FD Interest rates: These banks are giving up to 9% interest to investors, check the new rates
Investment in FD: Interest rates on FD may come down. After the cut in repo rate, banks can also cut it. If this happens, then investing in FD will give less profit. However, many banks are currently offering interest rates up to 9 percent. If you want high returns, you can invest now.
Investment in FD: The Reserve Bank has cut the repo rate by 25 basis points. With this cut, interest rates will also come down. This will make taking a loan cheaper and there can also be a cut in interest rates on FDs. If this happens, you will get less interest on FDs than now. However, it is necessary to get approval from the board to reduce interest rates on FDs.
If you are planning to invest in FD then this is a good time. Right now there are many banks which are giving up to 9 percent interest on FD annually. If you make FD now then you will get returns according to the old interest rate. On the other hand, if the bank reduces the interest rates then you may suffer a loss.
How much interest are you getting now?
1. Unity Small Finance Bank
This bank is offering an interest rate of 9% per annum on FD. This interest rate in this bank is on FD of 1001 days. If you make an FD of Rs 1 lakh in this bank, then you will get Rs 1.30 lakh on maturity. That is, you will get a benefit of Rs 30 thousand.
2. Suryoday Small Finance Bank
This bank is offering an interest rate of 8.60 on 5-year FD. If you invest Rs 1 lakh in the FD of this bank, then after 5 years you will get Rs 1.50 lakh. That is, you will get a benefit of Rs 50 thousand.
3. YES Bank
This bank is offering 8% interest on FD. This interest rate is on 18 months FD. If you invest Rs 1 lakh in this bank, you will get Rs 1.20 lakh after 18 months. That is, you will get a profit of Rs 20 thousand.
4. Bank of Maharashtra
Bank of Maharashtra is giving 7.45 percent interest on 366 days FD. If you make an FD of Rs 1 lakh in it, then you will get Rs 1.10 lakh on maturity. That is, there will be a profit of Rs 10 thousand on an investment of Rs 1 lakh.
…then you can break your FD
Note that if the bank reduces the interest rates of FD, then it will not have any effect on making FD now. Yes, after one year when the FD is renewed, the benefit will be less due to the reduction in interest rate. In such a situation, if you want, you can break your FD and invest somewhere else or you can remain in FD only.
