Small finance banks comparatively offer higher interest on FDs than major banks to attract more customers.
Post Office term deposit schemes are similar to bank FDs. One can open this account single or jointly with paying a minimum amount of Rs 1,000.
Fixed deposits: Despite the crashing interest rates, FDs are the most preferred destination to park one’s hard-earned money.
Fixed deposits: FD interest rates of different banks vary by deposit amount, deposit tenure and type of depositor.
The major banks are offering interest rates that are about 1.5 percentage points lower than small finance banks
If you are an individual FD account holder or a joint FD account holder, you can apply for a loan against the amount deposited