Raksha Bandhan 2023: Best FDs To Gift; SFBs, NBFCs Offer 8-9% Interest Rates

Raksha Bandhan 2023: The celebration of Raksha Bandhan has started from Wednesday onward in many regions of India. It is one of the popular festivals of India and is celebrated to mark the special and strong bond between siblings. Although, physical gifts do look alluring, however, there are a host of fixed deposits offering attractive returns in the range of 8% to as high as 9%. FDs can be a form of gift which has the potential to offer a better future to your sisters.

The word 'Raksha' is referred to as protection in Sanskrit terminology, while 'Bandhan' stands for tie --- hence, it means the bonds of protection. On this day, sisters tie a talisman or amulet which is called a rakhi around the wrists of their brothers. In return, sisters receive a gift in return from their brothers.

While some parts of India will be celebrating Raksha Bandhan on August 30, some will also be celebrating the festival on August 31.

Here are some of the best FD rates that can be a risk-free, guaranteed and secure gift for your sister's future:

1. Unity Small Finance Bank FD rates:

Currently, the SFB is offering FD rates of 8.75% each to the general public for over 6 months to 201 days and 501-day tenures. While the FD rate is as high as 9% on deposits for 1001 days tenure.

2. Fincare Small Finance Bank FD rates:

You can do FDs for 750 days tenure and earn as high as 8.51% interest rate under the general public category. These are individuals below 60 years of age.

Further, the SFB is offering 8.31% on 1000 days maturity; 8.25% on 36 months 1 day to 42 months tenure; 8.11% on 500 days tenure; and 8.05% on 24 months 1 day to 749 days, and 751 days to 30 months tenures. The bank also offers 8.01% on 18 months 1 day to 24 months tenure, while 8% is offered on 30 months 1 day to 999 days, 1001 days to 36 months, and 59 months 1 day to 66 months maturities.

3. Suryoday Small Finance Bank FD rates:

This SFB is offering as high as 8.60% on above 2 years to 3 years, while the rate is 8.50% on FDs for above 15 months to 2 years tenure.

An interest rate of 8.25% is offered on above 1 year to 15 months, and 5 years tenure.

4. Bajaj Finance FD rates:

The NBFC giant is offering attractive FD rates for special periods like 15, 18, 22, 33, and 44 months.

Annually, customers can earn up to 8.35% on 44 months, while 7.75% is offered on 33 months, 7.45% on 30 months, 7.50% on 22 months, 7.40% on 18 months, and 7.45% on 15 months.

These are for FDs up to Rs 5 crore and customers below 60 years of age.

Under the regular FDs, the interest rate ranges from 7.40% to 8.05%.

FDs can begin as low as Rs 15,000 over here. Bajaj Finance's FDs have a maximum rating of 'AAA/Stable' from major rating agencies like CRISIL and ICRA.

5. Shriram City Union FD rates:

At this NBFC, depositors can earn up to 8.50% interest rate on a special period called 'JUBILEE' which has a tenure of 50 months. Also, a similar rate is offered on 60 months tenure as well.

The NBFC is also offering 8.30% on 42 months tenure; 8.25% on 36 months; 8.20% on 30 months, and 8.05% on 24 months maturities.

Shriram City also offers additional interest of 0.10% per annum to women depositors.

Shriram's FDs have a maximum rating of 'AA+/Stable from ICRA and India Ratings.

In general terms, fixed deposits are risk-free and packed with guaranteed returns, making them one of the safest investment options for individuals. It is usually meant for those who are not comfortable with taking risks in capital markets-related instruments. Also, this investment option has been practised for decades in India, making it among the top traditional schemes.