The Reserve Bank of India’s (RBI) Monetary Policy Committee recently decided to reduce the repo rate by 0.25%. This is the first rate cut in five years.
As a result, people will benefit from lower loan EMIs. However, it also means that fixed deposit (FD) interest rates will be reduced.
If you’re planning to invest in FDs, it’s a good idea to do it quickly before the rates drop further.
Best FD Interest Rates Through Apps
If you want to earn good returns on your FD investment, consider using the following apps to book your FD, offering up to 9.5% interest.
The benefit of using these apps is that you don’t have to open a bank account, although KYC (Know Your Customer) may be required.
FD Through Stable Money App (Up to 9.5% Interest)
Unity Small Finance Bank: 9.5% interest for 1001 days.
Shivalik Small Finance Bank: 9.3% interest for 1 year 5 months 25 days.
Suryoday Small Finance Bank: 9.1% interest for 5 years.
Utkarsh Finance Bank: 9.1% interest for 2 years.
North-East Small Finance Bank: 9% interest for 3 years.
FD Through Super.Money App (Up to 9.3% Interest)
You can also invest in FD through the Super.Money app, owned by Flipkart. This app allows UPI payments as well. Here are some options available:
Shivalik Small Finance Bank: 9.3% interest for 1 year 6 months.
Suryoday Small Finance Bank: 9.1% interest for 5 years.
Utkarsh Finance Bank: 9.1% interest for 2 years.
North-East Small Finance Bank: 9% interest for 3 years.
South Indian Bank: 7.9% interest for 1 year 7 months.
FD Through Tata Neu App (Up to 9.1% Interest)
Suryoday Small Finance Bank: 9.1% interest for 5 years.
Safety of Your FD Investment
In the event of a bank failure or bankruptcy, the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance cover.
This cover ensures that up to Rs 5 lakh of your deposit is protected, including both principal and interest.
This insurance applies to all insured commercial banks, including LABs, PBs, SFBs, RRBs, and co-operative banks.
If you have multiple accounts in a bank, the total insurance cover is still limited to Rs 5 lakh.
