Fixed deposit interest rate: Amid highly volatile equity market, investors looking for ‘zero risk high return’ option for investment in mid-term, there is a piece of good news for them. Some Indian banks including State Bank of India have raised its FD interest rates to attract such investors. This list of bank that have increased fixed deposit rates include some small finance banks of SFBs as well.
Suryodaya Small Finance Bank has also announced a new fixed deposit interest rate that has become effective from 10th March 2022. In this bank, one can get 7 per cent return on fixed deposit account on deposits for the tenure of 3 years.
As Suryodaya Small Finance Bank offers an additional 0.50 per cent return to senior citizens on each tenor. Hence, a senior citizen FD account holder will get 7.5 return on its FD account for 3 year tenure.
As per the new fixed deposit rates effective from 10th March 2022, Suryodaya Small Finance Bank is offering 3.25 per cent FD interest rate on 7-14 days deposits and 15 to 45 days deposits. The SFB is offering 4.25 per cent FD rate on 46 days to 90 days deposits whereas the fixed deposit interest rate offered on 91 days to 6 months deposit is 4.75 per cent. On above 6 months to 9 months deposit, Suryodaya Small Finance Bank FD interest rate offered is 5.25 per cent whereas it is 5.75 per cent on above 9 months to less than 1 Year tenure.
Suryodaya Small Finance Bank now offers FD interest rate of 6.50 per cent return on 1 Year to 1 Year 6 Months tenure while on above 1 Year 6 Months to 2 Years, the FD rate offered by the SFB is 6.50 per cent. however, the small finance bank is offering 6.25 per cent on FD account for above 2 Years to less than 3 Years tenure.
Fixed deposit interest rate offered by Suryodaya Small Finance Bank on deposits for 3 year tenure is 7.0 per cent. However, if a bank depositor looks at the annualised yield then it stands at 7.19 per cent on one’s fixed deposit for 3 years. For a senior citizen, annualised yield on fixed deposit for 3 years is 7.71 per cent.
SBI fixed deposit interest rate
Recently State Bank of India (SBI) too has enhanced its fixed deposit interest rates by 20-40 basis points on bulk fixed deposits (FDs) of more than ₹2 core with effect from 10 March, 2022. The SBI website says the bank has raised the interest rate on FDs worth over ₹2 crore with terms ranging from 211 days to less than 356 days by 20 basis points.
