Amidst high inflation, usually, an investor would want to look for investment schemes that offer rates of return that beat this economic indicator. The rate hike cycle by RBI since May this year has given ample opportunities to banks and other financial service providers to increase their fixed deposit rates. And currently, depositors can browse and compare the best FD schemes that offer returns that beat inflation. It is being said that Fincare Small Finance Bank is offering massive interest rates on fixed deposits below 2 crore with the facility of premature withdrawal. The general public can earn up to 8% on FDs at Fincare, while senior citizens can earn up to 8.77%.
When inflation is high, consumer prices and investment costs also rise, meanwhile, the value of money falls. Moreover, it also leads to reduction in the value of savings as they are earned. Hence, generally, one is guided to keep the inflation rate in mind while choosing FD schemes. Currently, India’s inflation in October 2022 stands at 6.77% but is above the RBI’s upper tolerance limit for the tenth consecutive month. The RBI has increased the policy repo rate by 190 basis points since May, which currently stands at 5.9%. RBI’s rate hike trend is to bring down multi-year high inflation.
Below are the latest interest rates on FD 2 crores.
general public:
According to Fincare’s website, under this category, depositors Can earn as high as 8% interest rate on 1,000 days tenure, while yield continues FD For this tenure is 8.24%.
Fincare offers a rate of 7% on tenors of 24 months 1 day to 749 days, 751 days to 999 days; 1,001 days to 48 months; and 59 months from 1 day to 66 months.
SFB offers a rate of 7.75% for a tenure of 750 days and 7.50% for a tenure of 500 days respectively. An interest rate of 6.75% is offered for tenures ranging from 12 months to 499 days; 501 days to less than 24 months; 48 months 1 day to 59 months.
On the highest tenure which is 66 months 1 day to 84 months, SFB is offering a rate of 6%. The lowest rate is 3.50% and is offered for tenures ranging from 7 days to 90 days. Tenure of 91 days to 180 days offers 4.50% and 181 days to 364 days offers 5.50%.
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