InvestorQ : Which companies give better ROI on fixed deposits?
Pratik vyas made post

Which companies give better ROI on fixed deposits?

Nitin Shah answered.
2 years ago

The interest rate offered on fixed deposits (FD) will depend on the period for which you are investing in the FD and also vary from bank to bank for FDs for the same tenure. Senior citizens are typically offered higher interest rates. To receive the interest payment, you can choose either the cumulative option or the non-cumulative option.

While most of the public and private sector banks are currently offering FD interest rates in the range of 4.25-5.5% p.a., there are a few private sector banks that are offering higher rates up to 7.15% p.a. This isn’t too low in comparison to the small finance banks which usually offer the highest FD rates (Jana Small Finance Bank is offering 7.5% p.a. on 2-3 years’ FDs while Equitas Small Finance Bank is offering 7.35% p.a. for the same tenures).

NBFCs are offering at least a 1-2% higher rate of interest as compared to that offered by banks. Investors who book a Bajaj Finance online FD can avail of an interest rate of 7.2% while opening an account offline will fetch an interest rate of 7.1%. The NBFC offers senior citizens FD interest rates of 7.35%(offline and online) for FD schemes.