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…

Read More