To build an emergency fund, invest a portion of your savings in liquid assets. Despite the fall in interest rates, invest a certain percentage of your portfolio in Fixed Deposits (FDs) that offer high returns for a tenure of one year. While investing, do a thorough risk assessment and do proper bank checks before investing in FDs.
According to data from banks, despite falling interest rates, small finance banks and small private banks offer interest rates up to 6.50 per cent on one-year FDs. Surprisingly, SBI and HDFC Bank are offering only up to 5 per cent interest rate on fixed deposits. Today we are going to tell you about such banks which are giving higher interest rate than SBI and HDFC.
More than 6 percent interest rate in these two banks
Suryoday Small Finance Bank gives 6.50 percent interest on one year FD. Among small finance banks, it is offering the highest interest rate. If you invest an amount of Rs 1 lakh here in FD for one year, then at the time of maturity you will get Rs 1.07 lakh. The special thing is that the minimum investment amount here is Rs 1,000.
Equitas is a small finance bank offering an interest rate of more than 6% on FDs of one year. According to the bank’s website, 6.35 percent interest is being available on one year FD. If you make a fixed deposit of Rs 1 lakh here for one year, then that amount will increase to Rs 1.07 lakh on maturity.
These banks are earning up to 6 percent
IndusInd Bank is giving 6 percent interest on one year FD. Which is more than many other well-known banks apart from SBI and HDFC Bank. If you do an FD of one lakh for one year, then on maturity you will get Rs 1.06 lakh. The minimum investment amount here is Rs 10,000.
RBL Bank is also offering 6% interest on one year FD like IndusInd Bank. If you invest one lakh rupees here, then your amount will increase to 1.06 lakh rupees. Which is much better than many other banks.
Ujjivan Small Finance Bank also gives 6 percent interest on one year FD. On maturity, you will get Rs 1.06 lakh on FD of Rs 1 lakh. Here you can invest as little as Rs 1,000.