Fixed Deposits (FDs) are a secure investment option. Before investing, it’s essential to compare interest rates offered by different banks. Currently, many banks are offering 9% interest on FDs, especially for senior citizens. The article highlights some small finance banks that offer high interest rates, including Northeast Small Finance Bank, Suryodaya Small Finance Bank, Utkarsh Small Finance Bank, Jan Small Finance Bank, and Unity Small Finance Bank, with interest rates ranging from 8.15% to 9%. The article also mentions State Bank of India’s (SBI) special FD schemes, which offer high interest rates, including 7.10% for Indians and 7.60% for senior citizens for certain tenure periods. Senior citizens can invest in SBI’s Amrit Vrishti FD Scheme and Amrit Kalash FD Scheme until March 31, 2025 and September 30, 2024, respectively.
It’s important to note that before investing in an FD from a small finance bank, ensure that the bank is covered by DICGC (Deposit Insurance and Credit Guarantee Corporation), which provides security up to Rs 5 lakh on every FD account.