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.

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Even in this race of rising inflation, many banks are giving interest of around 9% on FDs to their customers. Let us know about the top 10 such banks which give the highest interest to their customers on a fixed time period.

1. Bandhan Bank

Bandhan Bank is giving 8% interest on 600 days FD to its general customers while 8.50% interest to its senior citizen customers.

2. DCB Bank

DCB Bank is giving 8% interest on 36 months FD to its general customers while 8.50% interest to its senior citizen customers.

3. SVM Bank

SVM Bank is offering 8.25% interest to its general customers on FDs of more than 3 years 2 days and less than 5 years, while 8.75% interest to its senior citizen customers.

4. RBL Bank

RBL Bank is offering 7.50% interest to its general customers on FDs of 24 months to less than 36 months and 8% interest to its senior citizen customers.

5. IDFC First Bank

IDFC First Bank is offering 7.50% interest on FDs from 1 year 1 day to 550 days to its general customers and 8% to its senior citizen customers.

6. Deutsche Bank

Deutsche Bank is paying 7.75% interest on FDs of more than 2 years and less than 3 years to its general customers while 7.75% interest to its senior citizen customers.

7. IndusInd Bank

IndusInd Bank is paying 7.50% interest on FDs ranging from 2 years 9 months to 3 years 3 months to its general customers and 8% to its senior citizen customers.

8. Yes Bank

Yes Bank is paying 7.75% interest on FDs ranging from 18 months to less than 36 months to its general customers, while 8.25% to its senior citizen customers.

9. HSBC Bank

HSBC Bank is paying 7.50% interest on FDs ranging from 732 days to less than 36 months to its general customers, while 8% interest to its senior citizen customers.

10. Karur Vysya Bank

Karur Vysya Bank is paying 7.50% interest on 444 days FD to its general customers while 8% interest to its senior citizen customers.

Disclaimer: Only information about share performance is given here, it is not investment advice. Investing in stock market is subject to risk and please consult your advisor before investing.

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In such a situation, nowadays everyone has accounts in many banks. Many people also use their different bank accounts regularly. On the other hand, some people are not able to manage multiple bank accounts simultaneously, due to which only one or two of their accounts are always active.

If you also have an account in many banks, then this news is for you. Actually, when you do not do any transaction with any of your bank account for a long time, then your account is declared inactive, which can be closed later by the bank.

Why does the bank account get closed?

If you do not do any transaction in any of your bank accounts for a few months, then it is declared inactive. At the same time, if you do not do any transaction for two years, your account is automatically closed by the bank. If you do not need any bank account, then you yourself can get it closed by applying to the bank. If you want to continue using it further, then you will have to continue regular transactions in it.

How to activate inactive account?

Many times when you leave one company and join another, your bank also changes often. Due to this, your old bank account becomes inactive due to non-transaction for a long time. To activate it again, you will have to go to the bank and complete the KYC process again. After this your bank account will be activated again and you will be able to use it for further transactions.

What to do if the home branch is away?

If you are unable to do transactions in any of your bank accounts just because your home branch is far away from home, then you can get it transferred to a branch near your home. For this, you have to apply for account transfer by visiting your previous home branch. After this your bank account will be transferred to the nearest branch and you will be able to continue the transaction easily.

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Some banks have even launched special FD schemes for their customers. Private sector lender Yes Bank has recently changed the interest rates on fixed deposits under ₹2 crore. According to the official website of Yes Bank, the new FD rates are effective from today, May 2, 2023.

After the revision, the bank is now offering interest rate on deposits maturing in 7 days to 10 years which ranges from 3.25% to 7.00% for general public and 3.75% to 7.75% for senior citizens. Apart from this, the bank is now offering a maximum interest rate of 7.75% for general public and 8.25% for senior citizens on deposits of 18 months to 36 months.

Yes Bank FD Rates

The bank is now offering an interest rate of 3.25% on fixed deposits maturing in 7 to 14 days, while the bank is now offering domestic term deposits maturing in the next 15 to 45 days. But is offering an interest rate of 3.70%. The interest rates offered by Yes Bank are 4.10% for deposits for 46 days to 90 days and 4.75% for deposits for 91 days to 180 days.

Deposits maturing between 181 and 271 days will now fetch 6.00% interest, while deposits maturing between 272 and 1 year will now fetch 6.25%. Yes Bank will pay an interest rate of 7.50% on FDs maturing between 1 year to 18 months and 7.75% on those maturing in 18 months to 36 months. The rate of interest applicable for term deposits between 36 and 120 months is 7.00%.

Senior citizens will get double benefit

On Yes Respect Fixed Deposit, senior citizens will get an additional interest rate of 0.50% over and above the regular rates for tenures ranging from 7 days to less than 3 years. Whereas on Yes Respect Plus Fixed Deposit, senior citizens will get an additional interest rate of 0.75% over and above the regular rates for tenures of 3 years to 10 years.

Related Article

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Here are some major banks that are offering up to 8% interest on fixed deposits. Let us know which banks are paying interest on FDs to senior citizens.

Under SBI’s special FD, 7.5 percent interest is being given on fixed deposits ranging from 5 years to 10 years. It is available till March 31 and can be invested up to less than Rs 2 crore.

ICICI Bank is giving 7.50 percent interest under Golden Year FD to senior citizens on tenure of five years to 10 years. This special FD is available till 7th April.

HDFC Bank is offering a maximum interest of 7.75 per cent on special FDs for tenures of five years and 10 years. This FD is available till March 31.

Senior citizens on IDBI Bank Fixed Deposit are paying 7.50 percent interest on tenure between 1 year and 2 years. 7.9 percent interest is being given on 444 days tenure and 8 percent interest is being given on 700 days tenure. These FDs are available till March 31, 2023 only.

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Post Office Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme (SCSS) are some of the schemes where you can get more than 7 per cent returns. At the same time, in another popular scheme Kisan Vikas Patra (KVP), you can take advantage of 6.9 percent compound interest annually. Here we will tell what is special in the Kisan Vikas Patra (KVP) scheme.

(KVP)

KVP is an interesting scheme. This scheme can double your deposit amount in 10 years and 4 months (124 months) at the prevailing interest rate. If you start a KVP deposit of Rs 1 lakh today, it will increase to Rs 2 lakh in the next 124 months.

The current interest rate of 6.9% on KVP deposits is higher than that of many bank fixed deposits. Let us have a look at some of the key features of this small savings scheme-

• Minimum and Maximum Deposit: You can deposit a minimum of Rs 1000 in KVP and then in multiples of Rs 100. There is no maximum limit for investment under this scheme. You can open any number of KVP accounts.
• Maturity: The amount deposited under KVP matures as per the period prescribed by the Ministry of Finance from time to time. Currently, if you deposit today, it will mature after 124 months. However, premature withdrawal is allowed in special circumstances.
• Transfer : In case of death of the account holder, the KVP account for the nominee/legal heir can be transferred from person to person- to the joint holder on the death of the account holder; On the orders of the Court and mortgage of the account to the Specified Authority.

Should I invest in Small Savings Scheme?

Small savings schemes like KVP offered by the post office offer guaranteed returns to investors who cannot afford to lose their hard earned money. Apart from this, many post office schemes like PPF, SSY and SCSS offer higher interest rates and tax benefits as compared to term deposits of banks.

However, if you are not afraid of taking risks, you can invest in market-oriented schemes like mutual funds and stocks. Here you can get higher returns and double the money faster than in the post office scheme. But before investing in mutual funds or stocks, you should do thorough research and consult a professional financial advisor.

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Post Office Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme (SCSS) are some of the schemes where you can get more than 7 per cent returns. At the same time, in another popular scheme Kisan Vikas Patra (KVP), you can take advantage of 6.9 percent compound interest annually. Here we will tell what is special in the Kisan Vikas Patra (KVP) scheme.

Kisan Vikas Patra (KVP)

KVP is an interesting scheme. This scheme can double your deposit amount in 10 years and 4 months (124 months) at the prevailing interest rate. If you start a KVP deposit of Rs 1 lakh today, it will increase to Rs 2 lakh in the next 124 months.

The current interest rate of 6.9% on KVP deposits is higher than that of many bank fixed deposits. Let us have a look at some of the key features of this small savings scheme-

• Minimum and Maximum Deposit: You can deposit a minimum of Rs 1000 in KVP and then in multiples of Rs 100. There is no maximum limit for investment under this scheme. You can open any number of KVP accounts.
• Maturity: The amount deposited under KVP matures as per the period prescribed by the Ministry of Finance from time to time. Currently, if you deposit today, it will mature after 124 months. However, premature withdrawal is allowed in special circumstances.
• Transfer : In case of death of the account holder, the KVP account for the nominee/legal heir can be transferred from person to person- to the joint holder on the death of the account holder; On the orders of the Court and mortgage of the account to the Specified Authority.

Should I invest in Small Savings Scheme?

Small savings schemes like KVP offered by the post office offer guaranteed returns to investors who cannot afford to lose their hard earned money. Apart from this, many post office schemes like PPF, SSY and SCSS offer higher interest rates and tax benefits as compared to term deposits of banks.

However, if you are not afraid of taking risks, you can invest in market-oriented schemes like mutual funds and stocks. Here you can get higher returns and double the money faster than in the post office scheme. But before investing in mutual funds or stocks, you should do thorough research and consult a professional financial advisor.

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After the increase in the interest rate, many banks are giving more than 8 percent interest on fixed deposits. At some places, up to 9 percent interest is being given to senior citizens. If you are also planning to invest in FD, then here is information about some such banks, which are offering 8.30% interest on FD.

However, this interest rate is not applicable for all senior citizens. Bank Super Senior Citizens, who are 80 years or more, are being given. Let us know which are these banks, which are giving more interest on FD.

RBL Bank

For senior citizens above 60 years and below 80 years of age, this bank is giving 50 basis points more interest than common citizens on fixed deposits. This bank is giving 75 basis points more interest to senior citizens above 80 years. This means that this bank is giving 8.3 percent interest to the super senior citizens. This interest rate is effective from November 25, 2022.

Union Bank of India

This bank is giving 0.50 percent interest per annum to senior citizens, while super senior citizens are paying 0.75 percent interest every year. According to Union Bank’s website, after the increase on November 25, a maximum interest of 8.05 per cent is being given to super senior citizens on fixed deposits with a tenure ranging from 800 days to 3 years.

PNB

According to the bank’s website, senior citizens are being given 50 basis points more interest than the normal FD rate on FDs of less than 2 crores. While 80bps more interest is being given to super senior citizens. On the tenure of 666 days, 8.10 percent interest is being given to the super senior citizens. This interest rate is effective from 12 December 2022.

Indian Bank

According to the website of Indian Bank, under a special FD, an additional 0.25 percent interest is being given on FD to an elderly person of 80 years or more.

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Apart from this, to attract their senior citizen customers, these banks also give them the benefit of additional interest in FD interest rates. In such a situation, senior citizens get more returns than common customers on getting FDs in banks. Let’s see how much interest the country’s big government and private banks give to their customers on Fixed Deposit.

SBI Bank gives interest up to 7.25 percent

In the country’s largest public sector bank SBI, senior citizens get a maximum interest of up to 7.25 per cent on fixed deposits. Bank’s customers get 7.25% interest on FDs ranging from 1 year to 3 years. Apart from this, 6.75 percent interest is available on FDs of 3 years to 5 years. At the same time, even on FDs of 5 years to 10 years, the customers of the bank get only 7.25 percent interest.

Bank of Baroda gives this much interest on FD

Like State Bank of India, senior citizen customers of Bank of Baroda also get a maximum interest of 7.25% on FDs. The bank offers this interest to customers on special FDs of 399 days. Apart from this, 6.60 percent interest is available on FDs of 1 year to 2 years, 6.75 percent on FDs of 2 years to 5 years and 6.90 percent on FDs of 5 years to 10 years.

PNB gives 8.05 percent interest to senior citizens

Punjab National Bank offers the highest interest of up to 8.05% on FD to its super senior citizens. Bank’s customers get this interest on 666 days special FD. Apart from this, 7.10% interest is available on FDs of 1 year to 599 days, 7.80% on FDs of 600 days, 7.10% on FDs of 601 days to 665 days and 7.30% on FDs of 3 years to 10 years.

Axis Bank gives this much interest to the customers

Private sector bank Axis Bank gives a maximum interest of 7.75% on bank FDs to its senior citizen customers. Axis Bank offers 7.75% interest on FDs ranging from 2 years to 10 years. Apart from this, the customers of the bank get 7.50 percent interest on FDs ranging from 1 year to 2 years.

HDFC Bank gives interest up to 7.75 percent

HDFC Bank gives interest up to a maximum of 7.75% on fixed deposits to its senior citizens. Bank’s customers get 7.75% interest on FDs ranging from 5 years to 10 years. Apart from this, 7.00 percent interest is available on FDs ranging from 1 year to 15 months and 7.50 percent interest is available on FDs ranging from 15 months to 5 years.

ICICI Bank gives this much interest

Private sector bank ICICI gives interest up to a maximum of 7.50% on Fixed Deposit to its customers. Senior citizen customers of the bank get 7.50% interest on FDs ranging from 15 months to 10 years. Apart from this, customers get 7.10 percent interest on FDs ranging from 1 year to 15 months.

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