New Delhi:
Many small finance banks in our country are giving more money back to people who save with them compared to big banks like State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank, and ICICI Bank.
These small finance banks are offering extra interest on savings accounts and fixed deposits (FDs).
One of these banks, Jana Small Finance Bank, is giving up to 9 percent interest on FDs.
Recently, Jana Small Finance Bank changed the interest rates on fixed deposits starting from January 2, 2024.
Now, after the change, the bank is giving a maximum return of 9.00 percent for older people and 8.50 percent for everyone else for one year.
For general customers, here are the new interest rates for different time periods:
1) 3.00% for FDs maturing in 7-14 days
2) 4.25% for FDs maturing in 15-60 days
3) 5.00% for 61-90 days FDs
4) 6.50% for 91-180 days FDs
5) 8.00% for 181-364 days FDs
6) 8.50% for FDs maturing in 365 days
Now, is it safe to keep your money in these small banks? Yes, it is.
If your bank has problems or goes out of business, you have insurance that covers up to Rs 5 lakh on the money you put in the bank.
This insurance is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), which is owned by the Reserve Bank.
DICGC protects the banks in our country, and most banks are registered with DICGC.
