IndusInd To Catholic Syrian, 4 Banks Offering 8 Percent Interest Rate On FDs For Senior Citizens – News18

A hard and fast deposit can be known as a time deposit or time period deposit. This funding choice permits depositors to take a position their cash for a hard and fast interval. It additionally permits them to earn fastened curiosity on it at common intervals in the course of the chosen tenure or at maturity. It is taken into account a safer funding choice, however not a lot return is anticipated on it. There are some banks, nevertheless, which can be providing 8 % curiosity on the FDs. This is relevant just for senior residents. This area articulates the listing of 4 banks the place senior residents can avail this provide.

1. Punjab and Sind Bank

The aged residents can avail as much as 7.40 % return on FD of 444 days. This financial institution offers 0.50 % extra curiosity as effectively to senior residents. This provide might be availed solely until January 31, 2024.

2. Catholic Syrian Bank

Catholic Syrian Bank has provide you with a particular fastened deposit named Acharya Fixed Deposit for senior residents. Under this scheme, senior residents can get 7.75 % curiosity on an FD of 401 days. The financial institution has revised the rates of interest on December 1.

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3. IndusInd Bank

On December 1, IndusInd Bank additionally revised the charges for his or her FDs. This financial institution can be providing curiosity as much as 8 and 8.25 %. It is accessible on FDs of 1 to 2 years. Meanwhile, 8 % curiosity is accessible on FDs of greater than 2 years to lower than 61 months.

4. Capital Small Finance Bank

Capital Small Finance Bank has provide you with an 8.10 % rate of interest on FD of 400 days. Apart from this, 8 % curiosity is being provided on 12-month FD. Also, 7.90 per cent curiosity is being provided on 600 and 900-day FD.

Let’s check out some great benefits of retaining cash in a hard and fast deposit.

1. Market fluctuations don’t have an effect on the fastened deposit. This implies that the investor will get an assured return on the deposits by the top of the maturity interval.

2. The traders may avail an overdraft towards their FD within the case of a money crunch.