Before making an FD in a Small Finance Bank (SFB), first of all, check the credibility and financial position of the bank.
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Bank FD Rate: After the Reserve Bank of India (RBI) cut the repo rate three times in a row, on the one hand the banks have made loans cheaper, on the other hand they have reduced the interest on fixed deposits (FD). Senior citizens have suffered the most due to the reduction in interest on FD. However, it is not that the option of getting higher returns on FD has ended. Still many banks are giving up to 8.8% interest on FD to senior citizens. Let’s know about those banks.
1. Suryodaya Small Finance
Suryodaya Small Finance is offering 8.8% interest rate on its three-year term FD for senior citizens.
2. Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is offering 8.75% interest rate on three-year term FD for senior citizens.
3. Unity Small Finance Bank
Unity Small Finance Bank is offering up to 8.5% interest rate on FDs for a tenure of 3 years to senior citizens.
4. Slice Small Finance
Slice Small Finance Bank is offering up to 8.25% interest rate on FDs for a tenure of three years.
5. Jana Small Finance Bank
Jana Small Finance Bank is offering up to 8.25% interest rate on FDs for a tenure of three years to senior citizens.
Keep these things in mind before investing
Before making an FD in a Small Finance Bank (SFB), first of all, check the credibility and financial condition of the bank, also, opt for FD insured by DICGC (Deposit Insurance and Credit Guarantee Corporation). Deposits are insured under the Deposit Insurance and Credit Guarantee Corporation. It provides equal insurance coverage of up to Rs 5 lakh to every depositor in every bank. This insurance guarantees a safety net for small depositors. Nevertheless, an investor should be cautious and evaluate specific parameters to ensure the financial health of the bank before investing. Apart from this, also get information about the tenure of the FD, interest rate, and penalty on premature withdrawal.
Disclaimer: This article is written for information purposes only. Consult your financial advisor before making any kind of investment or taking any financial risk. India TV will not be liable for any kind of risk.
