Tremendous interest of 9 percent on bank FD, know how much will be the return on different periods

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Bank FD Interest Rates: At present, many banks have increased the interest rate on their Fixed Deposits (FD). In this sequence, an interest rate of 7.10 percent is being offered on FD by State Bank of India (SBI). At the same time, an interest rate of up to 7.1 percent is being offered on FDs by many private sector banks including HDFC Bank and ICICI Bank.

This bank is giving higher interest rate to senior citizens

Apart from this, you can get up to 7.2 percent interest on fixed deposits in Kotak Mahindra Bank. Also, an additional interest rate of 0.50 per cent is being offered for senior citizens. At the same time, Yes Bank is providing a huge interest rate of 8 percent to senior citizens. Apart from this, 9 percent interest rate is being offered on fixed deposits by small finance banks.

Returns are fixed at different periods

Let us tell that the increase in interest rates has not been uniform throughout the period. As you know, the interest rates on Fixed Deposits vary depending on the tenure. Short-term or long-term- You need to choose the ideal tenure to get maximum returns on Fixed Deposits. Major public sector banks have increased interest rates for short-term deposits (up to three years) by 170-180 basis points, while long-term deposits (three to five years) have increased by only 100-110 basis points. Is.

Do not put all your money in one big FD

Should you put all your hard earned money in one big scheme? Many experts on this issue say that investing all your money in a single fixed deposit should be avoided, even if it is giving you the highest returns in the market. Explain that the highest interest rate on fixed deposits offered by most banks is between one year to three years. So, choose the duration based on your requirement. For example, if you want money after three years and the bank is offering higher interest rate on one year or two year FD then you can book one year FD now and reinvest the money after one year Can.

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