It was a few months back that fixed deposit investment would not earn much interest and would be only 5 or 5.5 percent at most.
But recently the Reserve Bank of India hiked the repo rate and private and nationalized banks are competing to raise interest rates on fixed deposits. Some banks are said to offer interest rates as high as 7.5 percent.
In this situation, the information has come out that the Reserve Bank of India has allowed a few banks to offer interest up to 9 percent. Now let’s see the full details about it.
Ujjeevan Small Finance Bank (SFB) has announced its new interest rates of 8.00 per cent for fixed deposits and 8.75 per cent for senior citizens. It has announced that it has given these interest rates for the maximum deposit scheme of 560 days and these percentages are currently in effect.
Also Utkarsh SFB Bank is offering an interest rate of 8.00 percent for Fixed Deposit and 8.75 percent for Senior Citizens for a maximum deposit period of 700 days.
While Equitas SFB has also updated its interest rates, the bank is offering 8.00 per cent interest rate for fixed deposits and 8.50 per cent for senior citizens for 888 days scheme.
Fincare SFB Bank is offering an interest rate of 8.00 percent for fixed deposit and 8.50 percent for senior citizens for 1000 days scheme.
If you invest in risky investments like stock trading, mutual fund, you will get maximum interest income of 12 to 15 percent. But at the same time there is a possibility of loss. But economists say that it is better to make a fixed deposit in such small banks at an interest rate of 9 percent.