Interest rate in FD is what?
Right now, most banks offer Fixed Deposit interest rates of around 7%. But what I have noticed is that smaller finance banks and NBFCs usually give higher returns, often above 7%.
Additionally, if you are a senior citizen, you can even get a little extra on your deposits.
Check this list of banks ’ interest rates for general and senior citizens to get an idea:
| Names of Banks | Interest Rate for General Citizens | Interest Rate for Senior Citizens |
|---|---|---|
| Utkarsh SF Bank | 7.65% (3 years) | 8.15% (3 years) |
| Suryoday SF Bank | 8.05% (5 years) | 8.10% (5 years) |
| Ujjivan SF Bank | 7.45% (2 years) | 7.95% (2 years) |
| IndusInd Bank | 7.00% (1 year 6 months 7 days) | 7.50% (1 year 6 months 7 days) |
Here is a list of NBFCs and their interest rate for general and senior citizens:
| Names of NBFCs | Interest Rate for General Citizens | Interest Rate for Senior Citizens |
|---|---|---|
| Shriram Finance | 7.35% (5 years) | 7.81% (5 years) |
| Bajaj Finance | 6.95% (5 years) | 7.30% (5 years) |
| Mahindra Finance | 7.00% (5 years) | 7.25% (5 years) |
You can always explore more and check out other details and facilities that the banks or NBFCs offer before investing in an FD of your choice.