Get More Than 7 Percent Interest Rates On 1-2 year FD Plans
As the Reserve Bank of India declares that the repo and reverse repo rates will be unchanged. All the major banks including SBI, HDFC, IndusInd Bank, UCO Bank, Central Bank of India, IDBI, Kotak and many more have begun to increase their FD interest rates. This is a very major change and a most favourable condition for the FD investors to make extreme investing decisions. As the return rate is higher and the banks are not planning to decrease it any soon, it’s better to opt for a risk-free investment.
But the major focus on the banks generally is towards the short term and medium-term deposits. They are not interested in increasing the FD rates for the long term plans. It is because the customers also prefer short-medium deposits, as the long term plans lock their money for years. And there is an adequate penalty rule for the customers who want to withdraw their money before maturity.
We are suggesting short term FD plans that offer more than 7 per cent interest rates by Small Finance Banks.
Jana Small Finance Bank
Since 11th Jan 2022, this small finance bank has increased its interest rates for the FD plans. After increasing the rates it is now offering 6.75 per cent returns to general citizens and 7.55 per cent returns to senior citizens. For both types of citizens, the maturity period should be 1-2 years to get the benefits of such interest rates.
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North East Small Finance Bank
This financial institution is offering new interest rates since 27 Jan 2022. After the increase, the bank is offering a 6.75 per cent return to the general public and a 7.25 per cent hike to senior citizens. These are only applicable for the FD amounts of less than 2 Crore and the maturity period of 1-2 years.
Ujjivan Small Finance Bank
This bank is providing the services of a specific FD plan known as ‘Plantina Fixed Deposit’. Before choosing this scheme kindly note that strictly no pre-closures or partly withdrawals are allowed. The maturity period the customers can choose is a minimum of 6 months and with an upper limit of 60 months. The minimum deposit amount is Rs.20 Lakh and the maximum is Rs.2 crore. Under these conditions bank is offering an interest rate of 6.65 per cent to 6.75 per cent to the general public. For senior citizens bank is willing to offer interest rates between 7.40 per cent to 7.50 per cent.