Fixed Deposit Interest Rate: Are you still planning to invest in fixed deposits? Let us tell you that there are some banks and NBFCs which are giving 9% interest on FD. Recently many banks have reduced the interest on FD. But there are still some banks which are giving higher interest on FD. These interest rates are on FDs of less than Rs 3 crore. At the same time, additional interest ranging from 0.25% to 0.50% is being given to senior citizens. Here we are telling you about those banks which are offering 9% interest on three year FD.
These banks are giving 9% interest on 3 year FD. The special thing is that this interest is applicable on FD of less than Rs 3 crore for customers below 60 years of age.
1. North East Small Finance Bank
This bank is giving 9% interest on 3 year FD to general customers.
2. Suryoday Small Finance Bank
Suryoday Small Finance Bank is offering 8.6% interest rate on 3 year FD.
3. Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is offering 8.5% interest on 3 year FD to general customers.
4. Jana Small Finance Bank
Jana Small Finance Bank is offering 8.25% interest on its 3 year FD.
5. Unity Small Finance Bank
Unity Small Finance Bank is offering 8.15% interest on 3 year FD.
6. Equitas Small Finance Bank
Equitas Small Finance Bank is offering 8% interest rate on its 3 year FD.
DICGC Cover and Tips for Investors
Deposits made in small finance banks get insurance cover up to Rs 5 lakh under the Deposit Insurance Credit Guarantee Corporation (DICGC). However, investing your savings in small finance banks is a bit risky. Most experts recommend that it is best to invest in these banks only to the extent of the DICGC cover as your principal and interest remain safe in any case.
How to save TDS on bank FD?
If a depositor’s annual income is less than Rs 2.5 lakh (Rs 3 lakh for senior citizens) and the tax payable is nil, then they can submit Form 15G or Form 15H to the bank. This is a request to the bank to stop deducting TDS from interest income on FD.
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