Fincare Small Finance Bank is offering 7.50% interest on FDs of 3 to 5 years. Jan Small Finance Bank is giving 7.35 percent interest. After this, there is the name of Ujjivan Small Finance Bank which is giving 7.20 percent interest on FD of 3 to 5 years.
Nowadays , customers are getting good returns on Fixed Deposit (FD). The rising repo rate has given a golden opportunity to the FD rate. As the Reserve Bank is increasing the repo rate, banks are also increasing the FD rate. It is a different matter that loan rates are getting expensive. There are some FD schemes in the market which are giving interest up to 7.5 percent. Here we will talk about one such FD. Let us look at the rates of FD schemes of 10 banks which are giving better returns on deposits of 3.5 years. This rate can range from 7 percent to 7.5%.
In this, Fincare Small Finance Bank is in the first place, which is giving 7.50 percent interest on FDs of 3 to 5 years. In second place is Jana Small Finance Bank which is giving 7.35 percent interest. After this, there is the name of Ujjivan Small Finance Bank which is giving 7.20 percent interest on FD of 3 to 5 years. After this comes the name of Deutsche Bank, which is giving 7 percent interest to its customers on FDs with maturity of 3-5 years.
Where is the interest getting
The next number is of Bandhan Bank, which is giving 7 percent interest on FDs of 3 to 5 years. After this, there is the name of AU Small Finance Bank, which is giving 6.90 percent interest on FDs maturing in 3-5 years. IndusInd Bank is giving interest at the rate of 6.75 percent to its customers. Yes Bank is also giving interest on FD to customers at the same rate. After this Suryoday is the name of Small Finance Bank which is giving 6.75 percent interest on FD of 3 to 5 years. At 10th place is DCB Bank which is giving 6.60 percent interest on FD.
This is how you get the benefit of FD
For example, if you have bought a 2-year FD, the interest earned every quarter will be added to the initial deposit amount. Then the interest in the next quarter and interest will be added on the total amount of the deposit. Therefore, the interest increases with the principal of the FD every quarter.
If you do not want to take an FD of 3 to 5 years, then it does not matter. Short tenure FDs are also present in the market. FD schemes from less than one year to 3 years are available. With this FD, you can easily meet your short term goals. If there is a big expenditure in two years, then such FD scheme can give you benefit. If you have set a long term goal, then long term FD will come in handy.