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Bank FD: People are investing huge amount of money on FD for 1001 days..

Shikha Saxena February 11, 2025 10:15 PM

If you are thinking of taking a loan, then this is a good news for you, because the Reserve Bank of India has cut the repo rate by 25 basis points to 6.25%. This means that people taking loans will be able to get loans at a lower interest rate. However, if you want to invest in fixed deposits, then this may be your last chance, because due to this the interest on FD may also be reduced.

If you are a senior citizen and are planning to invest in fixed deposits, then this may be the right time for you because the current high interest rates are not going to last for long. Banks may soon cut FD rates.

Small Finance Banks are offering the highest interest of 9.55%-

Small Finance Banks are currently offering the highest interest rates for senior citizens. Unity Small Finance Bank is offering 9.5% interest on FDs of 1001 days, which is the highest. Apart from this, Suryoday Small Finance Bank is offering 9.1% on 5-year FDs and Utkarsh Small Finance Bank is also offering 9.1% interest on 2-3 year FDs. These interest rates provide attractive investment options for senior citizens, which are likely to give them better returns.

Private banks are offering this percentage of interest-

If you want to make FD in private banks, then the interest rates there are ranging from 7.5% to 8.75%. Bandhan Bank is offering 8.55% interest on 1 year FD, while DCB Bank is offering 8.55% interest on 19-20 month FD. At the same time, SBM Bank is giving the highest interest of 8.75% on FDs of 18 months to 2 years 3 days.

Interest up to 7.95% in government banks-

Public sector i.e. government banks usually give less interest on FDs. At present, interest is being given between 7.75% to 8%. Punjab and Sindh Bank is giving 7.95% interest on FDs of 555 days, while Bank of Maharashtra is offering 7.95% interest on FDs of 366 days. Apart from this, SBI is giving 7.75% interest on FDs of 444 days and Punjab National Bank is giving 7.75% interest on FDs of 400 days.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.