Exploring Fixed Deposits in India
Fixed Deposits (FDs) stand as a favored choice for investments within India, cherished for their assurance of returns and higher interest rates compared to regular savings accounts. Not only do FDs offer financial security, but they also present tax benefits. Presently, a multitude of banks, including smaller finance institutions, present enticing interest rates.
Unity Small Finance Bank’s Attractive FD Rates
Small finance banks typically outshine larger counterparts in offering favorable rates. Unity Small Finance Bank, for instance, boasts interest rates ranging from 4.5% to 9% for standard customers. Senior citizens enjoy even higher returns, with rates varying between 4.5% and 9.5% on deposits maturing within seven days to a decade. These rates were updated as of February 3, 2024. Notably, the bank offers a peak interest rate of 9% on a tenure spanning 1001 days. Investors have the flexibility to select their preferred tenure, with a minimum deposit requirement of Rs. 10,000.
Unity Small Finance Bank provides various FD options to cater to diverse investor needs. These include Regular FDs, Short-term, and Long-term FDs, as well as Reinvestment FDs.
HDFC Bank’s Revised FD Rates
HDFC Bank recently adjusted its FD interest rates, effective from February 9. Investors can park their funds in an HDFC Fixed Deposit for durations ranging from 7 days to 10 years, earning interest on their deposits. The bank presently offers interest rates ranging from 3% p.a. to 7.25% p.a. Senior citizens enjoy an additional interest rate of 0.50% across all tenures.
ICICI Bank’s Flexible FD Scheme
ICICI Bank offers a flexible Fixed Deposit (FD) scheme with interest rates varying from 3.00% to 7.20% p.a. Senior citizens receive an added interest rate advantage. The tenure of this scheme spans from 7 days to 10 years.
Investors seeking stability and attractive returns can explore the diverse FD options offered by these banks.
