Fixed Deposit: Many small finance banks are offering more than 8 percent interest on FD for a period of one year, while the number of banks offering more than 7 percent is also not less.
Whenever it comes to fixed deposits, people start talking about the period of 5 years to 10 years and if we talk about the goals of FD, then the discussion starts about pension or children’s marriage or education. However, according to financial advisors, the role of FD is not only for long term purposes. Short term FDs are a profitable deal for emergency funds or to deal with urgent expenses in the near future. If you are going to have any big expenditure in the near future, then you can make FD for one year. Know where you can get 7 percent or more interest.
Why keep money in short term FD
One year FD can be chosen for many reasons. For example, for emergency funds, money can be invested in short term FD. In fact, experts clearly warn that emergency fund money should never be invested in any risky instruments. At the same time, by keeping money in a bank’s savings account, you get less interest on it. In such a situation, by making a one year FD, the money does not get stuck for a long time and the returns are also better.
Where are you getting high returns?
Interest of more than 8 percent is also available for the period of one year. However, these offers are from Small Finance Bank. Ujjivan Small Finance Bank is offering 8.25 percent, Equitas Small Finance Bank 8.2 percent, Utkarsh SFB and Jan SFB are offering 8 percent interest for one year.
Whereas Fincare SFB is offering 7.65 percent interest. Capital SFB and IndusInd Bank are offering 7.5 percent interest on one year FD. Among other banks, Bandhan Bank is offering interest of 7.25 percent, DCB Bank and Standard Chartered Bank 7.15 percent, Jammu and Kashmir Bank, Kotak Mahindra Bank 7.1 percent.
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