Small finance banks comparatively offer higher interest on FDs than major banks to attract more customers.
Several small finance banks are giving a high-interest rate of 6.5% to 6% on fixed deposits for a tenure of one to two years. Here are the details.
Fixed deposits: Despite the crashing interest rates, FDs are the most preferred destination to park one’s hard-earned money.
Fixed deposits: Large commercial banks in the country like SBI, HDFC Bank and ICICI Bank are offering maximum 5.50% interest on FDs.
SBI offers up to 80 bps or 0.80 percentage point extra interest ranging from 3.40% to 6.20% to senior citizens
Canara Bank, Punjab National Bank, and Bank of India offer FD tenures ranging from 7 days to 10 years
Punjab National Bank, Bank of India and Yes Bank also revised fixed deposit interest rates a few days ago.
Small finance banks are offering up to 6.75% interest rates for the general public and 7.25% for senior citizens
Corporate FDs: It is very important for the depositor to check the rating and the financial health of the company before trusting it with the money
During the pandemic, even the most well-placed financial plans went for a toss amid lay-offs and medical crisis