RBI has cut the repo rate after 5 years. With this decision of the Reserve Bank (RBI), people will get some relief in loan EMI. Along with this, the interest rates of bank FD will also be reduced. In such a situation, if you want to invest in fixed deposit (FD), then do it as soon as possible.

If you want to earn good profits by investing in FD, then you can book FD through some of the apps given below and earn up to 9.5 percent interest. The special thing is that if you book FD through these apps, you will not have to open an account in the concerned bank. But you may have to do KYC.

FD through Stable Money app (up to 9.5% interest)

• Unity Small Finance Bank – 9.5 percent interest (1001 days FD)
• Shivalik Small Finance Bank – 9.3 percent interest (1 year 5 months 25 days FD)
• Suryoday Small Finance Bank – 9.1 percent interest (5 year FD)
• Utkarsh Finance Bank – 9.1 percent interest (2 year FD)
• North-East Small Finance Bank – 9 percent interest (3 year FD)

FD through Super.Money app (up to 9.3% interest)

You can easily book FD through Super.Money, an app owned by Flipkart. You can also make UPI payments through this app. According to the list of banks listed on the app, you can earn up to 9.3 percent interest here.

• Shivalik Small Finance Bank – 9.3 percent interest (1 year 6 month FD)
• Suryoday Small Finance Bank – 9.1 percent interest (5 year FD)
• Utkarsh Finance Bank – 9.1 percent interest (2 year FD)
• North-East Small Finance Bank – 9 percent interest (3 year FD)
• South Indian Bank – 7.9 percent interest (1 year 7 month FD)
• FD through Tata Neu App (up to 9.1% interest)
• Suryoday Small Finance Bank – 9.1% interest (5 year FD)

Up to Rs 5 lakh is safe in case of bank failure.

In case of bank failure or bankruptcy, the only relief available to the depositor is the insurance cover provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Under DICGC, insurance cover is available up to Rs 5 lakh. No matter how much money is deposited in all your accounts in a single bank, you will get an insurance cover of only Rs 5 lakh. This amount includes both the principal and the interest amount. DICGC’s deposit insurance covers all insured commercial banks including LABs, PBs, SFBs, RRBs and co-operative banks.

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These 7 banks are giving the highest returns

• SBM Bank: SBM Bank offers the highest interest rate of 8.25% to senior citizens, which is suitable for safe and profitable investment.
• Yes Bank: Yes Bank offers FD option to senior citizens with an interest rate of 8%, which makes their investment safe and profitable.
• DCB Bank: DCB Bank offers an interest rate of 8.05% to senior citizens, making their investment safe and profitable.
• Bank of Baroda: Bank of Baroda offers senior citizens an interest rate of 7.75% on three-year FDs, which makes their investment safe and profitable.
• Axis Bank: Axis Bank offers senior citizens an interest rate of 7.60% on three-year FDs, making their investment safe and profitable.
• HDFC Bank: HDFC Bank offers an interest rate of 7.50% to senior citizens on three-year FDs, making their investment safe and profitable.
• Canara Bank: Canara Bank offers senior citizens an interest rate of 7.30% on three-year FDs, making their investment safe and profitable.

TDS on interest exceeding Rs 50,000

Interest rates may change from time to time. Therefore, before investing, make sure to confirm from the official website of the concerned bank or the nearest branch. Additionally, senior citizens should also keep in mind the taxation aspects on interest earned on FDs, as TDS (Tax Deducted at Source) may be applicable on interest of more than Rs 50,000 in a financial year.

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If you are fed up with the huge fluctuations in the stock market, then you can invest your money in bank FD. Many banks are offering good returns at this time. Some small finance banks are even offering 9 percent and above returns (FD Interest Rate). Small finance banks are offering the highest interest rates among all bank categories.

If we talk about private sector, DCB Bank is offering the highest FD rates. At the same time, among government banks, Punjab and Sindh Bank is giving the highest returns on FD. Senior citizens generally get an additional interest rate of 0.50% or more over the normal FD rates. Let us know about some such banks which are offering very good FD interest rates.

Unity Small Finance Bank

For general customers, this bank is offering interest rates between 4.5% to 9% on FDs maturing in seven days to ten years. Senior citizens are getting interest rates ranging from 4.5% to 9.5% on FDs maturing in seven days to ten years. The new rates are applicable from 9 October 2023. The highest interest rate of 9% is being offered on FDs with a tenure of 1001 days.

The post Highest FD Rates: SBI, PNB, Bank of Baroda and many banks giving highest returns on FD, see the list first appeared on Rightsofemployees.com.

State Bank of India ie SBI had re-launched its Amrit Kalash Deposit Scheme with a special tenure of 400 days in April 2023. After this, the bank had extended the investment deadline from June 30 to August 15. In such a situation, if you want to take advantage of the higher interest rate and other benefits available in this FD scheme, then there is less time left to book Amrit Kalash FD today itself. One can also apply online for investment in FD and can also invest offline by visiting SBI Bank branch.

Amrit Kalash Interest Rate and Investment Eligibility

According to the State Bank of India, anyone can invest in the SBI Amrit Kalash Deposit Scheme with a tenure of 400 days. However, investors can invest less than 2 crores in Amrit Kalash FD. According to SBI, 7.10 percent interest rate will be given to ordinary citizens investing in Amrit Kalash Deposit Scheme, while 7.60 percent interest rate will be given to senior citizens.

Bank will pay interest like this, investors can take loan

SBI Amrit Kalash FD offers interest payouts at monthly, quarterly and half-yearly intervals to the investors. On maturity of SBI Amrit Kalash, the interest amount after deducting TDS will be added to the customer’s account. Premature and loan facilities are also included in Amrit Kalash Deposit.

Interest rates on other fixed deposit schemes of SBI

SBI gives investors the opportunity to invest in FDs on tenure ranging from 7 days to 10 years. Regular citizens are offered an interest rate ranging between 3% to 7% for tenures ranging from 7 days to 10 years. At the same time, under SBI V-Care Deposit Scheme for senior citizens, interest rate between 3.5% to 7.50% is given including 0.50% additional interest rate.

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