FD Update: 3 year FD will make you rich, 5 banks announced bumper interest...

After the Reserve Bank of India (RBI) cut the repo rate three times in a row, banks have made loans cheaper, but have reduced the interest on fixed deposits (FD). This has especially hurt senior citizens, as a large part of their income depends on FD interest. However, some banks are still offering high interest rates of up to 8.8 percent on FDs to senior citizens, let's know about those banks in the news below-

1. Suryodaya Small Finance-

Suryodaya Small Finance is offering an 8.8% interest rate on its three-year term FDs for senior citizens.

2. Utkarsh Small Finance Bank -

Utkarsh Small Finance Bank is offering an 8.75% interest rate on three-year term FDs for senior citizens.

3. Unity Small Finance Bank-

Unity Small Finance Bank is offering interest rates of up to 8.5% on FDs for 3 years to senior citizens.

4. Slice Small Finance-

Slice Small Finance, the bank is offering an 8.25% interest rate on FDs for three years.

5. Jana Small Finance Bank-

Jana Small Finance Bank is offering an 8.25% interest rate on FDs for three years to senior citizens.

Keep these things in mind before investing-
Before making an FD in a Small Finance Bank (SFB), check the credibility and financial position of the bank. Also, opt for FDs insured by DICGC (Deposit Insurance and Credit Guarantee Corporation). DICGC provides equal insurance coverage of up to Rs 5 lakh to every depositor in each bank, which ensures security for small depositors.

Nevertheless, an investor should be cautious and evaluate specific parameters to ensure the financial health of the bank before investing. Also, find out about the tenure of the FD, the interest rate, and the penalty on premature withdrawal.

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