Fixed Deposit Interest Rate: Investors looking for ‘Zero Risk High Return’ option for investing in the medium term, amid highly volatile equity market, have a good news for them. Some Indian banks including State Bank of India have increased their FD interest rates to attract such investors. Some of the SFB’s small finance banks are also included in this list of banks that have hiked fixed deposit rates. Suryoday Small Finance Bank has also announced a new fixed deposit interest rate which has become effective from 10 March 2022. In this bank, one can get returns of 7 per cent on a fixed deposit account on deposits for a tenure of 3 years.
As Suryoday Small Finance Bank offers an additional 0.50 percent return on each tenor to senior citizens. Hence, a senior citizen FD account holder will get 7.5 return on his FD account for a tenure of 3 years.
As per the new fixed deposit rates effective from March 10, 2022, Suryoday Small Finance Bank is offering FD interest rate of 3.25 per cent on deposits of 7-14 days and deposits of 15 to 45 days. SFB is offering FD rate of 4.25 per cent on deposits of 46 days to 90 days while fixed deposit interest rate on deposits of 91 days to 6 months is 4.75 per cent. On deposits above 6 months to 9 months, Suryoday Small Finance Bank FD interest rate is 5.25 per cent while for deposits above 9 months to less than 1 year it is 5.75 per cent.
Suryoday Small Finance Bank now offers FD interest rate of return of 6.50 per cent on tenure of 1 year to 1 year 6 months, whereas from 1 year 6 months to 2 years, the FD rate offered by SFB is 6.50 per cent. However, Small Finance Bank is offering 6.25 per cent on FD account for tenures ranging from 2 years to less than 3 years.
The fixed deposit interest rate offered by Suryoday Small Finance Bank on deposits for a tenure of 3 years is 7.0 percent. However, if one looks at the bank depositor annual income then it is 7.19 per cent on fixed deposits for 3 years. For a senior citizen, the annual yield on fixed deposit for 3 years is 7.71 per cent.
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SBI Fixed Deposit Interest Rate
Recently State Bank of India (SBI) has also increased its fixed deposit interest rates by 20-40 basis points on bulk fixed deposits (FDs). 2 Corps with effect from March 10, 2022. SBI website says bank has increased interest rate on FD 2 crore with terms ranging from 211 days to less than 356 days by 20 basis points.
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