According to the experts investors must keep their exposure limited in FDs of small finance banks so that it will fall within the purview of DICGC cover of Rs 5 lakh rs including principal and interest.
Check which bank offers interest rates of 4.00 percent to 9.01 percent for general citizens, and 4.50 percent to 9.25 percent to senior citizens for deposits less than Rs 2 crore.
India Business News: Several banks have updated their fixed deposit (FD) interest rates in April 2024, offering varying rates depending on the deposit plan. These revisions are part of the banks' regular updates to their deposit interest rates. It's important to understand that while existing deposits will maintain their agreed-upon interest rates, new deposits and renewals will be subject to the revised rates.
HDFC Bank offers highest interest rate of 7.25 percent on its deposits with tenure of 18 to 21 months. The bank also offers 7.15 percent on fixed deposits with tenure between 2 years 11 months to 35 months
Financial Literacy News: Fixed deposit interest rates: Interest income from FDs is fully taxable and contributes to your overall tax obligation. Since FD interest is considere
A lot of banks are offering high interest rates of 7-9% p.a. range on fixed deposits of various tenures. The rates are expected to go down in the second half of 2024. Hence, this is a good time to allocate some money from the debt portfolio to FDs at current high rates.
Since inflation is seen to be under control, Reserve Bank of India (RBI) is likely to reduce its interest rate in the monetary policy committee meeting scheduled in the next quarter. Following that, interest rates on fixed deposits would see a decline too.
5 banks offering up to 9% FD interest rates: Here s a look at small finance banks that provide relatively high-interest rates for regular fixed deposits.