This bank is giving up to 9 percent interest on FD.Image Credit source: File Photo

After increasing the repo rate of RBI, everyone from government banks to private banks across the country have started giving better returns on their FD savings schemes. However, when the Reserve Bank of India did not change the repo rate in April, most of the banks also kept the FD interest rates the same as before. Although even now many banks are offering tremendous interest on FD. Like this bank is getting a return of up to 9 percent on a deposit of 888 days.

Generally small finance banks offer better interest than government or private commercial banks. The bank that gives interest of up to 9 percent on FD of 888 days also belongs to the small finance sector.

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Equitas Small Finance Bank FD

Equitas Small Finance Bank is giving 8.5 percent interest to the common people on 888 days FD. While the bank is offering up to 9 percent interest to senior citizens. This is a better return than the interest rate available on FDs of many other banks in the country. While most of the banks give only 8.1 percent interest.

Can get interest up to 9.31 percent

Customers can get the extra benefit of depositing in Equitas Small Finance Bank’s FD. Interest on these FDs will be credited every quarter, which will be added to the value of the FD. In this way, due to compound interest, common people will get an effective interest rate of 8.77 percent on FD. For senior citizens it will be 9.31 percent.

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Compound benefit is available on almost all FDs of Equitas Small Finance Bank with monthly, quarterly and above tenures. Investors can also opt for monthly interest payment if they wish. At the same time, deposits up to Rs 5 lakh with the bank also get insurance protection from the Deposit Insurance and Credit Guarantee Corporation of the Reserve Bank.