Now FD will give you 9.6% Interest return. Secure your savings with guaranteed returns: Invest in Fixed Deposits today in these banks and get rich!
Now FD will give you 9.6% Interest return. Secure your savings with guaranteed returns: Invest in Fixed Deposits today in these banks and get rich!
Hello guys, Welcome back to this blog. This blog is going to be so much exciting.
Everyone in this world needs to do some sort of savings. If this becomes a habit, then you won't get any issue in future. As you know every year the inflation rate increases around 5-6% in India. Meaning, whatever you are getting in 100 rupees this year, you would get same thing in 105-106 rupees in next year.
If you are keeping money in bank savings account, then you will get only 3-4% max as interest return. Meaning if you keep 100 rupees, it will become 103 to 104 rupees. You can see right your money is not growing rather it is declining and loosing its value.
Instead of simply keeping your money only in saving account, it is better to park in some products/instruments, that will give a lot of returns, so that the return amount can beat the inflation.
There are many crucial advantages of investment and they are:
- Increase Wealth: On the long run, investment enables people to acquire and increase their overall wealth.
- Beat Inflation: As we discussed above, inflation reduces the value of money overtime. If you invest in the product that returns greater than the inflation rate will make you rich.
- Achieve Financial Goals: You can achieve your financial objectives such as purchasing a home, or buying a car, or children education or saving for retirement etc..
- Portfolio diversification: Investing in a variety of assets can help investors lower their overall risk from market volatility.
- Profit from tax advantages: Tax advantages, such as tax-free interest or deductions on taxable income, are offered by some investment alternatives, which can assist people to save tax.
Today, we are going to see an instrument which will give guaranteed return, that too from Banks/Financial institutions and with return over 8%.
This product is Fixed Deposits and investing in fixed deposits (FDs) can be a good option for individuals who want to earn a fixed rate of return on their savings with low risk.
Here are some reasons why investing in FDs can be beneficial:
- Returns that are assured/Guaranteed returns: Unlike other investments like equities or mutual funds, FDs provide a return that is guaranteed.
- Low risk: Due to the government's partial backing of FDs, they are regarded as low-risk investments. You may still get your money back up to a certain amount even if the bank or financial organisation where you invested collapses.
- Flexible tenure: FDs provide people a choice of tenure lengths, from a few days/months to several years. Due to this flexibility, investors can select a tenure that fits their financial objectives.
- Income on a regular basis: Some FDs provide customers the choice of receiving interest payments on a monthly or quarterly basis. For those looking for a reliable source of income, this may be useful.
- Tax benefits: Section 80C of the Income Tax Act provides tax advantages for several FDs. By doing this, people may earn a set rate of return while reducing their tax burden.
Below are the list of banks and their interest payment structures:
1. Suryoday Bank
- Suryoday Bank is giving 9.6% interest rate return for 60 months (5 years) of period for Senior Citizens and 9.10% for regular customers.
- For 999 Days, it is giving 9.50% interest rate return for Senior Citizens and 9.00% for regular customers.
- For Above 1 Year to 2 Year, the bank is giving 8.50% interest rate return for Senior Citizens and 9.00% for regular customers.
2. Utkarsh Small Finance Bank
- This bank is giving 9.00% interest rate return for 700 Days of period for Senior Citizens and 8.25% for regular customers.
- For 365 Days to 699 Days, it is giving 8.50% interest rate return for Senior Citizens and 7.75% for regular customers.
- For 701 Days up to 5 Years, the bank is giving 8.25% interest rate return for Senior Citizens and 7.50% for regular customers.
3. Shriram Finance
Shriram Finance is not a bank but it is Rated "[ICRA]AA+ (Stable)" by ICRA and "IND AA+/Stable" by India Ratings and Research
- Shriram Finance is giving 9.1% interest rate return for 50 months (4.2 years) and 60 months (5 years) of period for Senior Citizens women and 9% to Senior Citizens men and 8.5% for regular customers and 8.6% regular women customers.
- For 42 months, it is giving 8.9% interest rate return for Senior Citizens women and 8.8% to Senior Citizens men and 8.3% for regular customers and 8.4% regular women customers.
- For 36 months, it is giving 8.85% interest rate return for Senior Citizens women and 8.75% to Senior Citizens men and 8.25% for regular customers and 8.35% regular women customers.
4. Ujjivan Small Finance Bank
- Ujjivan Small Finance Bank is giving 8.75% interest rate return for 560 Days of period for Senior Citizens and 8.25% for regular customers.
- For 13 Months 1 day to 559 days, it is giving 8.5% interest rate return for Senior Citizens and 8% for regular customers.
- For 990 Days, it is giving 8.25% interest rate return for Senior Citizens and 7.75% for regular customers.
5. DCB Bank
- DCB Bank is giving 8.5% interest rate return from 15 months to 24 months of period for Senior Citizens and 8% for regular customers.
- For 24 Months to 120 months, it is giving 8.1% interest rate return for Senior Citizens and 7.6% for regular customers.
- For 12 months to 15 months, it is giving 7.75% interest rate return for Senior Citizens and 7.25% for regular customers.
6. RBL Bank
- RBL Bank is giving 8.3% interest rate return from 15 months to 725 days of period for Senior Citizens and 7.8% for regular customers.
- For 12 months to less than 15 months/726 days to 60 months (5 yr), it is giving 7.5% interest rate return for Senior Citizens and 7% for regular customers.
- For 60 months 2 days to 240 months, it is giving 6.75% interest rate return for Senior Citizens and 6.25% for regular customers.
7. IndusInd Bank
- IndusInd Bank is giving 8.25% interest rate return from 1 year 6 months to 3 years 3 months of period for Senior Citizens and 7.75% for regular customers.
- For 1 Year to below 1 Year 6 Months, it is giving 8% interest rate return for Senior Citizens and 7.5% for regular customers.
- For Above 3 years 3 months to below 61 month, it is giving 7.75% interest rate return for Senior Citizens and 7.25% for regular customers.
8. Yes Bank
- Yes Bank is giving 8.25% interest rate return from 18 months to 36 months of period for Senior Citizens and 7.75% for regular customers.
- For 1 Year to below 1 Year 6 Months, it is giving 8% interest rate return for Senior Citizens and 7.5% for regular customers.
- For Above 3 years to below 120 month, it is giving 7.75% interest rate return for Senior Citizens and 7.00% for regular customers.
8. DBS Bank
- DBS Bank is giving 8% interest rate return from 2 years 6 months 1 day to less than 3 years of period for Senior Citizens and 7.5% for regular customers.
- For 376 Days to 2 years & 6 months, it is giving 7.75% interest rate return for Senior Citizens and 7.25% for regular customers.
- For 3 years and less than 4 years to 5 years and above, it is giving 7.00% interest rate return for Senior Citizens and 6.50% for regular customers.
9. Bank of India (BOI)
- BOI is giving 7.8% interest rate return from 501 Days of period for Senior Citizens and 7.65% for regular customers.
- For 2 years to less than 5 years, it is giving 7.4% interest rate return for Senior Citizens and 7.25% for regular customers.
- For 5 years to 10 years, it is giving 6.90% interest rate return for Senior Citizens and 6.75% for regular customers.
10. Deutsche Bank
- Deutsche Bank is giving 7.5% interest rate return for 3 years of period for customers.
- For 1 year 1 day to 2 years, it is giving 7.5% interest rate return for customers.
- For 5 years, it is giving 7% interest rate return for customers.
11. Time Deposit (TD) in Indian Post Office
- Post office is giving 7.5% interest date for 5 years of period for customers.
- Post office is giving 7% interest date for 3 years of period for customers.
- Post office is giving 6.9% interest date for 2 years of period for customers.
Hope I was able to provide all the information you wanted to know and the investment in FD to get higher returns.
Conclusion:
In this post, I have shared with you the necessary information related to How to Get 9.6% Interest return from FD. Hope this information will be beneficial for you. If you like our post, then do share it with your friends and family and stay connected with our website (newswisestories.blogspot.com) to get other such important information.
Happy Investing 🙏
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