Tremendous returns on FD in this Private bank, Investment will have to be made for just 888 days

At this time, most of the banks have increased the interest rate offered on FDs and in the meantime, selected banks are offering up to 9% interest. This Small Finance Bank is also included in these. Equitas Small Finance Bank has also joined this list.

Even though the Reserve Bank of India (RBI) has increased the burden on the public by increasing the repo rate for six consecutive times, but in the meantime, many banks have given gifts to the customers by increasing the interest rate of their fixed deposits. It also includes private sector small finance bank Equitas. This bank is offering senior citizens an interest rate of up to 9 percent on FDs of 888 days. The latest hike in FD interest rates has come into effect from April 11.

Tremendous benefit to Senior Citizens

Fixed Deposit ie FD is considered to be a great investment option among the people of the country. There are many great options for investing in it for different periods. Fat returns can be obtained on FD by investing for a period ranging from 7 days to 10 years. If you also want to invest in FD, then Equitas Small Finance Bank can prove to be a profitable deal. Most of the banks have increased the interest rate offered on FDs and meanwhile there are only select banks which are offering up to 9% interest. This Small Finance Bank is also included in these. While Equitas is paying 9% interest to senior citizens, the common citizens are getting 8.5% interest rate on 888 days FD.

Bank is giving so much interest on different tenure

More interest is being given by Equitas Small Finance Bank on schemes of almost all tenures of fixed deposits. This figure is 50 basis points or 0.50 percent more than the interest given to common citizens. If we look at the interest rates available on FDs of other tenures of Equitas Small Finance Bank, 3.5% on FDs of 7 days to 29 days, 4% on FDs of 30 days to 45 days, 4.5% on FDs of 46 to 90 days. And on FDs maturing between 91 days to 180 days, this bank is getting interest at the rate of 5.25 percent.

The interest rate offered by Equitas Bank on fixed deposits maturing between 181 days to 364 days is 6.25 per cent. At the same time, the bank is paying interest at the rate of 8.20 per cent on FDs maturing in one year and 18 months. 7.75 percent interest is being given on FDs of 18 months and one day to two years. 8 percent interest is being given on FDs between two years and one day and three years, while the rate of FDs of three years and one day to four years has been kept at 7.5 percent. The rate of interest given by the bank on FDs of four years and one day to 10 years is fixed at 7.25 percent.

Opening FD is very easy

Customers can open FD using Internet Banking and Mobile Banking platform. Along with this, you can also go to the nearest ICICI Bank branch to open FD. Golden Years Special FD is quite popular among senior citizens and the interest rate has made it more attractive. Earlier, State Bank of India had extended the FD scheme of senior citizens till June 30.

RBI gave Relief in Repo Rate

The Reserve Bank of India had increased the repo rate by 2.50 percent from May 2022 to February 2023. In the first MPC meeting of the new financial year, the Reserve Bank has given relief to the people. After increasing the repo rate in the last financial year, all the banks of the country have increased the interest rates to make their FD scheme attractive. While announcing the results of the MPC meeting in the past, it was told by the RBI that the repo rate has been retained at 6.50 per cent.