If you want to make a safe investment of your accumulated capital, then Fixed Deposit (FD) can prove to be a very good option for you. By investing in FD, you get guaranteed income after a fixed period. Many big banks of the country including State Bank of India (SBI) are giving very high interest on FDs to their customers. Let us know today about such banks which give interest of up to 8% on FDs of one year.

7.75% interest will be available here

DCB Bank is paying 7.25% interest on 1 year FD to its general customers while 7.75% interest to its senior citizen customers. On the other hand, Tamil Nadu Mercantile Bank gives 7.25% interest on 1-year FD to its general customers and 7.75% to its senior citizen customers. On the other hand, Canara Bank gives 7% interest to its general customers while 7.50% interest to its senior citizen customers.

SBI is giving so much interest

Apart from these banks, RBL Bank is offering 7% interest on 1-year FDs to its general customers and 7.50% to its senior citizen customers. On the other hand, Bank of India is giving 7% interest to its general customers while 7.50% interest to its senior citizen customers. On the other hand, State Bank of India is paying 6.80% interest to its general customers while 7.30% interest to its senior citizen customers.

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Regular customers and senior citizens of the bank can also invest in this FD scheme. If you are not a customer of Bank of India, then you will need to open an account.

What are the benefits of investing in FD

Banks have increased interest rates on fixed deposit schemes since the RBI increased the report in December. Because of this, along with senior citizens, a large number of young investors and parents are planning to invest in FDs for the better future of their children. Because there is no risk of money sinking in FD investment and there is a guarantee of getting profits. Along with this, investors can also take loan through FD.

Disadvantages or Premature Withdrawal Conditions in FD Investment There is no disadvantage in investing in Fixed Deposit Scheme of any bank. But, if the investor breaks the FD before the maturity time or makes premature withdrawal of the FD, then he has to pay a penalty in a certain percentage.

According to the terms of premature FD withdrawal of Bank of India-

1. There will be no penalty for premature withdrawal when the FD is being renewed for long term investment.
2. For deposits less than Rs 5 lakh, no penalty will have to be paid for withdrawal after 12 months.
3. Premature withdrawal before 12 months will attract a penalty of 0.50 per cent for deposits less than Rs 5 lakh.
4. Deposits of Rs.5 lakh or more will attract a penalty of 1.00 per cent for premature withdrawal.

Make a profit of about 1 lakh in 444 days

Bank of India is offering 7.05 percent interest rate to general customers on investment in 444 days FD, while 7.55 percent interest rate has been offered to senior citizens on the same tenure. If seniors invest Rs 10,00,000 for 444 days, they get a direct profit of around Rs 96,150. In this way, he gets a total return amount of Rs 10,96,150.

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Explain that after increasing the repo rate by the RBI, banks and NBFCs are increasing the rates of FDs. The new FD rates of Shriram Finance have come into effect from January 1, 2023. There is a good chance to earn 9.36% interest on fixed deposits in this NBFC. Shriram Finance increased interest rates on deposits maturing in 12 months by 30 bps from 7 per cent to 7.30 per cent, while on deposits maturing in 18 months it increased interest rates by 20 bps from 7.30 per cent to 7.50 per cent.

Extra interest to senior citizens and women depositors

The company has increased the interest rate by 25 bps for a period of 24 months, while offering 8 percent interest on FDs of 30 months. Senior citizens will be given 0.50 percent extra interest as compared to common citizens. At the same time, women depositors will get 0.10 percent extra interest.

RBI has increased the repo rate 5 times this year

Reserve Bank had increased the repo 5 times last year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7, 2022.

Many banks have increased the rates of fixed deposits.

It is noteworthy that recently SBI, PNB, Kotak Mahindra Bank, HDFC Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank etc. have also increased their FD rates. . This process of increasing FD rates has started after the increase in repo rates by RBI.

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