Woodkirk Stone
Fixed deposit interest rate: Amidst a highly volatile stock market, investors looking for a “zero risk, high return” option to invest in the medium term, there is good news for them. Some Indian banks, including the State Bank of India, have raised their FD interest rates to attract such investors. This list of banks that have raised fixed deposit rates also includes some smaller SFB funding banks. Suryodaya Small Finance Bank has also announced a new interest rate on fixed deposits which came into effect on March 10, 2022. In this bank, one can earn a return of 7% on the fixed deposit account on deposits for a duration of 3 years.
As Suryodaya Small Finance Bank offers an additional return of 0.50% to senior citizens on each term. Therefore, a senior FD account holder will earn a return of 7.5 on their FD account for 3 years.
In line with the new fixed deposit rates effective March 10, 2022, Suryodaya Small Finance Bank is offering an interest rate of 3.25% FD on 7-14 day deposits and 15-45 day deposits. The SFB offers an FD rate of 4.25% on deposits of 46 days to 90 days, while the fixed deposit interest rate offered on deposits of 91 days to 6 months is 4.75%. On deposits over 6 months to 9 months, the interest rate offered by Suryodaya Small Finance Bank FD is 5.25%, while it is 5.75% on deposits over 9 months less than a year.
Suryodaya Small Finance Bank now offers an FD interest rate of 6.50% on a term of 1 year to 1 year 6 months, while above 1 year 6 months to 2 years the FD rate offered by the SFB is 6.50%. however, the small finance bank offers 6.25% on the FD account for more than 2 years to less than 3 years of seniority.
The interest rate on fixed deposits offered by Suryodaya Small Finance Bank on deposits for a term of 3 years is 7.0%. However, if a bank depositor looks at the annualized return, it amounts to 7.19% on their fixed deposit for 3 years. For a senior, the annualized return on the fixed deposit for 3 years is 7.71%.
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SBI Fixed Deposit Interest Rates
Recently, the State Bank of India (SBI) has also raised its interest rates on Fixed Deposits by 20-40 basis points on Bulk Fixed Deposits (FD) by more than ₹2 core with effect from March 10, 2022. The SBI website indicates that the bank has raised the interest rate on FDs worth more than ₹2 crore with durations ranging from 211 days to less than 356 days by 20 basis points.
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