A fixed deposit is also referred to as a time deposit or term deposit, where people can invest their money. This investment option allows depositors to invest their money for a fixed period. It also allows them to earn fixed interest on it at regular intervals during the chosen tenure or at maturity. It is considered a safer investment option, but not much return is expected on it as the interest rates are usually fixed. There are some banks, however, that are offering 8 per cent interest on the FDs. So, let’s take a look at these banks that are offering an interest rate of 8 per cent or more on FDs:
AU Small Finance Bank
AU Small Finance Bank is a small finance bank based out of Jaipur. This bank gives its customers the option of FDs. If the customers deposit money for 18 months, then they will get interest at a rate of 8 per cent. The bank also offers 0.24 per cent of the interest amount; as a result, customers will get a total interest rate of 8.24 per cent at this bank.
Equitas Small Finance Bank
Equitas is another small finance bank that has been offering good interest to its customers on FDs. As per their rules, customers can get 8.20 per cent interest on FD if the tenure of it is one year. They give 8 per cent interest on deposits for 3 years and up to 7.25 per cent interest on keeping money in FDs for 5 years.
Fincare Small Finance Bank
Fincare Small Finance Bank also has some exciting deals for investors. Customers can get interest up to 8.11 per cent on an FD at this bank. This interest will be available on the money for 3 years. 8 per cent interest is being given for 5 years.
Jana Small Finance Bank
It is one of the earliest small banks that got official approval by the RBI for operating as a small bank. This bank offers an 8.50 per cent interest rate on keeping money for 1 year. If money is kept for 3 to 5 years, 7.25 per cent interest will be given.
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