Investors who are looking for good fixed returns can get FD done in these banks. Know how much return you will get on FD of Rs 1 lakh:

Many people still prefer to invest in fixed deposits (FD). Investors who want to stay away from the fluctuations of the stock market and who like low but fixed returns, invest money in FD. Many banks are offering great interest to investors on FD. The interest rate for senior citizens is slightly higher than for general investors. Many small banks are giving investors up to 9 percent return on FD.Northeast Small Finance Bank

Northeast Small Finance Bank

This bank is offering 9 percent interest to investors on investing from 546 days (18 months) to 1111 days (3 years). If you invest one lakh rupees in this bank, then this amount will increase to Rs 119483 in two years. On the other hand, if you invest for 3 years, then after 3 years you will get Rs 130605 on maturity. That is, you will get a profit of Rs 30605.

Unity Small Finance Bank

This bank is also offering interest at the rate of 9 percent per annum to investors. The bank is giving this interest rate on an investment of 1001 days (2 years 9 months). If you make an FD of Rs 1 lakh in this bank for this period, then you will get Rs 130605 on maturity. That is, you will get a return of Rs 30605 on Rs 1 lakh in 1001 days.

Suryoday Small Finance Bank

This bank is offering 8.6 percent annual interest to investors. However, this interest rate will be available only to those investors whose FDs are between 2 to 3 years. If you make an FD of Rs 1 lakh for two years, then after two years you will get Rs 118551. That is, you will have a profit of Rs 18551. On the other hand, if you make an FD for 3 years, then after 3 years you will get Rs 129080. In this time you will have a profit of Rs 29080.

Utkarsh Small Finance Bank

This bank is also giving good interest to the investors. This bank is offering 8.50 percent interest on FDs of 2 to 3 years. If you make an FD of Rs 1 lakh in this bank for two years, then you will get Rs 118320 after two years. That means you will have a profit of Rs 18320. On the other hand, you will get Rs 128702 on maturity of three years. In this time, you will have a profit of Rs 28702.

Equitas Small Finance Bank

This bank is also offering more than 8% interest on FDs to investors. It is offering 8.25% interest rate to investors on special FDs of 888 days. If you make an FD of Rs 1 lakh in this bank, you will get Rs 117742 on maturity. That is, you will get a profit of Rs 17742 on an FD of Rs 1 lakh for 888 days.

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RBI has implemented new rules for Housing Finance Companies (HFC) and Non-Banking Finance Companies (NBFC) keeping in mind the interests of investors. This includes everything from making a nominee to FD premature withdrawal rules. Let’s know about the new rules of RBI.

RBI’s new rule related to FD

According to the new rule of Reserve Bank of India (RBI), you will have the freedom to withdraw money within 3 months of making an FD. You can withdraw the entire amount of small deposits (up to Rs 10,000) within 3 months without any interest. Whereas for large deposits, partial withdrawal of up to 50% of the principal amount or Rs 5 lakh (whichever is less) can be done within three months without interest.

Not only this, in cases of critical illness, the depositor is allowed to withdraw the entire principal amount prematurely without interest, regardless of the deposit term. Also, for more timely updates, now non-bank financial companies (NBFCs) will be required to inform the depositors about the maturity details at least two weeks before the maturity date.

Other changes to be implemented from January 1, 2025

Nominee update: Non-banking financial companies (NBFCs) have been directed to create a proper system to inform about the receipt of the correctly filled nomination form, cancellation or change of nominee. It will be necessary to give this acknowledgement to all customers, whether they have requested it or not.

Withdrawal rules: As per RBI’s directive, individual depositors holding public deposits will be allowed to request premature withdrawal within three months from the date of deposit. Within three months, the depositor can withdraw a maximum of 50% of the principal amount or Rs 5 lakh (whichever is less) without any interest. In this way, he will continue to get interest on the remaining amount.

In case of critical illness: In case of critical illness, depositors have a right to request withdrawal of their entire original deposit amount within three months from the date of deposit. Note that this rule also applies to existing deposit contracts that previously did not allow the right of premature withdrawal within the first three months.

Deposit maturity information: Earlier, NBFCs were required to inform depositors about the maturity date of their deposits at least two months in advance. But now for more timely updates, NBFCs will have to inform the depositors about the maturity date at least 14 days before the maturity date.

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Most people prefer to invest in FD because it is safe. If you are also among such investors then there is good news for you. RBI has issued a new guideline regarding fixed deposits, which you should know about. From January 1, 2025, there will be no penalty on premature withdrawal within 3 months of making FD.

RBI has implemented new rules for Housing Finance Companies (HFC) and Non-Banking Finance Companies (NBFC) keeping in mind the interests of investors. This includes everything from making a nominee to FD premature withdrawal rules. Let’s know about the new rules of RBI.

RBI’s new rule related to FD

According to the new rule of Reserve Bank of India (RBI), you will have the freedom to withdraw money within 3 months of making an FD. You can withdraw the entire amount of small deposits (up to Rs 10,000) within 3 months without any interest. Whereas for large deposits, partial withdrawal of up to 50% of the principal amount or Rs 5 lakh (whichever is less) can be done within three months without interest.

Not only this, in cases of critical illness, the depositor is allowed to withdraw the entire principal amount prematurely without interest, regardless of the deposit term. Also, for more timely updates, now non-bank financial companies (NBFCs) will be required to inform the depositors about the maturity details at least two weeks before the maturity date.

Other changes to be implemented from January 1, 2025

Nominee update: Non-banking financial companies (NBFCs) have been directed to create a proper system to inform about the receipt of the correctly filled nomination form, cancellation or change of nominee. It will be necessary to give this acknowledgement to all customers, whether they have requested it or not.

Withdrawal rules: As per RBI’s directive, individual depositors holding public deposits will be allowed to request premature withdrawal within three months from the date of deposit. Within three months, the depositor can withdraw a maximum of 50% of the principal amount or Rs 5 lakh (whichever is less) without any interest. In this way, he will continue to get interest on the remaining amount.

In case of critical illness: In case of critical illness, depositors have a right to request withdrawal of their entire original deposit amount within three months from the date of deposit. Note that this rule also applies to existing deposit contracts that previously did not allow the right of premature withdrawal within the first three months.

Deposit maturity information: Earlier, NBFCs were required to inform depositors about the maturity date of their deposits at least two months in advance. But now for more timely updates, NBFCs will have to inform the depositors about the maturity date at least 14 days before the maturity date.

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According to the bank’s website, the new interest rates have come into effect from July 28. FDs are being offered by the bank for a period ranging from 7 days to 10 years.

Bank of India FD interest rates

• On FD from 7 days to 45 days – 3.00 percent
• On FDs from 46 days to 179 days – 4.50 percent
• On FDs ranging from 180 days to 269 days – 5.00 percent
• On FDs from 270 days to less than one year – 5.50 percent
• On one year FD – 6.00 percent
• On FDs of one year one day to 399 days – 6.00 percent
• 400 days FD – 7.25 percent
• On FDs from 401 days to less than two years – 6.00 percent
• 2 years to less than 3 years on FD – 6.75 percent
• 3 years to less than 5 years on FD – 6.50 percent
• On FD from 5 years to 10 years – 6.00 percent

Senior citizens will get more interest

According to the information given on the bank’s website, senior citizens (60 years or more) will be given 0.25 percent interest in addition to 0.50 percent interest on FDs of 3 years or more. At the same time, in addition to 0.50 percent interest, 0.40 percent interest will be given to super senior citizens (80 years or more) for FDs of 3 years or more.

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After the month of May, as soon as the RBI started increasing the repo rate continuously, many banks in the country have increased their FD rates almost every month. Now the name of Fincare Small Finance Bank has also been added to this race. The bank has also announced an increase in the interest rate on FDs of less than Rs 2 crore. According to the official website of the bank, the increased new interest rates are applicable from October 11.

New FD Rates of Fincare Small Finance Bank Bank FDs of 91 days to 180 days, 4.5 percent, 181 days to 364 days FDs 5.5 percent, 12 months to 24 months FDs 6.75 percent, 500 days FDs 7.25%, 1000 days FDs 7.75%, Interest will be 7% on FDs of 24 months 1 day to 48 months, 6.75% on FDs of 48 months 1 day to 59 months and 6% on FDs of 66 months 1 day to 84 months.

Senior Citizens to get 8.25% Interest

Fincare Small Finance Bank will offer an additional 0.50% interest rate to its Senior Citizen customers over and above the General Interest Rate. Now senior citizen customers of this bank will get 3.5% to 8.25% interest on FDs of 7 days to 10 years. On the other hand, if the senior citizen is the ‘first holder’ in the joint account, only then the interest rate plan with the senior citizen will be applicable.

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