Fixed Deposit (FDs) offers a reliable option for consistent long term investments. It is a financial tool that helps you deposit a lump sum amount for the fixed tenure at an agreed rate of interest. FDs offer a better rate of interest as compared to the savings account. Although these interest rates fluctuate frequently, there are few banks which still offers a fixed rate of interest.
These banks are offering very competitive interest rates for the people under 60 years of age. These small finance bank comes up with DICGC insurance, which offers a protection upto 5 lakh.
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Fixed Deposit: List Of The Banks Offering Best Interest Rates
- Equitas Small Finance Bank offers an 8% interest rate on three- year fixed deposits for all citizens.
- Unity Small Finance gives an 8.15% interest rate on three year deposit.
- Jana Small Finance Bank offers 8.25% interest for a fixed tenure of three years.
- Utkarsh Small Finance Bank Offers an 8.50% rate of interest for the general citizens, tenure of three years.
- Survoday Small Finance Bank gives an 8.60% rate of interest for three year tenure to the general citizens.
- Northeast Small Finance Bank tops the list by offering a 9% interest rate on three year deposits.
However, the need to have a wise approach while investing their fixed deposits. There distinct operational indicates that their FD investments carry factors unlike the commercial banks. To refrain from any mishaps, one should restrict their fixed deposits in these small financial banks upto DICGC insurance limits.
(Disclaimer: This article is for informational purposes only and should not be construed as an investment advice. Prior to making an investment, conduct thorough research and consult with your financial advisor.)
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