Hurry up FD investors! Invest in these banks to get good return

Investments in fixed deposits are among the conventional bets for risk-averse investors who wish to get a stable income and deposit protection without taking any market risks.

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Investments in fixed deposits are among the conventional bets for risk-averse investors who wish to get a stable income and deposit protection without taking any market risks. Interest rates on fixed deposits are rising in tandem with the repo rate, which has risen by 190 basis points (bps) to date, including the RBI’s most recent 50 bps hike, bringing it to 5.90%.

The icing on the risk-free return cake is deposit insurance of up to 5 lacs, therefore the best time to open an FD account with a bank covered by the DICGC is right now. Next week, a number of large financial institutions like ICICI Bank, HDFC Ltd., and Indian Bank will stop providing their unique fixed deposit products.

ICICI Bank’s FD (ends on October 31)

It is rated “AAA,” making it one of the safest fixed deposits available. A specific fixed deposit programme that the bank offers in particular to older individuals is called the ICICI Bank Golden Years FD. The programme was introduced on May 20, 2020, and thanks to a number of extensions, it will now run until October 31, 2022. Senior residents living in the community will receive an additional 0.15 percent interest rate.

Indian Bank’s FD

Indian Bank introduced the “IND UTSAV 610” distinctive fixed deposit for retail investors on September 14, 2022. Through October 31, 2022, IND UTSAV 610, a “Special Money Multiplier Term Deposit Product,” offers yearly interest rates of 6.10 percent for the general public, 6.25 percent for seniors, and 6.50 percent for super seniors (80 and over).

HDFC Bank’s FD

A new fixed deposit known as “Sapphire Deposits” has been introduced by one of India’s top housing financing companies, HDFC Ltd. It will become effective on October 14, 2022. To celebrate its 45th birthday, the company announced a new fixed deposit with a tenor of 45 months.

Under the terms of this transitory scheme, which was available to both people and trusts, interest rates would be applied to deposits up to Rs. 2 crore. The programme will end on October 31, 2022, and investors can anticipate gains of up to 7.50%. The “Sapphire Deposits” from HDFC offer options for quarterly, half-yearly, annual, and cumulative payments in addition to monthly income plans.