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Fixed deposits serve as versatile financial instruments capable of fulfilling a range of monetary objectives. Certainly, elevated FD rates serve as a blessing for risk-averse investors who choose them alongside other investments to realise their financial objectives.
Most small finance banks offer an interest of 8-9 percent per annum on their long duration fixed deposits. Utkarsh Small Bank offers 9.10 percent on term deposits of 2-3 years tenure to senior citizens
Best FD rates: Small finance banks offer the highest interest on fixed deposits, with DCB Bank and Punjab & Sind Bank offering the best rates among private and public sector banks respectively
The interest rate varies from 3% to 8.41% for normal individuals, and from 3.60% to 9.01% for senior citizens for tenures starting from 7 days to a maximum of 84 months.