Best Bank Deposit interest Rates Of 2022, Can Invest For 2023 As Well?

The year 2022 was one that saw constant increase in interest rates. The Reserve Bank of India hiked interest rates or repo rates from 4% at the start of the year to end as 6.25%. Banks also increased their interest rates in Tandem. As a result we saw government banks like Canara Bank and Union Bank hiking deposits rate for general public to 7%, which was the best in a long time. However, here is a bank from among small finance banks and large commercial bank that has offered the best rates for fixed deposits in 2023.

Suryoday Small Finance Bank Offers Public Interest Rates Of 9.01% On FDs

The bank offers an interest rate of 9.01% on 5-year deposits and 9.59% for senior citizens. These 5-year deposits interest rates on the 5-year deposits are valid only until Dec 20, 2022.

Deposits in the range of 1 Year 6 Months to 2 Years fetch an interest rate of 8.01% for general public and 8.56% for senior citizens. A 999-days deposit fetches an interest rate of 8.51% for General Public and 8.76% for senior citizens.

An above 2 years to 998 days fetches an interest rate of 7.51% for general public and 8.01% for senior citizens. Suryoday Small Finance Bank is a small finance bank that is regulated by the Reserve Bank of India.

Should you invest in the fixed deposits?

Deposits up to Rs 5 lakhs are insured by DICGC, which is a subsidiary of the RBI. To that extent the deposits are safe. Small Finance Banks as mentioned earlier are regulated by the RBI and hence there are unlikely to be problems, if you restrict your deposits to under Rs 5 lakhs. At the moment, the deposits are very much lucrative. Banks in general are offering citizens interest rates ranging from 4% to 8%.