Support for old age FD: These 3 banks are giving more than 8% interest, is your money safe?

Whenever we Indians talk about investment, the first thing that comes to our mind is Fixed Deposit i.e. FD. After all, why not come, this is such a reliable and safe option. In this you get a fixed interest and the amount up to Rs 5 lakh remains completely safe. Even though RBI has recently reduced the repo rate, there are still many banks which are offering very good interest on FD, especially to our elders i.e. senior citizens.

If you are also a senior citizen and want to earn good money by investing your savings in FD, then this news is for you only. At present, some small finance banks are offering more than 8% interest on 5 year FD to senior citizens.

Where will you get the highest interest?

Nowadays there are some small finance banks which are offering very attractive interest on FD as compared to big banks. These rates are specifically for people aged 60 years and above and are applicable for deposits up to Rs 3 crore. Let us know about these banks:

1. Suryoday Small Finance Bank: This bank is currently one of the highest interest giving banks. Here senior citizens are getting excellent interest of 8.1% on 5 year FD.
2. Jana Small Finance Bank: This bank is also not behind. Here, senior citizens are being given 8% interest on FD for up to 5 years, which is much higher than the interest given to ordinary customers.
3. Utkarsh Small Finance Bank: In this bank also you can get good interest up to 7.7%. If you are thinking of investing for the long term, then these three banks can be a great option.

It is important to know this before investing money

It may seem attractive to invest after seeing the high interest rates offered by small finance banks, but it is very important to keep a few things in mind before investing your hard-earned money in FD. A small mistake can cost you dearly.

Experts say that the business model of these banks is slightly different from big banks, hence there may be a little more risk in them. However, there is no need to panic. According to the rules of Deposit Insurance and Credit Guarantee Corporation (DICGC), your amount deposited in these banks up to Rs 5 lakh is fully insured.

This means that even if something happens to the bank tomorrow, your Rs 5 lakh (including principal and interest) will not go anywhere, it will be returned to you. Therefore, always try not to make an FD of more than Rs 5 lakh in any one bank. If you have more money, then invest it by dividing it in different banks. This will keep your money safe and you will also get good interest.