9% interest on bank fixed deposit

Interest on Bank FD

Fixed deposits (FD) or term deposits are an ideal investment for those seeking high liquidity and premature withdrawal facility. Banks like SBI, HDFC and ICICI offer annual interest rates in the range of 6% to 6.4%, whereas small finance banks such as Suryoday small finance banks and Fincare small finance banks offer higher interest rates on FDs. Also, followed by budget 2020, RBI has increased the insurance cover on fixed deposits from 1% to 5%, to safeguard the interest of depositors. Under this insurance cover, banks pay a premium of 12 paise per Rs. 100 deposit. 

The interest rate offered by the Suryoday small finance bank is in the range of 4% to 9% for general customers and 4.5% to 9.5% for senior citizens. The interest rate on FDs scheme by Suryoday small finance bank is as under:

  • 4% for 7-45 days
  • 5% for 46-90 days
  • 5.5 % for 91 days to 6 months
  • 7.5% for 6-9 months
  • 7.75% for 9 months-one year
  • 8.25% for 1-2 years
  • 8.5% for 2-3 years
  • 8% for 3-5 years
  • 9% for 5 years
  • 7.25% for a period of more than 5%

Whereas the interest rate scheme on FDs offered by Fincare small finance bank is as under:

  • 4% for 7-90 days
  • 6% for 91-180 days
  • 7% for 181-364 days
  • 7.75% for 12-18 months
  • 8% for 18 months and one day to 21 months
  • 8.25% for 21 months and one day to 24 months
  • 8.50% for 24 months and one day to 30 months
  • 9% for 30 months and one day to 36 months
  • 8% for 3 years and one day to 5 years
  • 7% for 5 years and one day to 7 years

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