Banks with good FD interest rates
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I'm planning to open few bank accounts for my siblings and open FD in their names after sending them some money. I plan to use this way, to save taxes on my FDs.
Which banks should I prefer?
- all process should be online
- No requirement for any payslips or previous year ITRs
- goofld FD interest rates
I'm planning to do rotational FDs for max 1.5yrs at a time.
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Include Jana Small Finance Bank also. Yes they are covered under 5 lakh insurance.
Unity Small Finance Bank is your best shot, 8.95% p.a. for 701 days FD
In small Finance banks Equitas gives 9,25 for seniors.
Ujjivan , Utkarsh ,Fincare ,Jana ,Suryoday all (Small Finance Banks )worth investing 5-5.5 lakhs.
In big private banks Indusind -8.25% , Bandhan 8.35% (all mentioned are senior citizen rate . deduct 0.5 if you are not that old )😌
In a few days my maturing FD's from bandhan , IDFC , Indus are all going to the above mentioned SFB's.
All have forgotten about YES bank case.
Better to put in reputed mutual fund than this small bank
Finally decided for Ujjivan SFB, 15 months - 8.5%. FD can be opened digitally and after maturity will be credited to savings account of my choice.
In case of premature withdrawal, 1% penalty on the interest rate(upto the current period) but I think that will be removed, if crossed the 6 months threshold.
Only issue is closing an FD prematurely will require a branch visit, but hopefully I won't need to do that.
Thanks for all your responses.
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Try small finance banks if you need easy process of account opening and highest interest rate.
Au sfb
Unity sfb
Ujjivan sfb
Utkarsh sfb etc