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FD Interest Rates 2022: These 2 Banks Are Promising 7% Return On FD For 2-3 Years
In the midst of high-risk investments such as stocks and mutual funds, fixed deposits have emerged to shine, since most banks have begun raising interest rates on fixed deposits in the previous two months. When it comes to a safe bet with good returns, fixed deposits are the most popular choice among regular folk, especially senior citizens that have zero risk tolerance and prefer to generate better gains through debt rather than equities. In the context of the current market situation, we have identified two small finance banks that are now giving 7% returns on short to mid-term deposits and are therefore supported by DICGC insurance coverage, making them a viable alternative for anyone looking to stay profitable.
Suryoday Small Finance Bank
Suryoday Small Finance Bank has recently introduced new fixed deposit interest rates, which are in force from March 10, 2022. Following the revision, the bank is now accepting deposits of less than Rs 2 crore maturing in 7 days to 10 years at an interest rate of 3.25 percent to 6.00 percent to the general public and 3.75 percent to 6.50 percent to senior persons. The best part is that regular customers can now get a 7% interest rate on 3-year deposits, while senior people can get a 7.50 percent interest rate. This is the highest interest rate that the bank offers to its customers, and also your deposits are backed by DICGC in this bank, making an investment decision soon will result in addressing your mid-term goals of 3 years.
| Tenors | Interest rate p.a. | Senior citizen rate p.a. |
|---|---|---|
| 7 days to 14 days | 3.25% | 3.75% |
| 15 days to 45 days | 3.25% | 3.75% |
| 46 days to 90 days | 4.25% | 4.75% |
| 91 days to 6 months | 4.75% | 5.25% |
| Above 6 months to 9 months | 5.25% | 5.75% |
| Above 9 months to less than 1 Year | 5.75% | 6.25% |
| 1 Year to 1 Year 6 Months | 6.50% | 7.00% |
| Above 1 Year 6 Months to 2 Years | 6.50% | 7.00% |
| Above 2 Years to less than 3 Years | 6.25% | 6.75% |
| 3 Years | 7.00% | 7.50% |
| Above 3 Years to less than 5 Years | 6.50% | 7.00% |
| 5 Years | 6.75% | 7.25% |
| Above 5 years to 10 years | 6.00% | 6.50% |
| Source: Bank Website |
North East Small Finance Bank
On the other hand, North East Small Finance Bank is on our list because it offers the highest interest rate of 7.00 percent to the general public and 7.50 percent to senior people on deposits of less than Rs 2 Cr maturing in just 777 days. On January 27, 2022, the bank revealed its new interest rates. This is the finest offer right now for a two-year investment choice for short-term investors. Deposits made with this bank are also insured by the DICGC, making it a fantastic investment offer not to be missed.
| Tenors | Interest rate p.a. | Senior citizen rate p.a. |
|---|---|---|
| 7 - 14 Days | 3 | 3.5 |
| 15 - 29 Days | 3 | 3.5 |
| 30 - 45 Days | 3 | 3.5 |
| 46 - 90 Days | 3.5 | 4 |
| 91 - 180 Days | 4 | 4.5 |
| 181 - 365 Days | 5 | 5.5 |
| 366 - 729 Days | 6.75 | 7.25 |
| 730 - 1095 Days | 6.75 | 7.25 |
| 777 Days | 7 | 7.5 |
| 1096 - 1825 Days | 6.5 | 7 |
| 1826 - 3650 Days | 6.25 | 6.75 |
| Source: Bank Website |
Note
With effect from March 10, 2022, the State Bank of India (SBI) increased its fixed deposit interest rates by 20-40 basis points on bulk fixed deposits (FDs) of more than Rs 2 crore. For more details, please click here.
