Fixed Deposit Rates: The leading small finance bank has given good news to those who want to keep money in the bank. Revised interest rates. Interest rates of 9.10 percent are being offered to senior citizens on deposits of up to Rs.2 crores. If Rs.1 lakh is deposited in this, how much will it be after maturity? Let us find out now.
Fixed Deposit Rates: Good chance for senior citizens looking to keep money in banks for steady returns. Utkarsh Small Finance Bank, one of the leading small finance banks in the country, offers higher interest rates than the giant banks like State Bank of India and HDFC. Recently revised interest rates on fixed deposits below Rs.2 crore. The new rates have been implemented from May 1. It is offering 4 percent to 8.5 percent interest to general customers on various tenures ranging from 7 days to 10 years. 4.60 percent to 9.10 percent interest is being offered to senior citizens.
This bank offers maximum interest rates for deposits with a maturity period of 2 to 3 years. While 8.50 percent interest is being given to general customers, 9.10 percent interest is being offered to senior citizens on this special tenure. Senior citizens above 60 years of age will be charged an additional 60 basis points of interest as compared to general customers. Banks usually offer an additional interest rate of 50 basis points. But Utkarsh Small Finance Bank is giving 60 basis points.
How much is a deposit of Rs.1 lakh?
Senior citizens have to deposit in a special scheme with a tenure of 2-3 years to get maximum interest rate. On this, it is offering 9.10 percent interest to senior citizens above 60 years of age. Out of which for a period of 3 years Rs. If you deposit 1 lakh, you can find out how much interest and principal will accrue after maturity through an online FD calculator. After a maturity tenure of 3 years, the interest on Rs.1 lakh at the rate of 9.10 percent is Rs. 27,100 available. That means a total of Rs. 1, 27,100 will be obtained. If you choose the same tenure of 2 years then the interest after maturity is Rs. 18 thousand will come. The returns depend on the tenure we choose. However, these small finance banks have higher interest rates than the big banks. Also there is insurance facility through depository insurance credit guarantee up to Rs.5 lakh.
