FD Benefits: Huge returns on FD in this private bank, millionaires in 888 days!

FD Benefits News: The bank is offering interest at the rate of 8.20 percent on FD with maturity within one year and 18 months. 7.75 percent interest is paid on 18 months FD. 8 percent interest is paid on FDs of two years to one day and three years, while the rate of FDs of three years and one day to four years has been kept at 7.5 percent.

FD Benefits News: The Reserve Bank of India has imposed many rules on the repo rate. In other words, people are getting frustrated due to continuous reporting. Meanwhile, some banks have surprised customers by increasing the interest rate of their fixed deposits. It also includes private sector small finance, Bank Equitas. The bank is offering senior citizens a whopping 9 percent interest rate on 888-day FDs. The latest hike in FD interest rates came into force on April 11.

Fixed Deposit i.e. FD is considered to be a very good investment option for the people of the country. There are many good or profitable options to invest in for different periods. From 7 days to 10 years, you can get decent returns. If you also want to invest in FDs, then Equitas Small Finance Bank can prove to be a lucrative deal. Most banks have increased the interest rates offered on FDs and currently only select banks are offering up to 9 percent interest. This includes small finance banks. Equitas Small Finance Ban offers 9 percent interest to senior citizens, while general citizens get 8.5 percent interest on 888-day FDs.

Equitas Small Finance Bank offers a higher interest rate on Fixed Deposit Scheme balances. This number is 50 basis points or 0.50 percent higher than the rate of interest paid by ordinary citizens. If we look at the interest rates available on other tenure FDs of Equitas Small Finance Bank. 3.5% on FDs of 7 days to 29 days, 4 percent on FDs of 30 days to 45 days, 4.5 percent on FDs of 46 to 90 days, and 5.25 percent on FDs with maturity between 91 days and 180 days.

The interest rate offered by Equitas Bank on fixed deposits between 181 days and 364 days is 6.25 percent. In addition, the bank is offering 8.20 percent interest on FDs with a maturity of one year and 18 months. 7.75 percent interest is paid on 18 months FD. 8 percent interest is paid on FDs of two years to one day and three years, while the rate of FDs of three years and one day to four years has been kept at 7.5 percent. Between four years and one day to 10 years, the interest rate offered by the bank is fixed at 7.25 percent.

Opening FD is very easy. Customers can open their FD using Internet Banking and Mobile Banking platforms. Additionally, you can also visit the nearest ICICI Bank branch to open an FD. Golden Year Special FD is very popular among senior citizens and the interest rates make it more attractive. Earlier, the State Bank of India had extended the senior citizen FD scheme till June 30.

The Reserve Bank of India has increased the repo rate by 2.50 percent from May 2022 to February 2023. In the first MPC meeting of the new fiscal year, the Reserve Bank gave some reassurance to the people. After the repo rate hike in the last financial year, all banks in the country have hiked interest rates to make their FD schemes attractive. While announcing the results of the MPC meeting in the past, the RBI has said that the repo rate has been kept at 6.50 percent.