If you are planning to invest in an FD this time due to attractive interest rates, this news is for you. Some private banks are offering bumper interest on FDs. After the repo rate reached 6.5 percent, many banks are providing good returns on FDs. Unity and Suryodaya Small Finance Bank are offering more than 9 percent interest to their customers. The interest rates on certain tenures of FDs from these small finance banks are significantly higher than those of investment schemes like PPF, Employees’ Provident Fund (EPF), and Sukanya Samriddhi Yojana (SSY).
Unity Small Finance Bank:
Unity Small Finance Bank offers attractive interest rates on fixed deposits (FDs), ranging from 4.5% to 9% for regular customers. The highest interest rate of 9% is offered on FDs with a tenure of 1001 days. Senior citizens benefit from a higher interest rate of 9.5% on the same tenure, while their general FD rates range from 4.5% to 9.5%, depending on the maturity period, which ranges from 7 days to 10 years. These rates are highly competitive compared to other fixed-income investment options, making Unity Small Finance Bank a good choice for FD investors, especially senior citizens.
Suryodaya Small Finance Bank:
Suryodaya Small Finance Bank is also offering attractive FD interest rates, with general customers earning between 4% and 9.1% on deposits maturing in 7 days to 10 years. The highest interest rate of 9.1% is applicable for a 5-year FD tenure. Senior citizens are given a 0.5% higher rate than regular customers, offering them 9.6% on 5-year FDs. Suryodaya’s FD rates are appealing, particularly for senior citizens who stand to earn significantly higher returns compared to traditional investment schemes like PPF or EPF.
Both Unity Small Finance Bank and Suryodaya Small Finance Bank are offering competitive interest rates on FDs, with attractive returns that surpass those offered by more traditional schemes such as PPF, EPF, and Sukanya Samriddhi Yojana. Unity’s 9.5% interest for senior citizens and Suryodaya’s 9.6% on 5-year deposits are among the highest available, making these banks ideal choices for those looking to maximize their fixed deposit returns. Whether you’re a general investor or a senior citizen, these banks offer a valuable opportunity to earn higher interest on your savings.