We all know that bank fixed deposits(FD) rates are at lowest of the decade. For those who are relying on fixed income instruments it is hard to digest such low interest regime.
But do you know some banks are offering nearly 7-7.3% even in these falling interest rate scenario? Yes what you saw is really true! If you take some “Risk” you would earn nearly 7-7.3% interest rates on fixed deposits.
Especially if you are a senior citizen and relying on the interest income it would be a good news for you. But do remember this interest rates are offered by private firms and banks which carries some “Risk”. If you are ready to take such risk then this article is for you-
|Name of The Private Bank/Organisation||Interest Rate Offered||Value of 1 Lakh after 3 Years|
|Yes Bank||7%||1.23 Lakh|
|Suryoday Small Finance Bank||7.30%||1.24 Lakh|
|RBL Bank||6.80%||1.22 Lakh|
|Ujjivan Small Finance Bank||7.25%||1.24 Lakh|
|AU Small Finance Bank||6.75%||1.22 Lakh|
As per government guidelines all deposits are protected up to 5 Lakh rupees per individual under “Deposit Insurance and Credit Guarantee Corporation”(DICGC).
Eventhough it is insured under DICGC, it carries some risk. If you are ready to take, then opt for any one of the above FD’s.