investments like mutual funds, NPS, ELLS are low every year and depends on the movement of the stock market.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ praveshmaurya24@gmail.com
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